FORT LAUDERDALE, Fla., March 6, 2008 (PRIME NEWSWIRE) -- Secured Financial Network, Inc. (OTCBB:SFNL) Jeffrey Schultz, Secured's President and CEO today released an update on the progress of the Company.
In September of 2007 we announced the build-out and launch of the RedFin Payment Gateway. The completed proprietary Payment Gateway will now perform PCI-CISP compliant level 1, 2, and 3 electronic payment processing for merchant clients by way of retail Point-Of-Sale terminals, virtual terminals, interactive voice response (IVR), e-commerce and mobile commerce (WAP) via wireless PDA's and phones operating on Java or Windows Mobile Wireless technology.
The RedFin Payment Gateway is now fully integrated with all of the major acquiring bank processors such as Vital, Chase Paymentech, all First Data groups, Concord and others. It also supports credit/debit, gift/loyalty, check verification and guarantee, as well as all merchant terminal platforms and is the premier gateway for Blue Bamboo wireless processing products. We anticipate integrating our bill payment, money transfer, and debit card loading features in the 2nd quarter.
I am happy to announce as of March 1, 2008 the RedFin Payment Gateway has completed beta testing and is now live, operating, and beginning to process transactions generating real revenues. We are very excited about the reaction from ISO's (Independent Sales Organizations), Value Added Resellers, and Merchants to our offering of services through our Payment Gateway.
We project gross revenues generated from the Payment Gateway to build each quarter with a run rate by year-end 2008 of $3 million processing over 5 million transactions per month.
Last month we announced our strategic partnership with Blue Bamboo (www.bluebamboo.com) and we will be exhibiting with them in mid-April at the ETA Show (Electronic Transaction Assoc.) as the premier Blue Bamboo partner in the USA. Secured's wholly owned subsidiary, Virtual Payment Solutions (VPS), has committed to market the Blue Bamboo PCI compliant H-50 and P-25 wireless payment terminals and accessories. These terminal products are fully integrated with our Payment Gateway. In addition we have concluded preferred pricing for data plans with AT&T and T-Mobile resellers.
Orders are already in for the first group of 100 terminals and we expect to receive commitments for 1500 H-50 wireless terminals by the end of June and anticipate 9600 terminals to be delivered by year end 2008 generating $4 million in revenue and recurring data plan revenue of $1.5 million.
We anticipate Secured's projected combined gross revenue for year-end 2008 to be $5.1 million generating a profit of $1.2 million.
In October we announced the signing of a Letter of Intent to purchase AmeriNet, a premier ACH processor and PayzNet, a worldwide payment alternative processor. While we anticipated completion of this acquisition by year-end 2007 AmeriNet/PayzNet has required additional time to complete its 2006 audit required to move to closing. It is anticipated that the audit will be completed shortly and we will move forward to close. When completed this acquisition would add approximate $2 million in gross revenues from its operations in 2008.
What this all means is that Secured Financial Network is finally positioned to operate the most complete payment processing platform available under one umbrella, incorporating a host of services and products offered by a very fragmented industry. Industry statistics point to double digit growth in payment processing over the next 5 years from electronic and debit transactions, the core business focus of the RedFin Network and Virtual Payment Solutions.
In the next several weeks Secured Financial Network will issue its 10-K and 1st quarter 10-Q. While these reports will show minimal revenues we are very confident about the Company's future and our ability to meet projected goals for 2008.
Secured Financial Network is now positioned to turn the corner generating revenues, moving towards profitability, and building solid shareholder value.
About Secured Financial Network
Secured Financial Network, Inc. is a Ft. Lauderdale, Florida-based Company that looks to create growth, add to profitability, and build shareholder value by engaging in a full-spectrum processing for e-commerce and traditional transactions through a PCI Certified Payment Gateway and proprietary 'bank-grade' electronic-vault based payment-processing system through its exclusive Envoii Deployment License Agreement.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Secured Financial Network, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
For further information visit our website: www.sfnl.net