SOURCE: eLayaway

eLayaway

eLayaway

August 03, 2011 16:08 ET

eLayaway Announces Investment Will Support Significant Revenue Growth and Expansion

TALLAHASSEE, FL--(Marketwire - Aug 3, 2011) - eLayaway, Inc. (OTCBB: ELAY), the Internet's first and only patent pending layaway payment processor, announced today that Jagalee Development, formally Transfer Online Technology Development, and a Division of Transfer Online, has invested $300,000 in IT development which will allow them to complete the software integration for the eLayaway expansion.

"We cannot stress how significant this investment is to our Company and its shareholders. In this challenging economic environment, funding for small businesses has been difficult, to say the least. This investment will now allow us to complete our software integration and start executing on our previously announced agreements," said Douglas Salie, CEO of eLayaway. Mr. Salie commented further, "I want to thank Lori Livingston and Jagalee Development for their work on this software. They have seen the potential of eLayaway and, through our partnership, that potential is now a reality and we will see significant revenue growth from their investment."

This new partnership will support eLayaway's efforts to meet the demand of its popular layaway payment processing technology. While consumers will see changes such as alternative payment options and improved site navigation, merchants will benefit from releases that include enhanced forecasting tools and analytics. These enhancements to the application will also improve administrative efficiencies thereby reducing operational costs for eLayaway.

"We are impressed with Jagalee's past work with MasterCard and GATE Technologies and are excited to work one-on-one with this team," said Sergio Pinon, Founder and Chief Marketing Officer of eLayaway. "Their experience in the financial technology sector and, especially with payment processes, made Jagalee the clear choice. We're ready to meet the growing demand in the marketplace head on!"

The team's first scheduled release, internally known as eLayaway 3.0, will provide a payments platform that will support self-integration for the millions of small to medium-sized, online and brick & mortar merchants in eLayaway's market. Features such as these will greatly improve merchant acquisition conversion thereby expanding eLayaway's merchant network and consumer reach. Larger, enterprise-level merchants will find the new release to be flexible and complimentary to their sales and finance operations. This release will mark a milestone in the company's continued efforts to deliver both merchants and consumers with a debt-free, fiscally responsible alternative to credit.

"Jagalee Development is excited to be working on such a worthy concept," said Lori Livingston, President and CEO of Jagalee Development. "The eLayaway process is growing in demand with both merchants and consumers. eLayaway is at the right place at the right time and we are ready to support their technological needs."

How eLayaway Works for Consumers

eLayaway® is an online payment system that allows consumers to pay for the products and services they desire using manageable periodic payments, thereby making purchases affordable and easy to budget. Payments are automatically drafted from the consumer's designated bank account via Automated Clearing House ("ACH") on the modifiable schedule set by the consumer at the time of purchase. A flat transaction fee as low as 1.9% is charged to the consumer and all payments are held in an account in trust at HSBC Bank and transferred to the merchant once full payment has been made. Like traditional layaway programs of the past, delivery of the product or service occurs once payment is complete. Payment processing and supporting services are handled by eLayaway while merchants provide order fulfillment.

How eLayaway Works for Merchants

For many online merchants, eLayaway offers an opportunity to provide layaway to their customers as a means to expand market share while reducing the administrative requirements of traditional layaway. Merchants are now turning to payment alternatives such as eLayaway in order to take advantage of opportunities that increase sales and profits. Today, approximately one-half of all consumers do not qualify for credit. eLayaway provides an alternative payment method that allows these consumers to make the purchases they desire while enabling merchants to sell additional products on an immediate basis.

In addition to eLayaway.com, the Company also owns and operates eLayawaySports.com, eLayawayTravel.com and eLayawayHealth.com. eLayaway, Inc. was founded in 2005.

About Jagalee Development (jagalee.com)

The Jagalee Development team, formerly Transfer Online Technology Development (TOLTD), a Division of Transfer Online, comprises a close-knit team of software and network engineers who are dedicated to creating the highest quality software and network infrastructure to power applications it builds for its clients. Jagalee Development is the core development team behind the software for Transfer Online, which provides stock transfer services to approximately 400 companies. Past projects for Jagalee Development also include the creation of private trading boards for MasterCard and Portland Brewing. The team uses an agile, iterative development approach that creates visible results in a very short amount of time. With decades of experience in creating applications for various parts of the financial industry, the team understands that accuracy, security and performance are crucial aspects to any software development project.

Press summary, logos and screenshots available for download at: eLayaway.com/press.

Safe Harbor Statement

This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.

For more information, please visit www.eLayaway.com.

Contact Information

  • Media Contact:
    Jeffrey Chicola
    Sage Market Advisors
    (908) 228-2197
    thesageis@aol.com