F3 Technologies, Inc. Signs Major Contract Covering Four States and the District of Columbia
F3 Technologies Inc. Signs Model Authorized Agent Commissioned Sales Network Marketing Agreement
F3 Technologies Inc. (OTCPK: FTCH) announces the successful conclusion of a full month of negotiations with a privately owned diversified services and marketing company in Rockwall, TX, to establish a model authorized agent commissioned sales network across Texas, Virginia, Maryland, Delaware and the District of Columbia, including express focus on government sales. This marketing model is anticipated to be rapidly reapplied across most English speaking countries over the next 18 months producing a global network of authorized sales agents. The authorized agent network will be in parallel with a separate reseller network and also in parallel with direct Internet based sales giving F3 Technologies Inc., three competing sales strategies. This first authorized agent agreement is effective July 1, 2009 with many other such agreements anticipated to rapidly follow as quickly as suitable marketing companies can be identified and local agreements negotiated.
Texas, which has a mandatory HOA requirement for developers, has more than 20,000 home owner associations (HOA) as listed in a legislative report in 2006, for which the initial Interaction Community Systems product was specifically designed to serve, and the combined areas of VA, DE, MD and DC have a similar volume of HOAs and condominium associations, all together representing over 8 million HOA member households. The marketing company will also be looking to reapply the Interaction product to churches, labor unions, community soccer leagues, political organizations, expatriate organizations, certain retail organizations and other suitable entities. Entire small towns could conceivably also become users. Any large membership organization or an organization having high volumes of organized activities, volunteers or even recurring retail patrons is an ideal candidate user entity.
Minimum gross revenue projections for this agreement for the remainder of 2009 are quite modest, estimated at $100,000 largely due to ramp up; however, in 2010 revenue projections are anticipated to increase 10x to $1 million. These are quite conservative figures as the total market potential in these market areas may be more than 50x to 100x greater. While the marketing agreement and the projections above focus upon the Interaction product, in fact the marketing agreement enables authorized agent sales of all F3 Technologies Inc, products, notably the Ascend™ Global Business System which can be marketed to the same clients as the Interaction product as well as to general business. The marketing company has already begun advertising for sales agents in all market areas and will expand the sales force appropriately to have a viable marketplace presence.
Frank Connor, CEO of F3 Technologies states, “We have been working on this particular deal for several weeks which should give investors an idea of how important we felt it was to finalize it. Within this agreement alone and through this 'agent' we will now have a sales force in place in four states and the District of Columbia to market and sell both Interaction and Ascend products. This Agent has put in self-imposed sales objectives to reach $500,000 in the calendar year 2011 or loose their exclusivities and we were more than eager to agree with them. It was very encouraging to see this Agent put these mandatory sales goals in place of $500,000 because we feel that this is a goal that they more than comfortable in hitting or else they would not have suggested it. This is the second strategic 'Agent' agreement that we have executed thus far. While we continue to secure similar type deals we are very excited about this one in particular because it encompasses such a huge territory and has defined sales objectives that we both seek to meet and surpass.”
F3 Technologies, Inc. (F3) is an Atlanta-based Software-as-a-Service development company and application service provider created to provide on demand internet solutions to consumers and small to mid-sized companies. F3 currently has three distinctive products: FargoTube.com, Ascend Global Systems and Interaction Community Systems. It is F3's goal to provide the necessary systems and tools to help its end user realize personal, professional, social, and business oriented goals.
Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. This press release contains such forward looking statements. The potential revenue projections herein are believed to be reasonable, however, such revenue may or may not happen, actual results may differ significantly. Customization requirements, pricing in a down economy and ability to handle rapidly increasing user volumes, among other variables, may adversely impact anticipated revenue. Such statements may be identified by the use of words such as anticipate, believe, expect, future, may, will, would, should, plan, projected, intend and similar expressions. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (I) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.
F3 Technologies, Inc. Jim Canouse, 770-521-2194 ir@f3technologies.com
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