LO JOLLA, Calif., Sept. 8, 2004 (PRIMEZONE) -- Global Vision Holdings, Inc., (Pink Sheets:GVHL), a developer and worldwide wholesale marketer of a new generation of prepaid financial service products, announced today that it has signed an agreement with Infinity Benefits U.S., Inc. of Florida to mass market the GVHL branded "Global Discount Healthcare" plan.
Under the terms of the agreement, GVHL will function as the master distribution marketer for the Global Discount Healthcare program and set up major channel distributors. The targeted distributors are current credit and debit/stored value card distributors and high volume Web site operators already in place in the industry. Infinity Benefits will provide all back office operations and commission tracking infrastructures for the program, and GVHL and Infinity Benefits both will share in the revenues.
"The Global Discount Healthcare plan starts at only $9.95 a month for what we call a '3-Pack' of vision, dental and pharmaceuticals discounts. We plan to market the Global Discount Healthcare program as a standalone, membership-based service as well as an adjunct feature to our prepaid debit card program," said Global Vision CEO Jack Chang. "Because the plan is a monthly, subscription-based service with an attractive commission schedule, the Global Discount Healthcare program can represent lucrative initial and recurring revenues for both Global Vision and its debit card, gift card and e-commerce distributors," he added.
GVHL is in the prepaid/stored-value debit card marketing business. Prepaid debit cards are in great demand by businesses and individuals that do not qualify for bank accounts or credit cards throughout the world. The market for prepaid debit cards is just in its infancy domestically and virtually untapped outside the United States. According to GVHL, the demographics of discount healthcare members overlap greatly with those of prepaid debit card users, providing very synergistic cross sell opportunities between the two programs.
According to Infinity Benefits, more than 45 million Americans do not have health insurance, and roughly 75 million Americans are underinsured. The Global Discount Healthcare is not a health insurance plan, but it can supplement existing plans. For the un-insured, the plan can reduce the financial risk and potential financial burden. It offers affordable, unsurpassed services with outstanding quality as well as a 10-40 percent discount in the following healthcare categories:
1. DENTAL. The Dental Benefit will provide nationwide coverage through a network of 25,000 credentialed practitioners. The savings range from 10-50 percent.
2. VISION. The Vision Benefit will provide savings of up to 50 percent on the purchase of corrective eyewear, contact lenses and related sundries through a network of over 9,000 eye care professionals nationwide. Members will receive discounts of at least 10 percent on eyewear products and substantial discounts on mail order replacement contact lenses and designer sunglasses.
3. HEARING. The Hearing Benefit will provide nationwide coverage through a network of licensed audiologists, and includes discounts on basic audiologic testing, hearing aid purchases and warranties. It also includes free annual cleanings and hearing aid checks.
4. PRESCRIPTION DRUGS. The Prescription Drug Benefit will be offered through a nationwide network of over 40,000 pharmacies, including major chains. The benefit will offer a 15-30 percent discount on most branded and generic prescription drugs at those pharmacies.
5. CHIROPRACTIC. The Chiropractic Benefit provides 20-40 percent savings on services with coverage through a nationwide network of licensed and insured chiropractors.
6. PHYSICIAN SERVICES. The Physician Services Benefit provides referrals to qualified, credentialed physicians in GVHL's network of over 250,000 general practitioners and specialists with fee reductions of 15-30 percent.
About Global Vision Holdings
Global Vision Holdings, Inc. (Pink Sheets:GVHL) is a developer and wholesale marketer of a new generation of prepaid (also known as "Stored-Value") financial products and services. The company's CEO, Jack Chang, is the co-inventor of the ATM machine and a pioneer in the use of magnetic strips on bankcards, electronic funds transfer systems, and PC-based in-bank systems. The company specializes in worldwide distribution of pre-paid bank debit cards, retail gift cards, telephone calling cards, and healthcare and insurance products, serving a multibillion-dollar global marketplace. Prepaid debit cards are in great demand by businesses and individuals both domestically and worldwide, with the market outside the United States virtually untapped.
GVHL's revenue model strives to create recurring revenue streams from a global customer base through mass distribution marketing channels. Other available and planned products and services for GVHL debit/stored value cardholders and distributors include a cardholder rewards program ("Global Rewards"), low-cost life insurance and low-cost telephone calling cards with no connection and maintenance fees. For more information, please visit www.Global-Vision.com.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Global Vision disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.