Flint Telecom Completes Acquisitions of Debit Card and Payment Processing Companies Creating International Prepaid and Mobile Financial Powerhouse
Marketwire “Press Releases “
OVERLAND PARK, KS — (MARKET WIRE) — 10/28/10 — Flint Telecom Group, Inc. (OTCBB: FLTT), an International telecoms technology and services organization, announced today that it has fully completed the acquisitions of the entire issued capital of the debit card company — Ingedigit International Inc. — and the financial transaction processing company — Gotham Ingedigit Financial Processing Corp. d.b.a. Power2Process. The appropriate certificates of merger have been filed with the State of Florida and each company will operate as separate entities within the Flint Telecom group of companies.
Ingedigit International Inc. is a U.S. based independent sales organization (“ISO”) offering International pre-paid debit card services in partnership with international banks and other program sponsors, to offer debit cards and other related products to their customers. Included with the debit card services are additional value-added services allowing cardholders to share funds between existing cardholders, perform international fund remittance and link with Flint Telecom services to provide prepaid calling linked to their debit cards. All transactions are prepaid, thereby carrying no financial risk, and are fully compliant with U.S. and International money laundering laws, as well as counter-terrorism regulations. Transactions are practically instantaneous, available to the cardholder on a 24/7, 365-day basis. The Companies’ current markets include the United States , Canada , Mexico , India , Central and South America , Gulf Coast Countries, the Philippines , expanding to the U.K. , Africa , Sri Lanka , Bangladesh and the Pacific Rim . Ingedigit International will be rebranded in the coming weeks to enhance its international appeal and presence.
Gotham Ingedigit Financial Processing Corp. , which will be renamed as Power2Process Inc. , is a U.S. based advanced financial transaction processing and technology company, working with banking clients across the globe. It is a PCI and MasterCard certified, SAS-70 compliant financial transaction processing switch, located in the NAP of the Americas in Miami, Florida . Power2Process is in the unique position of having complete control of all its services, from applications development and processing to marketing and support, for a full array of back office processing including ATM and POS network integration and management. Using Power2Process solutions, clients can deliver ‘own brand’ financial transaction processing services, such as pre-paid products, virtual accounts, money remittances and other stored value services. Power2Process will operate as an independent business following the acquisition.
Prepaid services are among the fastest growing service industry segments globally. In 2007, The World Bank estimated that worldwide remittances exceeded $318 Billion . Independent research commissioned by MasterCard , estimates the U.S. market opportunity for branded pre-paid cards in excess of $440 Billion by 2017, a 400% increase over the market value estimated in 2009.
Bernard A Fried, President and COO of Flint Telecom Group commented, “Even though the Companies will operate as independent entities following the acquisitions, the combination of the existing technology and relationships of both these Companies, with the telecom and market experience of Flint Telecom , creates unique and powerful synergies that propel the group into new and exciting international markets and the high growth areas of prepaid financial services and mobile banking that are already seeing explosive growth around the World. We very much look forward to working with the dedicated staff at Ingedigit and Power2Process in bringing these capabilities together quickly and to building revenues and profits in these units this financial year.”
Vincent Browne , Chairman and CEO of Flint Telecom Group , commented “As I stated at the time we announced the definitive agreements, I am extremely excited with the addition of these companies to our group. They are hugely significant acquisitions for us. Not only do they give us ownership of the complex technology required to deliver these services and a proven expertise in delivering financial transactions globally, they also bring a whole new dimension to our existing operations and service portfolios making us a truly international company. The world is going mobile and these types of transactions now suit the mobile device better than ever delivering convenience and costs savings to those groups who send money home frequently. Debit card usage is growing exponentially around the world and when coupled with our telecom experience and capabilities we expect to deliver some truly compelling and exciting applications to both our existing customers and to a growing global user base.”