LAS VEGAS, April 27, 2005 (PRIMEZONE) -- Global Debit Cash Card, Inc (Pink Sheets:GLCD), a Las Vegas, Nevada-based company specializing in international money transfers and the issuance of debit cards, has announced a temporary suspension of operations as it restructures to increase efficiency and to add new and better products.
"This temporary suspension is in the best interest of our clients, resellers, and sales force," says Arnold F. Sock, president of Global. "Quite frankly, our card package supplier failed to meet its obligations to deliver the full amount of product ordered, so we're suffering from a temporary inventory shortfall." Sock went on to say, "But instead of a setback, we have turned this into a fortuitous circumstance for us. Not only have we been able to acquire a new, less expensive and more reliable supplier, but we have also used this opportunity to make staffing and other changes to streamline our operations to become much more efficient overall."
One of the primary changes the company has made is the closing of its New Jersey offices and the transfer of its management operations to Las Vegas, Nevada. These are "necessary moves," according to Sock, who adds that Global is positioning itself for a large foothold in the $100 billion-plus money transfer industry. When operations begin again shortly, Global expects to make strong marketplace inroads with its offer of a mere $5 fee for worldwide transfers of amounts of up to $1,000 a day.
Global also plans to expand its product line by enhancing its three-card package with the introduction of two- and one-card packages. In addition, the payroll card product will be a major boon for businesses, particularly small and medium-sized ones. Other changes the company has in the works are the revamping of its website, the rewriting of much of its promotional material, and the improvement of its marketing and promotional plans.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as GLCD or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," or other words or phrases of similar import. Similarly, such statements in this release that describe the company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the operations of a company.
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