Flint Telecom Group, Inc ( FLTT )

[mickymoose99]

Flint Telecom Australian Joint Venture Signs First Vietnamese Banking Partner

Remit2Vietnam Signs With Ficombank to Offer International Remittance Services to Vietnamese Communities in the United States and Australia Sending Money Home




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Flint Telecom Group, Inc.

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Press Release Source: Flint Telecom Group, Inc. On Friday July 15, 2011, 4:15 pm EDT

OVERLAND PARK, KS--(Marketwire - 07/15/11) - Flint Telecom Group, Inc. (Telecom Technology and Services) (OTC.BB:FLTT - News), an international telecom technology and financial processing organization, today announces that its Australian joint venture Remit2Vietnam Pty. Ltd, ("R2V") has successfully launched its Vietnam Remittance Program ("Program") with the recent signing of First Joint Stock Commercial Bank ("Ficombank") in Vietnam. Under the agreement Ficombank will work closely with R2V to offer the innovative international remittance services to its customers within Vietnam and to Vietnamese communities in the United States and Australia.

Signing the first Vietnamese bank launches the Program, directed at over 1.6 million Vietnamese living in the United States and approximately 300,000 living in Australia, as well as the millions of Vietnamese that receive remittances into Vietnam. The Program is targeted to capture a significant portion of the rapidly growing $8.2 billion dollars currently remitted to Vietnam annually. Ficombank announced the agreement and launch of the services on its web site (Ngan Hang TMCP De Nhat) and is initially promoting the program with its current account holders and with further announcements in the local media.

Under the Program Flint will provide all of the necessary transaction processing services for the cards issued to Ficombank customers, receiving a fee for every customer transaction. Flint will also jointly manage the marketing, sales and operations of the Program with R2V in the United States and Vietnam. R2V is providing the necessary capital to meet the Program costs associated with sales and distribution efforts along with the costs of issuing the prepaid debit cards to the Vietnamese in the United States and Australia.

Mr. Nguyen Ngoc Thinh, General Director of Ficombank, said, "This program will help extend the reach of Ficombank into the United States and Australian markets while giving Ficombank's customers the benefits of low cost, convenient, bank protected international money transfers from the U.S. and Australia into Vietnam."

Mr. Rowlison, Chief Operating Officer of R2V, stated, "We look forward to working with our new partners in Vietnam and with the Vietnamese communities in the United States and Australia. This is an important first project for us in Vietnam and the first in a number of initiatives underway. As I have previously stated, we believe we can capture 5% of this remittance market quickly with increases in market share thereafter."

Mr. Quang Nguyen, Chief Marketing Officer of R2V, stated, "It is a great opportunity for Vietnamese living overseas to enjoy convenient remittance services 24/7 everyday with one of the lowest cost of money transfer in the market with remarkable features such as instant money transfer from card-to-card with high safety and security."

Mr. Abu Karim, R2V CEO and Flint's President of Financial Processing Services for Asia Pacific, stated, "We are extremely pleased to be working with Ficombank and adding them to our growing global network of banking partners for prepaid debit card and innovative card-to-card international remittance programs. Ficombank clearly sees this Program as key to them capturing a share of this large and growing market and we look forward to partnering with such a vibrant and innovative company moving forward. If R2V achieve its stated market targets then Flint will be processing approximately $400 million of transactions per year for this Program alone, generating over half of our group targets of processing $730 million of customer transactions annually or $2 million per day."

About Ficombank:
Ficombank is one of the first joint-stock financial institutions in Vietnam. Established in 1993 with initial capital of 20 billion it operates a banking network in the major cities of Vietnam. The model of the Bank's operation is particularly suited to the model of a retail bank with the majority of customers being small and medium enterprises, and individuals. 2010 is the year marking the remarkable growth of Ficombank with total assets increasing nearly five times with the number of branches doubled. The bank has been eval

[smartinvest22]

Flint Subsidiary Signs Processing Agreement With First Data's STAR Network

Provides Flint With Access to Over 2 Million Retail Locations and a Loyalty Solution

OVERLAND PARK, KS, Jul 21, 2011 (MARKETWIRE via COMTEX) -- Flint Telecom Group, Inc. (Telecom Technology and Services) (OTCBB: FLTT), an international telecom technology and financial processing organization, today announces that its wholly owned subsidiary, Power2Process, has signed a strategic processing agreement with First Data Corporation, a global leader in electronic commerce and payment processing.
This agreement will give mutual clients of Power2Process and First Data's STAR Network access to STAR, including the STAR RELOAD product, allowing client customers to recharge their prepaid debit cards. STAR is one of the nation's leading electronic funds transfer (EFT) networks, with more than 2 million retail and ATM locations, and a First Data company. In addition, Power2Process will offer First Data's 'ReadyLift' rewards program.

"With this agreement, Power2Process is taking advantage of a powerful combination of services from First Data to help its clients maintain a high level of customer satisfaction," said Kevin Barry, general manager, STAR Network. "Our ability to provide a broad spectrum of products, including the STAR Network with STAR RELOAD, as well as the ReadyLift rewards program, means that P2P clients will benefit from widespread, convenient access for their cardholders, revenue-generating opportunities, and solutions that engender customer loyalty."

Prepaid services are among the fastest growing service industry segments globally. Independent research commissioned by MasterCard estimates the U.S. market opportunity for branded pre-paid cards in excess of $440 Billion by 2017, a 400% increase over the market value estimated in 2009.

Vincent Browne, Chairman and Chief Executive of Flint Telecom Group, said, "This new venture with First Data Corporation, a global leader in electronic commerce and payment processing, is another significant development in our growth strategy for our financial processing operations. This allows our clients and customers to use one of the largest retail point-of-sale networks to make transactions and reload their prepaid cards. It further underpins our mobile money transfers and prepaid card programs in partnership with leading banking and marketing partners around the world. The global prepaid card market is experiencing huge growth and we are positioning to take our share of it over the next few years."

Mr. Browne added, "We earn a fee on every customer transaction we process and so having access to such a large payment processing network across the U.S. will facilitate more transactions from our partner customers, including our recently announced Vietnam project. This is another significant step towards achieving our group target of processing over $2 million in daily transactions by the end of calendar 2011, from which Flint will receive approximately 1% in fees. If these targets are achieved, this would equate to over $7 million in annual revenues to Flint at 90% gross margins generating positive net income for the group as a whole."

[smartinvest22]

FLTT surged another 13.64% today on 9,945,300 volume therefore crushing its 3 month average. 25's are almost gone!