LA JOLLA, Calif., May 4, 2005 (PRIMEZONE) -- Global Vision Holdings, Inc. (Pink Sheets:GVHL), a developer and worldwide wholesale marketer of a new generation of prepaid financial service products, today announced that it has achieved an agreement with Bright Global Group, an European distributor, to market Global Vision's "Worldwide Debit Cards" in Europe, the Middle East and Africa (the EMEA marketplaces).
Global Vision's new bank debit card was introduced in December 2004 for the worldwide marketplace. To date, Global Vision has established distribution channels in markets within the United States, Europe, Africa, Mexico and Central America.
Global Vision distributors earn upfront markup on each card sold and cumulative, recurring commissions from monthly account maintenance, ATM and point of sale usage fees. Because prepaid bank debit cards cater to un-banked consumers that do not qualify for bank accounts or credit cards, a tremendous worldwide demand exists for such products.
Advantages of the Global Vision's World Debit Card
Global Vision's new debit card is an "electronic debit card" branded by a major international credit/debit card issuing association and network, and each card carries the brand's flag and hologram to attract cardholders as a prestige product. It can be used at more than 780,000 ATM's worldwide and 12 million merchant locations, as well as for bill payment and online purchases.
Unlike regular Visa or MasterCard debit cards that can be issued only to residents within specific countries, the Global debit card can be issued to anyone with a valid government identification and verifiable physical address. Additionally, because name is optional on the card, the World Debit Card can be instantly issued to anyone with an official identification and verifiable address at any registered employer or retail location. It can also serve as an excellent multinational employee payroll tool with inexpensive funds transfer capabilities.
Uses & Applications of the Global Debit Card In EMEA
According to Bright Global Group CEO Jonathon James, Bright Global Group is currently developing an agreement with a multi-national conglomerate operating in Eastern Europe to issue in excess of 15,000 World Debit Cards per month beginning in 60 to 90 days. In addition, Bright Global Group is in negotiations with sports clubs, other employers and even small towns to begin issuing these cards immediately as designated payroll and funds transfer cards.
"The World Debit Card is an ideal solution for employer and employees throughout EMEA," said James. "Bright Global Group has also made strong marketing inroads with various companies in Western Europe, where great numbers of overseas foreign workers, from other parts of the world, not only have the need to receive payment for their services efficiently, but also have the strongest need to transfer funds to overseas friends and relatives."
World Market
Approximately 90% of the world's 6.4 billion people do not have banking relationships. Global Vision believes these individuals comprise one of the largest potential customer bases for prepaid bank debit card products in the world, and most consumers understand how prepaid payment systems work.
"Because of the immense global market potential for prepaid payment services, we have realized that most of our immediate revenue will be from markets outside the United States, and we expect the trend to continue well into the future. We believe the new 'World Debit Card' will fuel our company's global distribution capabilities," said Global Vision CEO Jack Chang.
About Global Vision Holdings
Global Vision Holdings, Inc. (Pink Sheets:GVHL) is a developer and wholesale marketer of a new generation of prepaid (or "stored-value") financial products and services. The company's CEO, Jack Chang, is the co-inventor of the ATM machine (http://www.global-vision.com/Bio.asp) and a pioneer in the use of magnetic strips on bankcards, electronic funds transfer systems, and PC-based in-bank systems. Global Vision 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.
Global Vision'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 Global Vision debit cardholders and distributors include a long distance calling card, cardholder rewards program ("Global First Rewards") and discounted healthcare plans. 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 and changes in our business strategies.