JACKSONVILLE, Fla.,
Nov. 5, 2010 /PRNewswire-FirstCall/
-- FNDS3000 Corp (OTC Bulletin Board: FDTC), an international
prepaid processing company currently introducing electronic payment
solutions to the South African market, today announced that it has
implemented additional savings in U.S. corporate overhead expenses
which, in connection with previously announced corporate staff and
expense reductions, have helped the Company to free up
approximately $1 million in cash and
working capital over the next 12 months, which will be redeployed
to support and consolidate growth of its South African prepaid card
business.
Raymond Goldsmith, Chairman and
CEO of FNDS3000, noted, "Make no mistake that FNDS3000 is on a
mission to build a successful and enduring company and win
distinction as a major player in the global prepaid industry. To
that end, it is essential that we demonstrate an ability to achieve
and sustain profitability in all areas of our operations."
Continuing, Goldsmith added, "As the newly appointed CEO of
FNDS3000, I have spent the past 30 days working closely with our
management team to carefully assess and rationalize our operating
structure and related expenses with an eye towards driving out
costs through strategic changes, technological innovation,
efficiency initiatives and targeted cost reductions. Although we
understand that world class companies are not built overnight, we
have made notable progress in a relatively short period of time and
believe we are in a much stronger position to achieve our near term
goals and objectives."
Recent cost cutting measures have included a reduction in
contracted consulting fees to the Company's former CEO,
Michael Dodak, and its former
President, David Fann, that were
payable over the next nine months. Dodak and Fann both signed
settlement agreements with FNDS3000, providing for a total of
$301,000 in combined cash obligations
to be reduced to a total of $60,000
payable in cash, and the issuance of shares of the Company's common
stock valued at a combined total of $200,000. For more detailed information on these
events, please review the related Form 8-K filed with the U.S.
Securities and Exchange Commission yesterday.
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