NEW YORK, May 21, 2007 (PRIME NEWSWIRE) -- Wall Street Reporter Magazine has just published an exclusive interview with David Fann, president of FundsTech Corp. (OTCBB:FNDS), in which Mr. Fann updates the investment community on his company's efforts to bring prepaid debit cards and other financial transaction technologies to a truly global clientele.
"We go into places where a high percentage of the workforce is unbanked," he tells Wall Street Reporter senior analyst Matt Schilling. "We choose markets where demand is high with little competition."
The 11-minute interview is now available at www.wallstreetreporter.com in streaming audio, MP3, and text format -- all free of charge.
Areas of especially detailed discussion include:
-- FundsTech's focus on introducing prepaid debit cards to "virtually untapped" global markets in the Middle East, Europe, India, China, and elsewhere.
-- A recent alliance with South African software vendor Symelation to provide an initial 45,000 cards in that market. "The reason we started this in South Africa is the lady who will be running our South African unit beginning in June has been selling software to financial institutions in South Africa for many years," Mr. Fann tells WSR. "So we know the banks. We know the customers."
-- The prospect of rapidly expanding cash flow and profitability by 2008 as additional deals emerge.
-- How the company's model is predicated on predictable recurring revenue streams. "When we sign a contract, it's not a short-term deal," he says. "Our average deal is 10 years with a renewal of 10."
"We're not going into these markets except with key strategic players," he tells Wall Street Reporter. "We share those revenue streams. Our deal is to provide the software to make this happen and then we share in the gross revenue forever and ever."
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About FundsTech Corp.
FundsTech Corp is a financial transaction processing company that provides various programs and solutions to financial institutions, businesses and individuals on a worldwide basis. These solutions consist of the following:
* Financial transaction processing solutions that consist of software and hardware specifically designed for the debit card industry. * Direct deposit solutions for businesses where a large percentage of their employees are unbanked. * ATM/Debit (FTC CashCard) and Prepaid Debit MasterCard cards.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.