CHNW ... HUGE NEWS TODAY!
Cash Now Finalizes Intermediary Broker (IB) Agreement Enabling to Begin Offering Forex Services
LAS VEGAS, Feb. 1 /PRNewswire-FirstCall/ - Cash Now Corporation (CHNW.PK) www.cashnow.com (Cash Now) Cash Now is a public company engaged in the design, manufacture, marketing and distribution of customized payday loan and check cashing software and white label or private label back end office systems. Through its www.cashnow.net site the company offers Internet-based payday loans and other financial utility tools. The company today announced that late last night it did reach and finalize an agreement with Advanced Markets Inc. (AM) to begin offering IB services. AM is a dealer in a over-the-counter foreign currency spot contracts, and is a non-clearing futures commissions merchant with the Commodity Futures Trading Commission and a member of the National Futures Association, pursuant to the Commodity Exchange Act.
Mr. Richard Sciacchetano, a Cash Now advisor on IB Forex entry, explained that this is a win-win scenario for both sides. Cash Now's marketing strategy will be to offer a low cost pass through Forex services for clients looking to do their own trades. AM is the industry leader in low commission fee structure. The 2 companies have agreed on a 50%-50% revenue share split.
In other company news the company acknowledges that it has also reached this week an agreement in principle with a London, UK, based International Forex firm to begin offering Forex services to the clients directly, and to trade with its own funds using the UK based firms back office technology and integrated services. Cash Now was required to provide the UK firm's board of directors a comprehensive business plan and its plan of action. 'We are very pleased that we have passed that hurdle and that we can now focus on getting to business' said Mr.Garr Winters, Cash Now's CEO. 'We are now looking forward to advancing and implementing both of these companies solutions. We are aiming at having Cash Now being able to offer a full service range of Forex products and services to the clients.' Mr.Winters added; 'the Forex industry is a regulated one. Now that we have passed the compatibility test, Cash Now intends to immediately begin the process of doing the necessary filings and registrations towards moving to being a full service Forex dealer.'
Garr Winters, Cash Now's CEO, said 'while this product is highly sought after by many and can add thousands of dollars to our revenue stream, Cash Now remains committed to keep providing payday loan and check cashing license systems. Our plans are to keep offering all the products and services we currently offer and to add Forex as the predominant product on our Cash Now.Com main site. Cash Now ranked in the top 40,000 most visited web site on the Internet by Alexa. This is quite an achievement considering that by some reports there are now over 3 billion web sites on the Internet; although the true number is uncertain. Almost all of the traffic generated on Cash Now is the so called organic one or non 'pay per click type'; providing unique visitors and the type of traffic most desirable to a businesses on line. In closing, with this type of traffic generated by Cash Now and this Forex product blended in with our self service and low fee structure, it may possibly have all the makings of being a huge growth vessel for us and our shareholders.'
Cash Now Background
Cash Now Corporation, a pioneer in the payday loan industry, is developing the most comprehensive menu of services in the cash advance industry, all centered on the Cash Now brand. The company's proven business model includes licensing to corporately operate locations across the U.S. and Canada. Additionally, Cash Now's Web site is the most advanced payday-lending portal, offering key insight to clients and potential clients alike. Cash Now offers a payday loan license program, Payday Express; and a payday loan and check cashing license known as Check Express.
Safe Harbor Statement
Information in this press release may contain 'forward-looking statements.' Statements describing objectives or goals or the Company's future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of the Company and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the 'Safe Harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, risks relating to the ability to close transactions being contemplated, risks related to sales, continued acceptance of Cash Now's products, increased levels of competition, technological changes, dependence on intellectual property rights and other risks detailed from time to time in Cash Now's periodic reports filed with the regulatory authorities.
SOURCE Cash Now Corporation
Source: PR Newswire (February 1, 2007 - 6:30 AM EST)
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