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Sync2 Signs Multiyear Worldwide Marketing Agreement With Global Financial Services Provider "Money Swap"(March 03, 2010)
LAS VEGAS, NEVADA -- (Marketwire) -- 03/03/10 -- Sync2 Networks Corp. (OTCBB: SYNW) Sync2 Networks is please to announce that it has signed and engaged a multi year contract with Money Swap Holdings to provide a series of financial tools for Sync's Financial Services Product division. Sync has signed exclusively with Money Swap on the basis of strength of brand, its IT reliability, and its credibility within the marketplace.
"Today we bring transactional value to our clients and affiliates by providing financial tools to markets and clients that may be negatively affected by the post-recession lack of credit services" says President Ron Houle.
"We are now uniquely positioned to provide meaningful payment systems with global brands to the most remote regions of the planet." Houle adds "the relationship with Money Swap provides us with a series of unique products, services and corporate revenues that will benefit our clients and shareholders."
The multi year contract with Money Swap (a Hong Kong based company) to market financial services includes "Currency Swap" a peer to peer currency trading platform that facilitates ownership swaps across a number of currency pairs.
The Second product will be a white label or custom labelled prepaid MasterCard program that Money Swap operates through its own administration portal. This cash card service combine with the MasterCard reach will enable individuals in developing markets to maintain access to electronic payment mechanisms with personalized cards that can be reloaded at the user's convenience.
Thirdly, Sync2 will market Money Swap's barcode transaction system under the brand "CashSync" that facilitates a cash transfer to a mobile phone. This transaction uses Money Swap's complex IT infrastructure and enables account holders to transfer funds to non-account holders through a bar code authentication system. The user redeems their funds at an authorized business or agent.
Graham Newall CEO of Money Swap Holdings Ltd commented "We are about to launch a new process using mobile phone technology which we believe will dramatically change how people send money to each other and their families all over the world and we are excited to have Sync2 to lead its global distribution."
"The marketing of all these services and products will be done through our global network of worldwide agents." Says Houle "we will be starting with India and South East Asia, where we have recently opened our offices in Mumbai and then into South America." He adds.
Sync2 will transition its international teams over the next six months to implement its initial CashCard roll out. "This activity allows the company to leverage its resources and provide a sector focus to its iPhone applications development." Notes Houle "it also is the cornerstone for our company's go forward strategy. We committed to re-organizing the company and its direction and this announcement is the completion of this transition stage"
The market for the Pre-Paid Card industry is growing at an exponential rate. According to NetSpend "Within the electronic payment card market, debit products are growing significantly faster than credit products with growth from 2004 - 2009 estimated to be 16.5% for debit versus 11.7% growth for credit. Growth of prepaid cards has accelerated significantly, with the transaction value estimated at $178 billion by 2010, up from $113 billion in 2007." Sync 2 and Money Swap believe that this market will out pace expectations particularly in developing nations and in third world economies,
About Sync2 Networks Corp.
Sync2 Networks is an International business development and marketing firm, which develops and operates online applications. Sync2 also operates a worldwide network of international marketing and business development agents in over 20 countries to sell and market its applications and to build maintain and market their online business. For more information see www.sync2International.com.
Legal Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
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