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Morgan Beaumont, Inc. Licenses Card Loading Software and Technology to Transaction Management, LLC and Vista Bank, and Enter into Strategic Relationships
SARASOTA, Fla.--(BUSINESS WIRE)--Nov. 15, 2004 -- Morgan Beaumont, Inc. (OTCBB:MBEU - News), a premier provider of Stored Value and Debit Card solutions, announced that it has signed a Contract with Transaction Management, LLC and Vista Bank to provide Morgan Beaumont's POS software and retail load locations to expand the national footprint of card loading technology to load cash on debit cards.
Under the Contract, Morgan Beaumont will supply POS debit card load software, and access to the retail load locations, which will allow Transaction Management and Vista Bank to expand their national bill payment platform of 600 merchant locations to an expected 3,000 in 2005. In addition, debit card loads through Vista Bank's EmpaSys system are instant, allowing immediate use of cash to customers without the industry traditional 2-3 day delay in accessing funds.
Cliff Wildes, CEO of Morgan Beaumont, stated, "We are very excited to be working with Transaction Management and Vista Bank to provide the POS technology components and standards for loading Debit and Stored Value Cards on a national footprint. The ability to offer our retail locations a robust bill payment solution in addition to the debit card loading platform gives those locations a service their consumers will find extremely valuable."
Wildes went on to say, "Morgan Beaumont has spent considerable time and money developing proprietary technology with open standards to allow Debit and Stored Value Card programs issued from any bank and any processor to have cash loaded on them at any location powered by Morgan Beaumont technology. This Contract with Transaction Management and Vista Bank furthers our business model. To our knowledge Morgan Beaumont is the only card issuer that: has developed/owns it own technology, has an open network, a national footprint, a MasterCard Third Party Processor license, a business model that will allow any card program from any bank and any processor, enables Patriot Act compliance at the retail level, and has current agreements and is working with multiple banks and processors."
Larry Scudder, CEO of Transaction Management, was quoted as saying, "We are extremely pleased to have a partner such as Morgan Beaumont. Having access to their POS software expands our market exponentially."
This arrangement is significant to Morgan Beaumont because the instant cash access feature will increase consumer satisfaction and convenience, further solidifying Morgan Beaumont's position as a premier provider of Debit cards in the US. The combination of instant debit card loading and bill payment services provides the consumer with instant gratification and builds long-term loyalty. Merchants will also benefit from the added ability to offer bill-paying services in addition to card loading across Morgan Beaumont's national POP network. Morgan Beaumont's platform also provides banks with Patriot Act Compliance at the retail level. With an estimated 33 million "unbanked" and "underbanked" US citizens seeking alternative financial products, the market for Morgan's platform appears poised for tremendous growth.
Morgan Beaumont's management team estimates that each card in its system is worth $36-$120 per year in recurring revenue, while each POP location is worth approximately $1,500 per year in recurring revenue. As announced in its September 7, 2004 press release Morgan Beaumont currently has 16,000 load locations. The company is on target to exceed its 2004 projections of 20,000 load locations nationwide and has current signed agreements in place that should allow the company to hit its goal of 100,000 locations in 2005. The company has also set a target of having approximately 3 million cards accessing these locations by end of 2005.
Morgan Beaumont, Inc. (OTCBB:MBEU - News) is a Technology Solutions Company located in Sarasota, Florida. Morgan is one of the premier providers of Stored Value and Debit Card Solutions in the United States. The company has developed POS and PC based software that connects merchants with multiple Stored Value Processors and Issuing Banks, in addition to private transaction networks and IVR and CRM technology. Morgan Beaumont is a MasterCard Third Party Processor (TPP). The company also has a national network of Stored Value and Debit Card load stations located throughout the United States. To learn more about Morgan Beaumont, please visit http://www.morganbeaumont.com.
Transaction Management is a leading electronic payment services company providing electronic transaction services and walk-in bill payment services to a nationwide market. Among its product offerings, TMLLC currently markets the EmpaSys "Pay All Bills Here" electronic bill payment solution from Vista Bank. The company offers services through its channel partners and referral agents for electronic commercial banking and bill payment services. These services, along with the many other electronic payment processes that the company provides, enhance merchants' ability to increase their walk-in traffic, increase their revenues, and accept payments anytime, anywhere and in any fashion. To learn more about Transaction Management, please visit http://www.transactionmgmt.com
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995:
Statements about the expected future prospects of our business, our outlook for earnings per share in 2004, statements about our outlook for internal revenue growth in 2004 and 2005, and all other statements in this release other than historical facts, constitute forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "would," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Some of the factors that we believe could affect our results include: general economic and market conditions, including the lingering effects of the economic slowdown and services revenue; the overall condition of the bank card industry, including the effect of any further consolidation among financial services firms; the regulatory, credit and market risks associated with our operations; the integration of acquired businesses, the performance of our businesses; the effect of war, terrorism or catastrophic events; the timing and magnitude of sales; the timing and scope of technological advances; the ability to retain and attract customers and key personnel; and the ability to obtain patent protection and avoid patent-related liabilities in the context of a rapidly developing legal framework for software and business-method patents. The factors described in this paragraph and other factors that may affect our business or future financial results and when applicable, are discussed in our filings with the Securities and Exchange Commission, including our Form 10-K, a copy of which may be obtained from us without charge. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.
Contacts:
Morgan Beaumont, Inc., Sarasota
Erik Jensen, 941-753-2875 Ext. 2007
or
Transaction Management, LLC
Misty Phillips, 817-284-9607 Ext. 3004
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