BEVERLY HILLS, Calif., Aug. 12, 2004 (PRIMEZONE) -- Victory Capital Holdings Corp. (OTCBB:VTYC) announced today that its subsidiary, Global Card, Inc., will be launching the "My Family" Dual-Pak stored-value debit card program. "My Family" is a pair of stored-value pin-based debit cards designed to serve the customer who needs to load and send money quickly, conveniently and cost effectively.
Global Card is targeting two key markets that are exploding with demand and opportunity: the Hispanic immigrant who is sending money to relatives in his or her homeland at record setting levels, and; the parent and child/student and the continuous need for additional money to be sent from home for the many expenses of a higher education.
A recent Los Angeles Times article entitled, "Funds Sent to Mexico Hit Record" stated, "The central bank of Mexico projected that 2004 remittances would hit $16.3 billion, up 22% over 2003. Executives at Denver-based Western Union Financial Services, Inc., a unit of First Data Corp., estimate that 175 million people around the globe send more than $150 billion a year back to their home countries."
"This product addresses the growing global demand for the rapid, cost-efficient ability to securely send and receive money across town or around the world. The 'My Family' card also eliminates the sometimes insurmountable hassles of having to locate and physically get to a facility to send or pick up the traditional, wired funds. Cash is available within minutes and now receivable at the nearest ATM," noted Harold Gregg, CEO of Victory Capital Holdings Corp.
According to the Nellie Mae "2003 Credit Card Usage Analysis" The average credit card debt among graduate students who carry cards is $7,831 per student, a significant increase of 59% over 1998's average debt of $4,925. Graduate students carry an average of six cards each, and 96% of all graduate students carry credit cards. Graduate students accrue more than twice the average balance of final-year undergraduate students: $7,831 vs. $3,262. Forty percent of graduate students with cards have average balances exceeding $6,000, and 15% of them have credit balances exceeding $15,000, more than twice as many as in 1998. "With this card Parents are relieved to know that the money they have set aside for food, books, and necessities can't be spent indiscriminately. This card allows Parent and Students to budget funds and to track spending instantly online without the worry of increasing their existing credit card debt," further stated Mr. Gregg.
The Company will be introducing joint marketing programs which will address parent/student card sales through point of purchase displays at campus bookstores and retail outlets nationwide. Additionally, revenue sharing programs with alumni associations and booster clubs are currently being pursued.
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.