BEVERLY HILLS, Calif., Aug. 3, 2004 (PRIMEZONE) -- Victory Capital Holdings Corp. (OTCBB:VTYC) announced today that its subsidiary, Global Card, Inc., has signed a Network Participation Agreement with Next Estate Communications, Inc., one of Americas leading providers of prepaid MasterCard stored-value cards.
"This Agreement gives us the ability to perform on our existing purchase orders for our Global Card products by providing access to load centers throughout North America, enabling us to produce successful, prepaid card programs. Our research has concluded the gap in the stored-value space is the inability to load a debit card quickly, easily, and at convenient retail locations. Next Estate, with over 15,000 retail stores, such as Vons, CVS, Radio Shack and Rite Aid, and over 40,000 loading centers across the US, Mexico and Canada, gives our customers the ability to load and to access their funds 24/7," said TJ Culbertson, CEO of Global Card, Inc.
Under the previously announced co-operative marketing agreements, the Company expects to distribute approximately 10,000 new cards at a selling price of $11.95 to $19.95 per card.
Mr. Culbertson further added, "Our existing purchase orders are from various affinity groups that have the ability to leverage their loyal base of members into active card holders. We also service corporations with employees who are without a bank account and/or employees who incur considerable expense in either cashing checks or transferring funds to dependents, domestically or internationally. This accretes revenue to the bottom line, based upon the accumulation of residual monthly transaction fees at an average of $5.00 per card per month. The transaction fees are generated from monthly maintenance fees, ATM withdrawal fees, load fees, POS purchase fees, card-to-card and card-to-account fees and data processing fees."
"The signing of this Network Participation Agreement was our pivotal step in fulfilling the purchase orders we have under negotiation. By having access to this expansive global financial network, our clients have the tools to access and load their funds through traditional and non-traditional means. It's our goal to derive an additional $200,000 per month in gross revenue from the anticipated purchase contracts for Victory Capital beginning fourth quarter of this year," stated Harold Gregg, CEO of Victory Capital Holdings Corporation.
VICTORY CAPITAL HOLDINGS CORPORATION (VTYC) organized in Nevada, is a publicly traded company. The company is designed to leverage the assets of existing, proven technology and to infuse those assets with marketing, management and financial support to become the recognized leader in its space.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.