BRADENTON, Fla., Dec. 20, 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 Q Comm International, Inc. (Pink Sheets:QMMI), a leading provider of prepaid transaction processing and electronic point-of-sale (POS) distribution solutions.
Mike Keough, President and CEO of Q Comm International, Inc. said, "The nFinanSe gift and general spend cards bolster Q Comm's financial product offering and support our commitment to continually bring quality products and new revenue streams to our merchant partners. With the nFinanSe products, our merchants can tap growing demand for an open-loop gift card with the prestige of Discover(r) Network and they will appreciate the differentiating factors included in the nFinanSe general spend card, such as it's comparatively low retail price."
Scheduled to launch in early 2007, nFinanSe will provide Q Comm with a selection of Discover(r) Network gift cards and instant issue reloadable general spend cards; Q Comm will, in turn, distribute these cards, through their channel, to their network of retail locations throughout the U.S. that use Q Comm-provided POS devices to sell prepaid solutions.
Jerry Uffner, nFinanSe's Senior Vice President of Sales, said, "We believe our Discover(r) Network reloadable instant issue general spend cards and gift cards are ideal for Q Comm's client base which consists of chain retailers, stand-alone c-stores, check cashers, and independent neighborhood vendors and merchants. By offering instant issue, reloadable, general spend cards with a low MSRP and a low monthly maintenance fee, plus a selection of stylish gift cards, Q Comm will continue to provide better and more compelling prepaid financial products to the marketplace."
"nFinanSe is extremely pleased to be partnering with a prepaid industry veteran of Q Comm's caliber and reputation," added Uffner.
About Q Comm International, Inc.
Q Comm International is a prepaid transaction processor that electronically distributes products from service providers to the point of sale. Q Comm offers proprietary prepaid transaction processing platforms, support of various point-of-sale (POS) terminals, product management, merchandising, customer support and engineering. Q Comm systems replace traditional hard cards (also known as scratch cards or vouchers) that are costly to distribute, and provide more comprehensive reporting and inventory management, among other benefits. Q Comm's solutions are currently used by wireless carriers, telecom distributors, and retailers to sell a wide range of prepaid products and services including prepaid wireless, prepaid phone cards, prepaid dial tone and prepaid debit cards, such as prepaid MasterCard and Visa. Q Comm offers services internationally but focuses mostly on the United States where it serves more than 4,000 active retail locations. Visit http://www.qcomm.com for more information.
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, and 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.