POMPANO BEACH, Fla., Oct. 7, 2008 (GLOBE NEWSWIRE) -- Michael E. Fasci, Secured Financial Network, Inc.'s (OTCBB:SFNL) Chief Financial Officer, today released an update on the Company's preliminary third quarter sales results.
"Having just completed the third quarter of 2008, we are pleased to report that The Company has once again continued to accelerate its sales in all business segments of its Virtual Payment Systems, Inc. subsidiary, with our overall sales revenue essentially doubling over those seen in the second quarter. Sales of our Blue Bamboo (www.bluebamboo.com) wireless terminals continue to grow rapidly. Preliminary numbers for the third quarter indicate that terminal unit sales volume grew more than 120% quarter over quarter. Sales revenue of the associated recurring monthly data plan subscriptions grew at a rate of approximately 140% over the same period. We expect this trend to continue."
Mr. Fasci also stated, "Management is certainly pleased that we have begun to develop some significant recognition in the payment processing industry as well as experience some quantifiable sales growth. We believe these achievements are especially noteworthy in light of today's business environment. Furthermore, we believe that our much anticipated upcoming RedFin Network Payment Gateway (www.redfinnet.com) certification will allow us to further leverage our proprietary virtual payment processing platform asset generating increased revenue through payment processing transactions, credit/debit, check verification, and ACH/Check 21, that are independent of our Blue Bamboo equipment and monthly data plans."
About Secured Financial Network:
Secured Financial Network, Inc. is a Pompano Beach, Florida-based Company that engages in a full-spectrum of processing for e-commerce and traditional business transactions through a PCI Compliant Payment Gateway integrated with all major Bank acquiring processors and retail transaction terminals through Virtual Payment Solutions, Inc. (http://www.virtualpaymentsolutions.com), a wholly owned subsidiary.
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.