LA JOLLA, Calif., June 7, 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 Cash Now Corporation (Pink Sheets:CHNW) whereby Cash Now will use Global Vision's World Debit Card in conjunction with its payday loan operation.
As part of the agreement, a Global Vision World Debit Card will be given to each Cash Now payday loan customer, and each card will be pre-loaded with the respective amount of the loan. The customer can then withdraw cash from ATM's, use the card for purchases and pay bills. Since the card is reloadable, future loans and additional funds from the customer can be added to the available balance of the card.
With business operations in the United States, Canada, Australia, Caribbean and Argentina, Cash Now is a business aggregator and a pioneer in sub prime payday loan lending as well as a continuing leader in the payday loan and check-cashing industry.
World Debit Card for Payday Loan /Check Cashing Operations
"There are three major reasons why we have chosen the World Debit Card for our payday loan operation," said Andrea Zecevic, president of Cash Now. "The first major advantage of the World Debit Card is that it can be issued to U.S. residents as well as residents of most countries worldwide; this is important for a multinational operation like Cash Now. The second major advantage of this card is that it can be instantly issued, loaded and given to the customer right away -- because name on the card is optional. The card also is a full-function, branded debit card, carrying the brand's flag and hologram; 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. It is a prestige product that can help many of our un-banked customers and bring us customer loyalty."
Cash Now believes that a debit card strategy for payday loan and check cashing operation can dramatically reduce the cash required on hand at the company's outlets -- lowering operating expenses and enhancing the efficiency of operation. Cash Now projects distribution of hundreds of World Debit Cards per day across its more than 200 physical locations domestically and abroad.
World Debit Card
Global Vision introduced the World Debit Card in December 2004 for the worldwide marketplace. To date, Global Vision has established distribution channels in markets within the United States, Europe, Middle East, Africa, Caribbean, Mexico and Central America. The company will begin delivery of the cards to alliance partners and distributors this week.
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.
In addition to providing cardholders with security and convenience of money and funds transfer applications, the World Debit Card serves as an excellent multinational employee payroll card.
World Market
Approximately 90 percent 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," 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.
About Cash Now
A pioneer in the payday loan industry, Cash Now Corporation (Pink Sheets:CHNW) is developing the most comprehensive menu of services in the cash advance industry, all centered on the Cash Now brand. The company's proven business model includes licensing to corporately operated joint venture locations across the United States and Canada. Additionally, Cash Now's Web site is the industry's most advanced payday-lending portal, offering key insight to clients and potential clients alike -- as well as the ability to complete payday loans online, via a phone call or in person.
Cash Now offers a payday loan license program known as Payday Express; a payday loan and check-cashing license known as Check Express; and a host of related financial services for small to medium-sized businesses. Profit Guide magazine recently ranked the Cash Now Group 10th in its list of the 50 fastest growing and most promising emerging companies. For more information on these offerings, visit http://www.cashnow.com and http://www.cashnow.net or call 1-866-763-2274 (CASH).
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, 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.