FORT LAUDERDALE, Fla., June 4, 2008 (PRIME NEWSWIRE) -- Jeffrey Schultz, Secured Financial Network, Inc.'s (OTCBB:SFNL) President and CEO, today released an update on the progress of the Company.
I am very excited to announce that for the month ending May 2008 our Virtual Payment Solutions (VPS) subsidiary (www.virtualpaymentsolutions.com) generated revenue on target with our projections for the balance of 2008. We expect revenues to continue to grow at a significant pace as we sign on resellers for our RedFin Network Payment Gateway and Blue Bamboo wireless processing terminals.
We project gross revenues generated from the payment gateway and equipment sales to build each quarter with a run rate by year-end 2008 of $3 million, processing over 5 million transactions per month.
We have completed our strategic partner relationship with Blue Bamboo as their premier distributor of the H-50 and P-25 wireless processing terminals, and will be featured on their website (www.bluebamboo.com) in the next several days. These wireless terminals allow merchants to process credit and debit transactions via GPRS and Bluetooth technology with exclusive integration and processing through our RedFin Network Payment Gateway. Blue Bamboo terminals are very competitively priced with significantly improved functionality. To date VPS has sold in excess of 130 H-50 terminals with projected sales reaching 300 units per month by year's end.
We will continue to inform our shareholders as we reach significant milestones in the growth of the Company, keeping a low overhead philosophy with focus on building solid shareholder value.
About Secured Financial Network
Secured Financial Network, Inc. is a Pompano Beach, Florida-based Company that engages in a full-spectrum of processing for e-commerce and traditional business transactions through a PCI Compliant Payment Gateway integrated with all major Bank acquiring processors and retail transaction terminals through Virtual Payment Solutions, a wholly owned subsidiary.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Secured Financial Network, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Corporate Website: www.sfnl.net