SOURCE: Mutual Merchant Services, Inc.

October 13, 2008 07:00 ET

Mutual Merchant Services, Inc. Announces Annual Run Rate of $83 Million

THOUSAND OAKS, CA--(Marketwire - October 13, 2008) - Mutual Merchant Services (PINKSHEETS: MUTM) (German WKN# A0Q8CV) today announced that, based on its last three months performance, the Company is operating an annual run rate of $83 million in processing volume.

"It is our goal to achieve an annual processing volume run rate of over $200 million by the end of 2009," said Gil Gillis, CEO of Mutual Merchant Services. "We will achieve this by developing strategic relationships in several key niche markets. I look forward to announcing several additional strategic marketing alliances in the coming weeks."

The Company nationwide network of Independent Sales Offices (ISOs) is currently signing an average of 47 new merchant accounts per month. In addition to processing fees, Mutual Merchant Services generates significant incremental revenue (33% of total revenue) on equipment sales, leasing and membership fees.

About Mutual Merchant Services

MUTM is a single source provider of financial services, offering a variety of products and services to merchants, financial institutions, and banks. Services offered include credit and debit card acceptance, check guarantee, check verification, check conversion, check 21, advance funding, ACH check processing, prepaid and bill pay services. MUTM also provides point of sale software, hardware, and e-commerce products.

Forward-Looking Statements

This release includes "forward-looking statements" from the Company that may or may not materialize and recipients are cautioned not to place undue reliance upon them. These forward looking statements are subject to a number of known and unknown risks and uncertainties outside of our control that could cause actual operations or results to differ materially from those anticipated. It is important to note that actual results could differ materially from those in such "forward-looking statements" and "forward-looking statements" are inherently subject to risks and uncertainties. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.

Contact Information

  • For Investor Relations:
    Integrated Capital Partners, Inc.
    + 908-204-0004
    Email Contact