BABYLON, N.Y., Sept. 1, 2004 (PRIMEZONE) -- Merchant Media Solutions (Pink Sheets:MHSU), a sales and marketing company that provides publishing, advertising and transaction processing solutions to restaurants and retailers throughout the United States, today announced the release of a new electronic check product, Any Check Direct, an accounts receivable conversion system that converts paper checks to an electronic funds transfer.
This unique product will be processed through EFT Network, Inc. of Hawthorne, NY, a developer of Patent Pending Technology that allows for the electronic conversion of consumer and non-consumer checks through one point of entry. Currently the National ACH Clearing House Association (NACHA) will only allow for the electronic conversion of consumer checks. The Check 21 legislation passed by Congress last year, and going into effect October 28, 2004 allows for electronic conversion of all types of checks. EFT Network's solution makes such conversion possible for all types of paper checks -- consumer checks, business checks, travelers checks, and money orders -- so that businesses can immediately take advantage of the Check 21 opportunity. The solution's distinct advantage is its ability to deposit any type of paper check. We believe this will change the way enterprises of all sizes handle paper checks. EFT Network is currently servicing almost 700 agencies nationwide, processing nearly 10 million ACH transactions annually. Direct Merchant Services will distribute the "EFT" suite of products, which includes: Telephone Checks, Automated Payments, Centralized Returns, POS Conversion, and Electronic Check Representment or RCK. EFT Network's products include both web and PC-based solutions with an interface, which incorporates ease of use with a powerful web-based reporting system. Reports can be exported for use in an in-house accounting system, making it easier for our Clients to manage transactions more efficiently.
Phil Cervone, President and co-founder of Merchant Media Solutions describes this product as "revolutionizing the check processing procedure. This reminds me of the credit card processing industry when transactions went from paper to electronic. The income possibilities are tremendous." The sales focus will begin in the New York metro market and will expand to other markets during the first quarter of 2005.
Merchant Media Solutions was founded in 2003 as a sales and marketing company that provides financial and marketing services to restaurants and retail merchants throughout the United States. The company's business model revolves around transaction processing and marketing services that assist merchants in maintaining and growing their business. MMS publishes The "Best Of" series of magazines and designs custom Loyalty and Gift Card Programs.
For More Information, Contact: Keith Orlean, Merchant Media Solutions (631) 321-7212 (fax) korlean@merchantsadvantage.com
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. Merchant Media Solutions disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, and changes in our business strategies.