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In the company's news Friday,
FNDS3000 Corp. announced that it has successfully completed the Pilot Test Phase of its prepaid card introduction, and is subsequently immediately commencing the next phase of implementation. The Market Test Phase will begin with the distribution of approx. 10,000 prepaid cards to corporate clients and their cardholders, confirming and validating the processes and systems that will be required to handle the high volume of prepaid cards that are expected to be launched later in the year,. Once favorable results of the test are confirmed, the company anticipates initiating Roll-Out in late September of this year.
John Hancock, Chief Executive Officer, stated, "We are excited to announce a significant milestone with the completion of our pilot program. The January through July 2009 Pilot Test ended a few weeks later than expected, however during this time, we implemented further product enhancements, together with more comprehensive customer service operations and advanced fraud prevention protocols, all of which are essential in assuring the continued development and smooth roll-out of our prepaid cards.
"In the Market Test, scheduled through September 2009, our objective is to issue an additional 40,000 cards bringing our total to approximately 50,000 prepaid cards across 11 corporate clients," commented Victoria Vaksman, Executive Vice President. "At the conclusion of this phase, we anticipate a rapid increase in scale, as we deliver our prepaid cards to the significant number of corporate clients that our distributors have already secured.
Mr. Hancock concluded, "As we progress through the remainder of 2009, we will continue to build on the solid foundation that has been created over the past two years. Our experienced management team is well positioned to steer the Company through the opportunities and challenges ahead of us and is focused on growing the prepaid card business which has significant potential in a number of markets that remain underdeveloped. We expect to continually update investors on our progress as we increase the number of cards in the market and expand the business into other territories."
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