NEW YORK, June 21, 2007 (PRIME NEWSWIRE) -- FundsTech Corp. (OTCBB:FNDS) has taken a strategic approach to cracking a $100 billion opportunity in the payment solutions market, and David Fann, the company's president, recently told a room full of equity analysts, money managers, and other investment professionals that the rewards are materializing faster than previously expected.
"We're looking for annual revenue in excess of $25 million over the next five years," Mr. Fann explained at the most recent Wall Street Reporter Small-Cap Discovery Conference in New York City. "We don't need a whole lot of market share to make a lot of money here."
Mr. Fann laid out his company's unique business proposition within the larger financial services industry as a provider of prepaid debit cards to unbanked populations, a market that he noted represents a billion workers worldwide.
"On a worldwide basis, more people get paid in cash than get paid in check or use credit cards or debit cards," he said. "You don't think about that in the United States, because most people have bank accounts, but on a worldwide basis, 50% of people who work don't have access to bank accounts."
To capture this vast market, FundsTech is partnering with local banks and other financial institutions in various countries. Recent deals in South Africa and Germany that could push the company to profitability by 2008 on their own, and Mr. Fann expects to announce additional relationships in the next 30 to 90 days that could take the company into an additional 30 markets. "There's no negotiation if they want to do it or they don't," he says. "It's a matter of who's getting what piece of the pie, so we're getting pretty close."
Mr. Fann also provided details on his company's painstakingly assembled management team, long-term revenue visibility (average contract is for 10 years), goals to distribute at least 15 million cards by 2011, and much more.
A Webcast archive of the event can be found at http://www.vcall.com/CustomEvent/conferences/wallstreetreporter/062007/agenda.htm.
Over the years, the WSR Small-Cap Discovery Conference has emerged as the place for investors to discover the next hot "super stock," and indeed, numerous presenting companies have seen their stock prices rise significantly following their appearance at the conference.
At this conference, the 12th in the series, FundsTech and several other companies -- drawn from sectors ranging from gold mining and oil drilling to healthcare and next-generation networking -- provided fresh insight on their business models and how macro trends are playing into their strategies for success.
Investment professionals are invited to monitor www.wallstreetreporter.com/sdc for advance notice of the next WSR Small-Cap Discovery Conference; they can also register on the site for automatic reminders.
Companies looking for opportunities to sponsor or present at a future Wall Street Reporter conference should contact Jack Marks, Wall Street Reporter Publisher, at (212) 363-2600 ext 260 or jmarks@wallstreetreporter.com
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About FundsTech Corp.
FundsTech Corp is a financial transaction processing company that provides various programs and solutions to financial institutions, businesses and individuals on a worldwide basis. These solutions consist of the following:
-- Financial transaction processing solutions that consist of
software and hardware specifically designed for the debit card
industry.
-- Direct deposit solutions for businesses where a large percentage
of their employees are unbanked.
-- ATM/Debit (FTC CashCard) and Prepaid Debit MasterCard cards.
Forward-Looking Statements
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.