CGPN news just hit.
SAN BERNARDINO, Calif.--(BUSINESS WIRE)--Sept. 6, 2000-- The Cyber Group Network Corp. (OTCBB:CGPN - news) Wednesday announced it has completed the acquisition with Community Banking Program, and will provide a Cyber Group Network (``CGN'') FDIC approved ATM issued card that allows individuals who are unable to open checking or savings accounts to make purchases.
On Sept. 2, 2000, The Cyber Group Network Corp. announced a definitive agreement acquiring the Community Banking Program for an undisclosed amount. Management for CGPN announced that as part of the acquisition agreement, James H. Stern, Founder and President of Community Banking Program, has agreed to a long-term employment agreement to remain as President of CGN Community Banking Program, which now becomes a wholly-owned subsidiary of The Cyber Group Network Corp.
About CGN Community Banking Program
More than 20 million individuals are currently listed with credit monitoring agencies such as ChexSystems. Eighty percent of the individuals listed with credit reporting agencies are from low-income households and immigrants unfamiliar with the banking system. Once lodged with these credit-monitoring agencies, an individual automatically is listed for seven years, whether the offense is simply bouncing one check or committing other minor offenses. These 20 million consumers are unable to open bank accounts or receive lines of credit. CGN's premier Community Banking Program will aim to market to second-chance or individuals that do not have traditional banking relationships, by providing consumers a much needed and demanded service FDIC approved ATM card, issued by The Cyber Group and may be used at any Automated Teller Machines in the United States which carry Star, EP, Plus and Interlink symbols.
The CGN Community Banking Program anticipates generating revenue through implementation of start-up and per-use fees which amount to a lesser, and attractive cost than currently paid to check cashing centers. Individuals simply deposit cash, or make a direct deposit of payroll or personal checks onto the CGN ATM card. The Program serves to benefit the individual by providing an ATM card compatible in today's market and the security of not carrying large amounts of cash.
Nisha Kapoor, spokesperson for CGPN stated ``This one-of-a-kind CGN Community Banking Program expects revenue of the consolidated company to increase dramatically by the first quarter, 2001 compared with previous CGPN quarter filings. By identifying with attractive business opportunities in the financial service sector, CGPN's diversification of its core business aims to generate revenue and earnings that will be accretive to shareholder value.'' Kapoor further commented, ``The Community Banking acquisition, is a perfect fit for The Cyber Group, and the company is incredibly well positioned to expand into other revenue generating industries.''
About Community Banking Program
Community Banking is a highly-publicized, Los Angeles-based company and has drawn attention and support form The Wall Street Journal, and major television networks such as CBS, NBC, CNN and ABC. By imposing a strategic business plan, The Cyber Group expects sales and returns to significantly increase. Stern further stated, ``We are excited about joining The Cyber Group family and we anticipate a complete integration of our business strategies to increase the company's profitability.
About the Company
The Cyber Group Network (thecybergroup.net) is a technology company with the three main goals of Computer Security Technology, Patented Public Internet Access Devices and Acquisitions of other Internet and Communications companies to expand its technological resources. For more information about the company, visit its Web site at www.thecybergroup.net.
This news release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies and other factors described in the company's filings with the Securities and Exchange Commission. The actual results may differ materially from any forward-looking statements due to such risk and uncertainties. The company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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Contact:
The Cyber Group Network Corp., San Bernardino
Nisha Kapoor, 800/866-CGPN
Phone: 909/890-9769
Fax: 909/890-5849
Email: nkapoor@cybergroupnetwork.com
www.thecybergroup.net
www.cybercrimecorp.com
www.hitechhustler.com |
