POMPANO BEACH, Fla., July 9, 2008 (PRIME NEWSWIRE) -- Michael E. Fasci, Secured Financial Network, Inc.'s (OTCBB:SFNL) Chief Financial Officer, today released an update on the progress of the Company.
"With the recent close of the second quarter of 2008 I am pleased to report that The Company has increased its sales in all business segments of its Virtual Payment Systems, Inc. subsidiary (VPS). Our flagship Blue Bamboo wireless terminals have been very well received in the payment processing industry, have proven to be very cost competitive, and repeat/new orders are accelerating. Preliminary numbers for the quarter indicate more than $40,000 in sales of both terminals, terminal accessories, gateway co-branding, and the associated data plans that enable each terminal to process transactions through the wireless networks. The majority of these sales took place in the month of June."
Mr. Fasci also stated, "I am especially pleased with the data plan sales. While, initially data plan sales represent a small portion of our gross sales, typically $15 per month per terminal, data plan sales are the recurring monthly income that will become a significant income segment of the company. The relationship between terminal sales and data plan sales is similar to a 'razor and blades' story. You sell the razor but make the real money on the blades. A data plan is essential to allow each wireless terminal to send transactions, processed exclusively through the RedFin Payment Gateway (owned and operated by VPS) to acquiring Bank processors.
"While management is pleased that The Company is moving in the right direction, there is still much work to do in building our brand. In the second quarter The Company established new distribution centers across the country to aid in the deployment of terminals and provide customer service where needed. Our greatest near term challenge is to get The Company to cash flow positive status to allow us to begin paying off debt to our loyal investors."
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, Inc. 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 Websites: www.sfnl.net and www.virtualpaymentsolutions.com