iGlobal Worldwide, Inc. Signs Agreement to Launch Agribusiness Debit Cards With Global Payout, Inc.
SAN DIEGO, May 8, 2012 /PRNewswire/ -- Global Payout, Inc. (OTC Pink: GOHE) has executed a Prepaid Card Agreement with iGlobal Worldwide, Inc. (iGlobal), Los Angeles, CA to offer complete management consultant services in launching their prepaid debit card program. The Prepaid Card Agreement requires Global Payout to assign the Tyburn Group, Inc., as Program Manager for their new "iGlobal" debit card program. In addition, Global Payout will manage the due diligence, card design and card program approval in conjunction with Tyburn Group, Inc. and their issuing bank. This Agreement will result in monthly transaction revenue from active prepaid debit cards marketed and distributed by iGlobal commencing in the second quarter of 2012. iGlobal anticipates 10,000 active cards within the first 12 months ramping up significantly in the following 24 months.
The iGlobal General Spend Debit card program is being launched initially to provide financial services to the Agri-business community in California, Illinois and Florida. iGlobal has existing relationships with companies as a professional employment organization (PEO). iGlobal will work with growers to educate their employees on the advantages of utilizing a prepaid debit card to receive their payroll. Adoption of the prepaid debit card by employees will decrease both the employer payroll processing costs and the employees cost of check cashing, bill pay and sending funds to other cardholders.
"iGlobal is an industry leader in financial services for un-banked and under-banked employees in the agricultural market," says William Rochfort, Global Payout EVP Sales and Marketing. "We are fortunate to have a strategic partner as qualified as iGlobal."
"This is a major partnership in serving the agricultural workers and their families with a quality product designed exclusively for this consumer while offering tremendous savings for the employer in payroll costs. We're proud to work with the Global Payout team and Tyburn Group in ensuring a successful launch," states Robert Acosta, iGlobal's Founder and Chairman.
About Global Payout, Inc.
Global Payout, Inc., www.globalpayout.com, headquartered in San Diego, California, is a payment solutions provider offering U.S. and International companies electronic payment and prepaid debit card solutions. Through Global Payout's processors and solution providers the company offers an international payment platform allowing accountholders to move money to personal bank accounts in over 200 countries. In addition, the company provides for U.S. and International debit cards, allowing accountholders without bank accounts to access funds worldwide. As a program manager and reseller, Global, is a provider of prepaid debit cards in the U.S. for payroll and general spend programs.
About iGlobal Worldwide, Inc.
iGlobal Worldwide, Inc., www.iglobalcard.com, headquartered in Los Angeles, California, was created to offer unbanked employees an opportunity to participate in financial transactions that up until now have been reserved for those with traditional bank accounts. The iGlobal instant issue payroll card allows for direct deposit of payroll, eliminating the need for check cashing facilities and the high associated fees. Both Employers and Employees benefit from the iGlobal Debit Card in the form of reduced costs and convenience. iGlobal has been diligently working to educate the agricultural community who is eagerly awaiting the launch of the card program. The iGlobal Debit Card is a worldwide debit card.
About Tyburn Group, Inc.
The Tyburn Group, www.tyburngroup.com, located in San Francisco California, has been creating and delivering prepaid card programs using the latest technology for their global customers since 2007. Tyburn has banking relationships and processing services, as well as the understanding of all regulations and requirements to get prepaid debit card programs to market.
Forward-Looking Statements Disclosure:
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, award looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will" and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risk, and uncertainties, and by reference to the underlying assumptions.
CONTACT:
Joe Sebo, Chief Financial Officer
[email protected]
Global Payout, Inc.
T.760.433.3399
F.215.294.4626
www.globalpayout.com
SOURCE Global Payout, Inc.
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