SOURCE: SVC Financial Services

March 23, 2005 07:00 ET

SVC Financial Unveils 'Scoot' as the World's Easiest and Most Reliable Way to Transfer Funds From One Cell Phone to Another

SAN FRANCISCO, CA -- (MARKET WIRE) -- March 23, 2005 -- SVC Financial Services, Inc. (OTC: SVCX), a leading provider of electronic payment processing and stored-value products and service, announced today the introduction of 'Scoot' -- an unrivaled product that enables cell phone users to transfer funds directly to each other.

"Whether it's a temporary worker in the U.S. sending $500 to mom back in his home country, or a quick $5 in lunch money from mom to her teenage daughter across town, cell-phone users can now 'Scoot' money back and forth quickly, reliably and securely," said Christopher Haigh, SVC President and CEO. "With Scoot, if you have a cell phone, you can send and receive money immediately, safely and easily. In addition to it's low per-transfer fees, SVC also introduced the 'Scoot family Plan'; for just one low fee, family, friends and co-workers can start to 'Scoot' money to each other -- from half a block or half a world away. Scoot is about to revolutionize money transfers for all of us."

Scoot will charge a reasonable, flat fee -- in stark contrast to the expensive charges associated with traditional money transfers. Scoot adheres to all wireless and financial-services regulations and practices. It offers sustained throughput with no latency, as policies operate transparently to applications and users. Transfers are simple for even the most technology-averse cell-phone user using Scoot's easy-to-use web-based graphical interface.

SVC introduced "Scoot" in Miami Beach, FL., at Intele-CardExpo, which is the pre-eminent industry forum for innovators in the prepaid wireless, stored value and electronic and telephone payment processing industries.

The SVC team will provide demonstrations of "Scoot" throughout the event, showing that a few simple keypad entries on a cell phone execute the simple task of completing a fund transfer between accounts at an ATM. Each time, the recipient's cell phone displays a simple alert informing the user that a money transfer had arrived. The entire process takes only a few seconds.

About SVC Financial Services

SVC Financial Services (OTC: SVCX) is a provider of an integrated suite of secure electronic payment, web application development, digital rights management and multimedia authoring solutions with a focus on the online retailing and entertainment industries as well as the companies that serve them. SVC provides a highly secure and reputable private-label service for retailers and financial services. The combination of Digital Rights Management with SVC Payment Services in the company's Mazarin Media Platform serves a broad range of merchant and consumer needs such as a profitable and easy-to-use micropayment system, credit card payment processing, and digital asset bundling and promotion. More information about the Company may be obtained at www.svcfinancial.com.

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

  • Contact:

    Chris Haigh, CEO
    SVC Financial Services, Inc.
    866/370-9600
    www.svcfinancial.com

    or

    Nagle & Ferri, LLC
    Bob Ferri or Frank Nagle
    415/575-1999