OVERLAND PARK, KS — (Marketwire) — 07/21/11 — Flint Telecom Group, Inc. () (OTCBB: FLTT), an international telecom technology and financial processing organization, today announces that its wholly owned subsidiary, Power2Process, has signed a strategic processing agreement with First Data Corporation, a global leader in electronic commerce and payment processing.
This agreement will give mutual clients of Power2Process and First Data-s STAR Network access to STAR, including the STAR RELOAD product, allowing client customers to recharge their prepaid debit cards. STAR is one of the nation-s leading electronic funds transfer (EFT) networks, with more than 2 million retail and ATM locations, and a First Data company. In addition, Power2Process will offer First Data-s -ReadyLift- rewards program.
“With this agreement, Power2Process is taking advantage of a powerful combination of services from First Data to help its clients maintain a high level of customer satisfaction,” said Kevin Barry, general manager, STAR Network. “Our ability to provide a broad spectrum of products, including the STAR Network with STAR RELOAD, as well as the ReadyLift rewards program, means that P2P clients will benefit from widespread, convenient access for their cardholders, revenue-generating opportunities, and solutions that engender customer loyalty.”
Prepaid services are among the fastest growing service industry segments globally. Independent research commissioned by MasterCard estimates the U.S. market opportunity for branded pre-paid cards in excess of $440 Billion by 2017, a 400% increase over the market value estimated in 2009.
Vincent Browne, Chairman and Chief Executive of Flint Telecom Group, said, “This new venture with First Data Corporation, a global leader in electronic commerce and payment processing, is another significant development in our growth strategy for our financial processing operations. This allows our clients and customers to use one of the largest retail point-of-sale networks to make transactions and reload their prepaid cards. It further underpins our mobile money transfers and prepaid card programs in partnership with leading banking and marketing partners around the world. The global prepaid card market is experiencing huge growth and we are positioning to take our share of it over the next few years.”
Mr. Browne added, “We earn a fee on every customer transaction we process and so having access to such a large payment processing network across the U.S. will facilitate more transactions from our partner customers, including our recently announced Vietnam project. This is another significant step towards achieving our group target of processing over $2 million in daily transactions by the end of calendar 2011, from which Flint will receive approximately 1% in fees. If these targets are achieved, this would equate to over $7 million in annual revenues to Flint at 90% gross margins generating positive net income for the group as a whole.”
Flint Telecom Group Inc. is an international Telecoms Technology Organization with a portfolio of companies that deliver VoIP and wireless communications and prepaid financial products and services globally. Headquartered in Overland Park, Kansas with offices throughout the US, India and Ireland, Flint Telecom Group is a fully reporting company trading on the OTC Bulletin Board® (OTCBB) under the ticker symbol: FLTT.OB. Flint Telecom ranked number 72 in the 2010 Deloitte Technology Fast 500, Deloitte-s ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Flint Telecom was founded by a team of telecom and technology experts with a proven track in building and maintaining international technology companies. Additional information may be found at .
This press release contains forward-looking statements. Words such as “expects,” “intends,” “believes,” and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company-s filings with the SEC. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Flint Telecom Group Inc.
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