SOURCE: SVC Financial Services

March 08, 2006 07:00 ET

SVC Financial Announces Strategic Relationship With Cardmarte

Scoot Mobile Money™ Powered by Leading Provider of Card Management Systems and Processing for Prepaid Cards

SAN FRANCISCO, CA -- (MARKET WIRE) -- March 8, 2006 -- SVC Financial Services Inc. (OTC: SVCX), a leading provider of mobile transaction technologies, today announced a strategic relationship with Los Angeles based Cardmarte Inc., a world-class processor and provider of card management systems in the prepaid industry. By taking advantage of Cardmarte's robust processing system and tools developed specifically for the prepaid market, SVC will be able to focus its activities on the innovation and growth of the Scoot-enabled debit card.

Scoot Mobile Money is a unique new service launched by SVC that integrates a prepaid re-loadable ATM card with a cell phone. Scoot allows anyone with a cell phone, anywhere in the world to send and receive money, easily and securely transferring funds to friends and family in other countries. The recipient can collect the money at any participating ATM, and can also use the Scoot card to make purchases or pay bills online.

"SVC is poised to revolutionize the money transfer market, directly addressing the $46 Bn/year remittance market to Latin America by providing low-cost services to the unbanked and underbanked," said Christopher Haigh, SVC President and CEO. "Our partnership with Cardmarte will allow us to offer highly competitive processing fees."

Cardmarte, which operates throughout Latin America and the U.S., possesses market-leading expertise and the ability to directly manage the implementation of the most up-to-date technology. The partnership will provide SVC with significant economies of scale and an unprecedented cost structure.

"We are tremendously excited to be partnering with SVC because we believe the cell phone is the ultimate tool for all consumers," said Al Urcuyo, Chairman of the Board of Cardmarte. "Additionally, our technology enables users to load cards via Verifone terminals, which merchants are already using for transactions -- thus multiplying the number of loading stations and making the Scoot card more convenient than ever."

By linking the cell phone to an ATM card, Scoot offers users the flexibility, convenience and security of a credit card. The Scoot card is accepted at over 1 million ATM locations and over 5.5 million merchants worldwide.

About SVC Financial Services, Inc.

SVC Financial Services, Inc. (OTC: SVCX) is an innovator of global, next generation mobile transaction technologies that are easy to use, highly secure, and extremely cost effective. SVC's revolutionary Scoot Mobile Money™ technology allows anyone with a cell phone to easily and safely store, send, receive, and manage funds anywhere in the world. Scoot Mobile Money is a low cost, global approach to supporting the large and fast-growing markets for funds transfer, un-banked money management, and secure payment remittances and reimbursements. Scoot is the next generation of mobile transaction technology for third party marketers of instant issue prepaid card products. SVC has also pioneered the Mazarin Media Platform™ that provides template-based applications delivery of rich media solutions for interactive marketing campaigns that inspire action. Mazarin solutions include templates for non-profit organizations, political fund raising, authors and publishing groups, music and entertainment, corporate and consumer marketing.

About Cardmarte

Cardmarte is a world-class processor and provider of card management systems in the prepaid industry. Cardmarte offers a robust processing system and a set of tools developed specifically for the prepaid market which support PIN based debit cards, signature based debit cards, card to card transfers, primary/secondary cards and payroll functionality. It also supports point of sale terminals for card activation and loading, connectivity to the traditional payment networks, web site reporting for merchants and card holders, and ACH funds settlement. Cardmarte utilizes existing POS terminals or low-cost, stand-alone terminals with multiple methods and locations for replenishment, including Verifone terminals, the most prevalent transaction terminals employed by merchants. The Cardmarte system is unique in its ability to manage distributor commissions in real time, and pay commission for card usage at multiple distributor levels. Cardmarte has operations in Central America, South America, U.S., and the Caribbean.

Safe Harbor Statement

Except for historic information contained in this release, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, the company's ability to attract qualified management, raise sufficient capital to execute its business plan, and effectively compete against similar companies.

Contact Information

  • Media Inquiries:
    Chris Haigh
    SVC Financial Services, Inc.

    Robin Frank
    Red Umbrella Group Inc.
    for SVC Financial Services
    Email Contact
    415-641-6169 (office)
    650-867-2062 (cell)

    Investor Relations for SVC Financial:
    Stuart Fine
    Carpe DM, Inc.
    Email Contact

    Media Inquires for Cardmarte Inc.:
    Al Urcuyo
    Chairman of the Board
    Email Contact