Saratoga Electronic Solutions Inc.

Saratoga Electronic Solutions Inc.

November 08, 2006 16:38 ET

Saratoga Electronic Solutions Inc. and Union Bank of the Philippines to Team up to Offer a Low-Cost International Electronic Funds Transfer Solution

MONTREAL, CANADA--(CCNMatthews - Nov. 8, 2006) - Saratoga Electronic Solutions Inc.(TSX VENTURE:SAR) ("Saratoga") announces the signature of a memorandum of understanding with the Union Bank of the Philippines ("UnionBank") for the purpose of setting up a Strategic Alliance Office to undertake, manage, operate and promote the business of offering card-based money remittance services to overseas Filipino workers ("OFWs").

SAR has a technology platform and distribution and processing channels in Canada that will enable OFWs to transfer funds electronically via UnionBank's payment channel cards system which is provided by UnionBank to the client-beneficiaries whenever and wherever they are situated in the Philippines.

"Our goal is to provide overseas Filipino workers with a cost efficient solution to facilitate electronic funds transfers to family member and others in the Philippines," said Saratoga President & CEO Georges Alfred Durst.

"UnionBank, as the acknowledged leader in electronic banking services in the Philippines, has embarked in the plan to tap the inward remittances of global Filipinos by providing a payment channel card product, process and network in the Philippines that can be used, subject to the Philippine Bangko Sentral approval, to facilitate the receipt and disbursement of electronic funds transfers for OFWs and is pleased to set up and test this service for the first time from Canada," said Union Bank President Victor B. Valdepenas.


The Company is in the business of offering and operating a network of white-label automatic teller machines ("ATM's"), a card-based remittance solution and other financial and prepaid solutions.

Forward looking statements

This news release contains certain forward-looking statements concerning our future operations, economic performance and financial condition. These statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties and assumptions. Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us and our subsidiaries or their businesses or operations.

We undertake no obligation and do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Saratoga Electronic Solutions Inc.
    Georges Durst
    Saratoga Electronic Solutions Inc.
    Yves Simard, CA
    Acting Chief Financial Officer