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Share Name | Share Symbol | Market | Type |
---|---|---|---|
FNDS 3000 Corp (CE) | USOTC:FDTC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0002 | 0.00 | 01:00:00 |
JACKSONVILLE, Fla., July 15 /PRNewswire-FirstCall/ -- FNDS3000 Corp (OTC Bulletin Board: FDTC) (Frankfurt: "FT4," A0MWLG), an international prepaid processing company currently introducing electronic payment solutions to the South African market, today announced its financial and operational results for the third fiscal quarter, ended May 31, 2010.
Key Highlights for Nine Months Ended May 31, 2010 Compared with Nine Months Ended May 31, 2009:
Key Highlights for Three Months Ended May 31, 2010 Compared with Three Months Ended May 31, 2009:
When comparing the current fiscal year's third quarter performance to the immediately preceding second fiscal quarter, revenues increased 23% to $110,274 from $89,414; total operating expenses dropped 5% to $873,021 from $916,556; and the net loss declined 5% to $1,050,132 from $1,106,001.
Commenting on the results, John Hancock, CEO of FNDS3000, noted, "The past several months have proven to be very exciting and productive for FNDS3000. Although we are still in the early stages of our production roll-out phase, key metrics and emerging trends have indicated that we are indeed achieving growing market acceptance of our branded prepaid processing programs currently being offered to mid- to large-sized employers in South Africa."
"By way of example," he continued, "as of June 30, 2010, we had successfully launched prepaid payroll card programs for 45 corporate clients – up from 39 at the end of our second fiscal quarter, ended February 28, 2010. Moreover, the number of cards activated by our clients' employees nearly doubled in the same timeframe, rising from approximately 10,000 to over 18,000; and cash loads on our system have increased to over 60 million rand (over US$8 million at current exchange rates) from approximately 25 million rand (US$3 million)."
Concluding, Hancock said, "Through the strengthening of our balance sheet, made possible by the recently announced cash infusion of $1 million and the conversion of $1.5 million in debt to equity, FNDS3000 is well positioned to perpetuate and accelerate our growth as we advance our roll-out strategies and gain even greater traction in the fast developing South African prepaid market."
For more detailed information on FNDS3000's financial results, please refer to the Form 10-Q filed with the U.S. Securities & Exchange Commission earlier today.
About FNDS3000 Corp
Headquartered in the U.S. with operations in South Africa, FNDS3000 Corp is engaged in executing a series of international growth initiatives designed to position the Company as a major player in the world's fastest growing payment card segment: prepaid cards. Given that 40% of the adult population in South Africa is currently unbanked or underbanked, FNDS3000's initial focus has concentrated on offering tailored prepaid card programs and services to business customers in this developing prepaid market, including network branded and closed loop programs that support employee payroll, insurance, medical aid, gift cards, prepaid cellular charges and small-scale international transfer of funds. The Company provides these programs and services through a proven, proprietary U.S. processing platform that has been designed for international and cross border capability. For more information, please visit www.FNDS3000.com, or follow us on Twitter @_FNDS3000.
Forward Looking Statements
Matters discussed in this press release contain forward looking statements. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance, or achievements of the Company. Such risks and uncertainties include, but are not limited to, the potential loss of our relationships with each of the parties that sponsor our cards and banks that manufacture, issue, and own the cards; the loss of our service providers; security breaches of our electronic information; the inability to raise sufficient capital to fund its operations; and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.
SOURCE FNDS3000 Corp
Copyright y 15 PR Newswire
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