ICMH.0075,huge news.To exceed $1million first month Rev. ICM Telecommunications Launches New Stored Value Cash Card Program; 100,000 Cards Already Sold and Will Be Issued in Next 30 Days; Revenue Projections Substantial
"In the first full month of the program," the CEO said, "we expect revenues from this program alone to exceed $1 million, and for that number to grow substantially in succeeding months. "Moreover," he pointed out, "the cards will be accessible through all institutions that are participants on the STAR, Cirrus and Maestro financial service networks." Hamby also reported that for an additional $25 fee, of which 20%, or $5, will be additional revenue to ICM, card users can upgrade the debit cards to a highly recognizable Master Card hologram card.
Currently, Hamby pointed out, the ICM program is available at more than 30,000 POSA and banking terminals. Within the next 90 days, he said, the number of terminals offering access to this new program will exceed 100,000.
SACRAMENTO, Calif., Apr 28, 2004 (BUSINESS WIRE) -- ICM Telecommunications, Inc. (Pink Sheets:ICMH), a rapidly growing provider of prepaid pin-based products through its EPIS Point of Sales Activation (POSA) terminals, today announced that it has launched a new Stored Value ATM Cash Card Program. It said 100,000 cards to access the program have already been sold, will be delivered in the next 30 days, and that revenue projections for the program are substantial.
"This new program is a win-win for everyone," said ICM Telecommunications CEO Doug Hamby. "We have formed a strategic partnership with Ohio-based Sutton Bank, a strong 126 year old card issuing financial institution, that will allow our customers all the benefits of other similar ATM debit cards. Moreover, they can be used not only in the many locations that have our POSA terminals, but also thousands of other banking institutions and retail establishments."
Hamby said that each ATM debit card retails for $19.95, and that ICM will receive $3.65 of that fee, or more than 18%, for each one. In addition, he said, ICM will receive an average of $7 more per month in recurring fees for each card.
"In the first full month of the program," the CEO said, "we expect revenues from this program alone to exceed $1 million, and for that number to grow substantially in succeeding months. "Moreover," he pointed out, "the cards will be accessible through all institutions that are participants on the STAR, Cirrus and Maestro financial service networks." Hamby also reported that for an additional $25 fee, of which 20%, or $5, will be additional revenue to ICM, card users can upgrade the debit cards to a highly recognizable Master Card hologram card.
Currently, Hamby pointed out, the ICM program is available at more than 30,000 POSA and banking terminals. Within the next 90 days, he said, the number of terminals offering access to this new program will exceed 100,000.
After purchasing the card, the user then gives to the merchant the amount of cash he or she wants uploaded to the card. The information is transferred to the bank partner that immediately processes the transaction, and the user then has a stored value amount with which to conduct daily activities. The customer can periodically check the outstanding available balance at ICM's POSA terminals as well as at all participating banks, and then replenish the amount as needed.
"We are very excited not only to be offering this highly flexible stored value ATM debit card, but also by the immediate cash flow impact it represents for the company and its shareholders," Hamby said. "In the next several weeks we will be announcing several other significant new programs that will also have immediate and favorable impact on the company's top and bottom line performance as they are introduced into their respective markets."
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance, or expectations expressed or implied by such forward-looking statements.
SOURCE: ICM Telecommunications, Inc.
CONTACT: ICM Telecommunications, Inc.
Doug Hamby, 916-449-9597 |
