POMPANO BEACH, Fla., Sept. 29, 2008 (GLOBE NEWSWIRE) -- Jeffrey Schultz, Secured Financial Network, Inc.'s (OTCBB:SFNL) Chief Executive Officer, today announced that the Company has facilitated the purchase and sale of approximately 10% of the Company's free-trading outstanding common stock (4,396,943 shares) between two private parties.
Mr. Schultz said, "I am pleased to announce that the Company has facilitated the private purchase and sale of more than 10% of its outstanding common stock between two private parties. The transaction price of $.03 per share is well above our current market price and speaks volumes about the confidence that certain investors have recently shown in our Company stock. We believe this confidence is based in part on our rapid increase in sales of our wireless terminals, transaction revenue, and data plans."
Mr. Schultz went on to say, "While the Company was not financially involved in the transaction and made no revenue in performing the facilitation, we were glad to do so to eliminate, what we believe to be, the downward pressure on our stock from the Seller that we have been seeing for quite some time. The Seller was limited in the volume of the Company's stock that he could sell in the open market each quarter and removing him in one block transaction removes that particular selling pressure."
Mr. Frank Barker, Managing Member for the group of purchasers stated, "We are very pleased to have been able to close this transaction for Secured common stock, which we believe to be significantly under-valued. This transaction compliments our ongoing commitment to Secured as they build revenues and execute their business plan."
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 through Virtual Payment Solutions, Inc. (www.virtualpaymentsolutions.com) a wholly-owned subsidiary.
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.