FNDS3000 Corp Reports Additional Cost Cutting Measures

JACKSONVILLE, Fla., Nov. 5, 2010 /PRNewswire-FirstCall/ -- FNDS3000 Corp (OTC Bulletin Board: FDTC), an international prepaid processing company currently introducing electronic payment solutions to the South African market, today announced that it has implemented additional savings in U.S. corporate overhead expenses which, in connection with previously announced corporate staff and expense reductions, have helped the Company to free up approximately $1 million in cash and working capital over the next 12 months, which will be redeployed to support and consolidate growth of its South African prepaid card business.

Raymond Goldsmith, Chairman and CEO of FNDS3000, noted, "Make no mistake that FNDS3000 is on a mission to build a successful and enduring company and win distinction as a major player in the global prepaid industry. To that end, it is essential that we demonstrate an ability to achieve and sustain profitability in all areas of our operations."

Continuing, Goldsmith added, "As the newly appointed CEO of FNDS3000, I have spent the past 30 days working closely with our management team to carefully assess and rationalize our operating structure and related expenses with an eye towards driving out costs through strategic changes, technological innovation, efficiency initiatives and targeted cost reductions. Although we understand that world class companies are not built overnight, we have made notable progress in a relatively short period of time and believe we are in a much stronger position to achieve our near term goals and objectives."

Recent cost cutting measures have included a reduction in contracted consulting fees to the Company's former CEO, Michael Dodak, and its former President, David Fann, that were payable over the next nine months.  Dodak and Fann both signed settlement agreements with FNDS3000, providing for a total of $301,000 in combined cash obligations to be reduced to a total of $60,000 payable in cash, and the issuance of shares of the Company's common stock valued at a combined total of $200,000. For more detailed information on these events, please review the related Form 8-K filed with the U.S. Securities and Exchange Commission yesterday.

About FNDS3000 Corp

Headquartered in the U.S. with operations in South Africa, FNDS3000 Corp is engaged in executing a series of international growth initiatives designed to position the Company as a major player in the world's fastest growing payment card segment: prepaid cards. Given that 40% of the adult population in South Africa is currently unbanked or underbanked, FNDS3000's initial focus has concentrated on offering tailored prepaid card programs and services to business customers in this developing prepaid market, including network branded and closed loop programs that support employee payroll, insurance, medical aid, gift cards, prepaid cellular charges and small-scale international transfer of funds. The Company provides these programs and services through a proven, proprietary U.S. processing platform that has been designed for international and cross border capability.  For more information, please visit www.FNDS3000.com, or follow us on Twitter @_FNDS3000.  

Forward Looking Statements

Matters discussed in this press release contain forward looking statements.  Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance, or achievements of the Company.  Such risks and uncertainties include, but are not limited to, the potential loss of our relationships with each of the parties that sponsor our cards and banks that manufacture, issue, and own the cards; the loss of our service providers; security breaches of our electronic information; the inability to raise sufficient capital to fund its operations; and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.  The Company assumes no obligation to publicly update or revise its forward looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.

SOURCE FNDS3000 Corp