BRADENTON, Fla., Dec. 18, 2006 (PRIME NEWSWIRE) -- nFinanSe Inc. (OTCBB:MBEU), which recently changed its name from Morgan Beaumont, Inc., today announced that it has signed an agreement to provide Discover(r) Network Prepaid Cards to Precomm, a prepaid industry leader with a proprietary network of POS (electronic point-of-sale) devices throughout the United States.
Manan Mehta, CEO of Precomm Inc., said, "Precomm is very excited with this strategic partnership with nFinanSe which will enable our merchants to sell Discover(r) Network branded gift and stored value card products and help them to generate more revenues through their existing POS terminal. This collaborative relationship will allow Precomm, Inc. to offer nFinanSe's next generation of stored value products to its burgeoning and eminent client base."
Jerry Uffner, nFinanSe's Senior Vice President of Sales, said, "We believe our instant issue Discover(r) Network products are a great complement to Precomm's existing prepaid products. We believe the gift cards will help Precomm retailers take advantage of the significant growth in gift card demand. We expect our general spend card product, with low fees and a low MSRP, will continue to put Precomm on the forefront of the prepaid category."
Scheduled to launch in early 2007, nFinanSe will be providing Precomm with a variety of Discover(r) Network reloadable general spend cards and gift cards to distribute to their merchants across the United States.
About Precomm
Precomm Inc. is an industry leader in Point Of Sale (POS) technology and distribution and has been maintaining its secure proprietary network of devices. Precomm is a large, established and profitable player in the prepaid industry, and we are in a unique position to aggressively offer an end-to-end turn-key POS solution that is stable, reliable, secure and simple. Precomm's electronic distribution method presents retailers with a unique combination of unlimited supply coupled with no inventory costs. Retailers welcome the opportunity to sell prepaid card products with no risks or inventory costs. Precomm's state-of-the-art electronic distribution system features multi functional services and host to host capabilities with third party system, which differentiate us from other POS providers in the marketplace. For more information please visit http://www.pre-comm.com.
About Discover Financial Services LLC
Discover Financial Services LLC, a business unit of Morgan Stanley, operates Discover Card with more than 50 million card members, and the Discover(r) Network, with more than 4 million merchant and cash access locations. Discover Financial Services also operates the PULSE ATM/debit network, which serves over 4,200 financial institutions and includes almost 250,000 ATMs and approximately 3.4 million POS terminals. For more information please visit http://www.discovercard.com, http://www.discovernetwork.com or http://www.pulse-eft.com.
About nFinanSe Inc.
nFinanSe Inc. is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Bradenton, Florida. nFinanSe has developed the nFinanSe Network, a secure, reliable, point of sale (POS) and PC-based software platform that connects retail merchants with multiple stored value prepaid card processors and issuing banks. nFinanSe owns and operates the nFinanSe Network as a standardized, national network of stored value and prepaid card cash load stations located throughout the United States.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the scheduled launch for the referenced program nFinanSe's expectations regarding the impact of the referenced program on the expansion of nFinanSe's business. Forward-looking statements are derived from nFinanSe's current expectations or forecasts regarding future events. nFinanSe's results could differ materially from those reflected in the forward-looking statements due to delays or changes in the launch plan; acceptance of nFinanSe's product in the marketplace; general economic and market conditions, including the lingering effects of the economic slowdown and services revenue; the overall condition of the bank card industry, including the effect of any further consolidation among financial services firms; the regulatory, credit and market risks associated with nFinanSe's operations; the timing and magnitude of sales; the timing and scope of technological advances; and the ability to retain and attract customers and key personnel. For a discussion of these and other risks and uncertainties that may affect the forward-looking statements, please see the risk factors included in nFinanSe's Annual Report on Form 10-K for the year ended September 30, 2005 on file with the Securities and Exchange Commission. Given these risks and uncertainties, the forward-looking statements may prove to be incorrect. Therefore, you should not rely on any forward-looking statements. nFinanSe undertakes no obligation to update publicly any forward-looking statements.