FORT LAUDERDALE, Fla., April 30, 2008 (PRIME NEWSWIRE) -- Jeffrey Schultz, Secured Financial Network, Inc.'s (OTCBB:SFNL) President and CEO, today released an update on the progress of the Company.
We are pleased to report to our shareholders that our recent presentation at the Electronic Transaction Show in Las Vegas two weeks ago was successful. The show was our first opportunity to formally introduce our RedFin Network Payment Gateway to the Merchant Services Industry and promote our relationship as the Premier distributor of Blue Bamboo Wireless and Bluetooth enabled merchant processing terminals. As a result of our showing, we have begun to receive orders for terminals and have executed reseller agreements for our Gateway services. These orders are in-line with our sales goal of 1,000 terminals per month. These terminals are integrated exclusively with the RedFin Network. We anticipate generating significant revenue within the next 180 days from the combined sales of both our wireless terminals and the RedFin Network Payment Gateway transactions.
On April 29, 2008, the Company closed a $500,000 line of credit, with Kentucky-based Commercial Holding AG, providing Secured with the financial resources to build out its infrastructure and meet its future obligations without any significant dilution to its shareholders. Monies borrowed against the line of credit bear interest at 10%, 2 million shares of restricted Common Stock and 1 million warrants with an exercise price of $0.25 per share being issued to the lender as additional consideration for the issuance of the line of credit.
Secured is also pleased to announce that it has renegotiated $300,000 of its $597,500 principal value worth of convertible debt with two of its largest Noteholders. The $336,335 (includes interest) worth of debt was extinguished in exchange for 3 million shares of Company stock that was held as collateral against the Notes (previously issued) as well as 1.5 million additional shares. This conversion of debt to equity was done at an equivalent stock price of $ .075 that is in excess of our current stock price. We are very grateful for the confidence that the Noteholders have shown in our business plan.
The Company is beginning to move in a positive direction, is now generating revenues, is moving closer towards profitability, and is building shareholder value.
About Secured Financial Network
Secured Financial Network, Inc. is a Pompano Beach, Florida-based Company that engages in a full-spectrum of processing for e-commerce and traditional business transactions through a PCI Compliant Payment Gateway integrated with all major Bank acquiring processors and retail transaction terminals.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Secured Financial Network, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For further information visit our website: www.sfnl.net