Vincent Browne, Chairman and CEO of Flint Telecom Group, said, “As we rollout our prepaid cards and money transfer services with our co-sponsors we will earn a fee on every customer transaction on our partner cards and now on EmpaSys(TM) products also. Our previously announced partner launches have been negatively impacted by the longer than anticipated completion of our Registration Statement on Form S-1 with the U.S. Securities & Exchange Commission, as our partners wanted to ensure they had a strong partner prior to launching such a strategic offering to their customers. With access to the $15 million Kodiak equity line now in place, we expect that the renewed activity with our partners in the U.S., India and Vietnam coupled with this new channel, will have a direct effect on group revenues and margins as they are rolled out through in the second half of this year. This will help towards our previously announced targets of processing over $2 million in daily transactions by the end of calendar 2011, from which Flint will receive approximately 1% in fees.”
Ingedigit International, a wholly owned subsidiary of Flint Telecom, has signed a marketing and distribution agreement with Transaction Management, LLC, which will sell Ingedigit’s EmpaSys electronic payment solution to its merchant customers and prospects. EmpaSys enables walk-in bill payments, prepaid top-up, prepaid card loads, and international money transfer services at merchant locations. The deal expands Flint’s network beyond their existing 1,100 merchant locations.