SOURCE: friendlyway Corporation

June 21, 2006 10:49 ET

Friendlyway Corporation Releases May 2006 Corporate Update Reporting Business Development Progress and New Customer Rollout Initiatives

COLORADO SPRINGS, CO -- (MARKET WIRE) -- June 21, 2006 -- friendlyway Corporation (OTCBB: FDWY), a self-service provider of customer-facing public access self-service systems, today released its May 2006 Corporate Update reporting progress on new business initiatives and new systems rollouts.

In May, FDWY acquired Pantel Systems, Inc., a privately owned Nevada Corporation, as a wholly owned subsidiary of the company. Since its inception in 2005, Pantel Systems has developed location-based e-Banking kiosks and established strong strategic relationships for its launch into key markets. Currently, Pantel has 92 confirmed locations for its initial rollout of systems. The closing of the Share Exchange Agreement coincides with additional minor equity financing which the company has used to launch its e-Banking kiosk, in addition to providing the combined companies with additional working capital. Pantel's e-Banking kiosk comes standard with the ability to process money transfers, check cashing, cash dispensing, debit card dispensing and reloading, as well as bill payment, and is best suited for customers without a banking relationship. Currently, kiosks are being produced for an initial rollout in late June 2006 into 20 locations.

With the acquisition of Pantel Systems, Ken Upcraft assumed the role of Chief Executive Officer and a member of the Board of Directors. David V. Lott assumed the role of Chairman of the Board of Directors. Both men have long established careers in business development and as officers of public companies. The new officers are focused on repositioning the company to take advantage of the burgeoning e-kiosk and digital signage industry with recurring revenue models in vertical markets.

"Management clearly recognizes that our near term objective is a stronger shareholder base and enhanced valuation," said Upcraft. "Toward that end, as part of our restructuring plan, we have taken immediate steps to reduce overhead and cost exposure of existing product lines that have not been profitable or yielding adequate margins. In addition, we have identified vertical markets that will generate residual revenue and provide economies of scale in manufacturing by using the same components. We are excited about the initial rollout of our self-service financial kiosks which will begin in June.

"We enter the second half of calendar year 2006 with a plan of deployment in growth that will create profitability in the company within a short period of time. The implementation of these goals will coincide with an upcoming active investor relations program for improved communications with investors in the micro-cap financial markets. We will also place strong emphasis on continued SEC compliance and strengthening shareholder confidence by securing necessary funding to grow the business," Upcraft added.

Subsequent to the closing of the acquisition of Pantel Systems, the company entered into Term Sheets for additional funding that will enable the continued and sustained deployment of systems. The funding is conditional upon successful demonstration of the initial 20 e-Banking financial kiosks in June 2006. Final terms are still in negotiation.

About friendlyway Corporation:

friendlyway Corporation provides self-service systems and technologies for public access at points of sale, service, and information. Its interactive information stations are used in various applications, such as ticketing, Internet access, self check-in, way-finding, lead management, e-commerce, banking, lobby management, and access control, as well as information and education. The company serves trade shows, conferences, events and promotions, hospitality, tourism and travel, healthcare and hospitals, financial services and banking, government, fashion and retail sectors. friendlyway markets its products and services internationally through sales and marketing campaigns, conferences, one-on-one consultations, telemarketing, direct sales, and client and vendor referrals. For more information, please visit: http://www.friendlywayinc.com.

SAFE HARBOR

Forward-looking statements made in this release are made pursuant to the "safe harbor" provision of the Private Securities Reform Act of 1995. Forward-looking statements made by friendlyway Corporation are not a guarantee of future performance.

Contact Information

  • Contact:
    friendlyway Corporation
    Ken Upcraft
    (719) 359-5533