LOS ANGELES, Oct. 11, 2011 (GLOBE NEWSWIRE) -- MediSwipe Inc. (www.MediSwipe.com) (OTCBB:MWIP), a merchant payment solutions and financial products company for the medical health care industry, and its wholly owned subsidiary 800 Commerce Inc. (www.globenewswire.com/newsroom/ctr%3Fd=232424%26l=1%26a=www.800Commerce.com%26u=http%253A%252F%252Fwww.800Commerce.com" target="_top" rel="nofollow">www.800Commerce.com), a leading enabler and turnkey e-commerce solution provider including mobile stored value and loyalty solutions, today announced a Letter Of Intent to acquire select assets of Vesta Digital LLC, (www.Vestadigital.com), a Florida-based social media publisher. The acquisition will be subject to satisfactory due diligence, completion of definitive agreements and for 800 Commerce to complete its spin-off from the parent company MediSwipe Inc. as consideration for the acquisition.
"The value of a transaction with Vesta Digital is twofold," stated Michael Friedman, CEO of MediSwipe. "Vesta Digital will bring approximately an additional $250,000 plus in revenues to 800 Commerce, proving once again that we are building real, intrinsic value for our shareholders. The second and most important asset that Vesta Digital brings to us is the social media publisher technology for business that they have created. This unique tool box for business allows any online or bricks-and-mortar business to release offers, advertisements, coupons, videos or any piece of media to all social media sites with only one action. Not only does it release the media piece, but the application simultaneously builds that business network for the client, increasing the customer base and pushing the potential customer towards a buy action, allowing 800 Commerce to complete the transaction for payment," added Friedman. "Now, with this final piece in place, we feel we can complete the S-1 filings with the new consolidated financials from our auditing firm over the next few days as previously announced. We feel extremely confident we can now go to market with two very strong companies promising real revenue growth and potential on behalf of our shareholders," further stated Friedman.
MediSwipe and 800 Commerce recently announced a Joint Venture Agreement with Ohio-based SparkBase Inc. SparkBase, and their new Paycloud mobile wallet application, which was recently featured in the Wall Street Journal, Fast Company and TechCrunch.com as one of the largest processors of traditional private label gift and loyalty card programs to the financial and merchant services industries.
MediSwipe will launch a branded, closed-loop network that will allow patients and affiliated merchants to use the stored value and loyalty cards within the network for payments of medicine, other goods and services, prepaid insurance options, and receive reward/bonus points for their transactions. A separate network will be created under the 800 Commerce brand for e-commerce transactions and bricks-and-mortar merchants with the 800 Commerce network allowing customers to complete transactions using a physically-branded card or the Paycloud mobile wallet application that enables stored value transactions.
About MediSwipe Inc.
MediSwipe Inc. (www.globenewswire.com/newsroom/ctr%3Fd=232424%26l=4%26a=www.MediSwipe.com%26u=http%253A%252F%252Fus.lrd.yahoo.com%252FSIG%253D11d5vlkk5%252FEXP%253D1317066231%252F%252A%252Ahttp%25253A%252Fwww.MediSwipe.com%252F" target="_top" rel="nofollow">www.MediSwipe.com) offers a full spectrum of secure and reliable transaction processing and security solutions for the medical and healthcare industries, using traditional, Internet Point-of-Sale (POS), e-commerce and mobile (wireless) payment solutions. The Company now also offers digitized personal health records in conjunction with Industry Alliance Partners. MediSwipe offers reliable merchant payment solutions and closed loop pre-paid stored value and loyalty cards as a unique cash alternative to these regulated and e-commerce businesses specializing within the healthcare sector.
About Vesta Digital LLC
Vesta Digital's Viestly™ Social Media Publisher helps companies build brand and grow sales at low cost by making it easy to engage and interact with prospects on their social network platform of choice.
FORWARD-LOOKING DISCLAIMER
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of MediSwipe Inc. to be materially different from the statements made herein.