LAS VEGAS, Nov. 16, 2010 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (Pink Sheets:IFSL), a creator of various financial products and services for businesses and individuals, has filed its third quarter financials on Form 10Q with the Securities and Exchange Commission. The audited financials may be viewed online on the SEC's EDGAR website and our corporate site: www.idealfsi.com.
"The third quarter of 2010 has been a transitional period with unique and various challenges that have resulted in a reduction of revenue, a streamlining of expenses and groundwork for the future. We have reported revenues of $595,364 and a net loss of $159,011 for the quarter," stated Steve Sunyich, CEO, Ideal Financial Solutions. "As would be expected, our advertising and marketing expenses have decreased commensurate with our reduction in revenues. We are pleased that during this downturn in our operations and in a time of economic turmoil, we have been able to fund operations with revenues and refrain from using stock or debt to fund our company."
"We also believe it is important to report that a significant portion of the reduction in revenue in this period was due to our proactive transition away from fraud-laden online credit card payment systems to the federally regulated e-check systems," added Ben Larsen, Chief Financial Officer. "Interest in our suite of services did not subside, rather, only our ability to process payments related to demand has been interrupted. Nonetheless, our move to more secure payments will be a long-term beneficial strategy for Ideal Financial and its growth. Moreover, we have several new marketing companies preparing to work with us who agree."
"For years we refused to accept payments by credit card because our goal was to help people get out of debt, not to put them deeper into debt," said Sunyich. "Most would agree that high-interest credit card debt is one of the main problems many middle income families are struggling with in this difficult economy. Additionally, as we migrate our current club members to our new payment platform we plan to resume marketing to new clients."
"In summation, this has been an important quarter given the changes we've made to our payment model. Our current cash position is $187,356, we have a large merchant reserve receivable of $559,097, and projected revenues remain positive," Larsen stated.
About Ideal Financial Solutions
Based in Las Vegas, Nevada, Ideal Financial Solutions (www.idealfsi.com) provides the education, support and automated tools to create additional cash resources, rapidly eliminate all non-asset-building debt and build financial independence. As a leader in debt relief services, Ideal uses its automated CashFlow Management© tools (www.myifs.com) and its Credit to Wealth Systems to assist individuals, families and small businesses in building financial independence. To view more information on Ideal's new humanitarian program soon to be launched please visit www.idealgoodness.com. To view a short video demo of our services go to: http://www.youtube.com/watch?v=GFTKoRkByu0
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Forward Looking Statements. This release may contain forward-looking statements as well as historical information. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks include, without limitation, the risk that the company's revenues will not continue to grow and that they may not meet projections because of a down turn in its new marketing efforts and that the company will not become, or will be significantly delayed in becoming, a fully reporting company for one or more reasons, including a decision by the company not to pursue fully reporting status, absence of capital or other resources to satisfy compliance status, an adverse action or decision by a regulatory agency or other events. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein.