NPWV - STRONG EARNINGS NEWS just out:
October 24, 2005 09:01 AM US Eastern Timezone
GreenZap Announces Strong Fourth Quarter Earnings Growth, Increasing 48% Over Q3
SAN DIEGO--(BUSINESS WIRE)--Oct. 24, 2005--GreenZap, Inc. (Pink Sheets:NPWV), a provider of secure online payment services, announced today that its fourth quarter 2005 revenue earnings are already showing a 48% increase over its third quarter. The company attributes the growth to some major additions made during the third quarter including adding credit card processing, an enhanced rewards program and an online store where account holders can shop with hundreds of merchants at discounted rates.
"The response to the Storez has been overwhelmingly positive. We projected our revenues to increase with the addition of credit cards and the Storez, but we are elated with the actual response and numbers," said GreenZap CEO Damon Westmoreland.
GreenZap's online store called GreenZap Storez is a value-add for members and is a way for the company to drive transactional volume. The Storez feature discounts from merchants like Office Depot, eToys and Enterprise Rent-A-Car. The company is working on phase two of the Storez where the company says preferred merchants will accept a portion of the sale price in WebCash, GreenZap's rewards dollar, further increasing the savings to its members.
According to GreenZap Division President Alex Sonkin, "We have been making great strides in our affiliate program and expect to see continued growth in the way of new members, participating merchants and gross revenue."
As a means to drive membership, GreenZap rewards account holders with up to $50 in WebCash for opening an account. WebCash can be used to cover GreenZap transaction fees, to purchase goods and services at discounted rates through GreenZap Storez or used at auction sites, where individuals advertise their terms of WebCash acceptance.
About GreenZap, Inc.
GreenZap, Inc., a San Diego, Calif.-based company, enables any business or consumer with an email address to send and receive monetary payments securely and cost-effectively online. GreenZap, with several aspects of its company still in beta phase, is building its network on the existing infrastructure of bank accounts and credit cards to create a global payment system. GreenZap's system resembles PayPal(R) (eBay's payment processor), except that it charges a flat fee versus a percentage of each transaction, and rewards its members for using GreenZap's services. WebCash, GreenZap's rewards dollar, is an electronic currency that can be spent at partnering merchants and can be used to pay GreenZap transaction fees.
Since opening on June 1, 2005, GreenZap has grown to over 350,000 users in 229 countries, and based on traffic alone, GreenZap has found itself in the top 1% of websites in the world, beating out online payment competitors such as moneygram.com, firstdata.com, citigroup.com and Western Union's Moneyzap.com.
For more information, please visit www.greenzap.com.
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