SOURCE: PSPP Holdings, Inc.

August 13, 2007 09:00 ET

PSPP Holdings Comments on Capital One's $700 Million Acquisition of NetSpend Corp.

LOS ANGELES, CA--(Marketwire - August 13, 2007) - PSPP Holdings, Inc. (OTCBB: PSPJ), a financial services company that is establishing an international banking network to facilitate electronic remittance, mobile banking, e-benefits, and stored value and pre-paid card solutions, commented today on Capital One's $700 million acquisition of NetSpend Corp., a company, similar to PSPP, that markets prepaid debit cards. The announcement was made today by PSPP Holdings' President, Kyle Gotschalk.

"This acquisition is an extremely positive indicator of the prepaid debit card market in which PSPP Holdings operates. The analyst report cited in an article published by Forbes indicated that the prepaid debit card market is 'projected to grow 25 percent annually.' The acquisition and the information contained in this article are extremely positive for PSPP and the entire debit card industry."

This news comes on the heels of PSPP Holdings' recent announcements regarding acquiring Poder Card and its strategic agreement with Green Dot Corporation.

About PSPP Holdings, Inc.

PSPP Holdings, Inc. (OTCBB: PSPJ), headquartered in Los Angeles, California, is a financial services company that is establishing an international banking network to facilitate electronic remittance, Mobile Banking, e-benefits, and stored value and pre-paid card solutions. PSPP Holdings provides the transaction-based business of electronic payments and related digital banking in two continents today: North America and Africa, utilizing MasterCard International and Visa, as well as local banks which enable settlement of funds in local currency. With strategic relationships in place and with its own proprietary processing software code, PSPP Holdings is committed to delivering speed to market, continuous innovation, significant savings, convenience, and benefits to its customers, cardholders, employees, and investors.

Safe Harbor Statement

This press release includes forward-looking statements about the Company's estimated revenue and earnings within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this release, including statements regarding the Company's future financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. We have based these forward-looking statements largely on current expectations and projections about future events and financial trends that we believe may affect the Company's financial condition, results of operations, business strategy and financial needs. Risks and uncertainties include the ability of the Company to attract customers to its website and offer attractive products; to maintain its website, electronic data processing systems, and systems hardware; to forecast accurately net revenue and plan for expenses; to protect our intellectual property rights; and potential litigation and government enforcement actions that may result from our prior securities offerings. Please refer to PSPP's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. PSPP undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.

Contact Information

  • Contact:
    Andrew Werner
    BZCOM Communications
    (800) 313-7912