LAS VEGAS, Aug. 2, 2005 (PRIMEZONE) -- Global Debit Cash Card, Inc.'s (Global) (Pink Sheets:GBCD) subsidiary, Accepted Sales Advance Purchase Funding, LLC, (ASAP Funding) has executed a $2 million credit facility with Bursto Financial Services, LLC (Bursto Financial) to provide funding for ASAP Funding's small-business financing product, AdvanceFundsPlus(tm). Applications are now ready to be accepted.
AdvanceFundsPlus provides a cash advance to qualified small to mid-size merchants who accept credit cards. The funds advanced can be used to buy inventory or equipment, do renovations, purchase advertising and for working capital needs or any other business purpose. ASAP Funding buys future sales at a discount. It then collects those sales on a non-fixed payment basis over a period of time as sales occur, so as not to hurt the selling merchant's cash flow.
"We are very pleased this credit facility is now in place so that ASAP Funding can start serving our targeted clientele," said Arnold F. Sock, president of Global. "Our mission is to help merchants who are too small for, or otherwise do not qualify for, bank financing. We want to be their main source for the money they need to maintain and grow their businesses." Brad Burgat, executive director of Bursto Financial remarked, "Bursto Financial is pleased to be working with the strong ASAP Funding team and we are happy to participate in helping the merchants that will be assisted by the AdvanceFundsPlus product."
Alternative financing, as this type of funding is often called, has a potential marketplace of more than six million U.S. small and mid-size businesses. "This marketplace is grossly underserved because of the very small number of companies providing alternative financing. ASAP will be robustly stepping into this breach. There are so few alternative financing companies because of their special operations needs and also due to the financial entry requirements such companies have," said Sock.
The AdvanceFundsPlus(tm) product has been planned to make available a variety of beneficial programs in addition to working capital. The intended programs will include discount rate products and services that can assist merchants with their business needs. Also planned are other programs to be made available for merchant owners and employees. ASAP Funding has been in talks with a number of companies that provide such offerings. These products and services would be made available to AdvanceFundsPlus(tm) product users over the coming months and into the future as more and more useful products and services become available.
About Global Debit Cash Card, Inc.
Global has two subsidiaries, Accepted Sales Advance Purchase Funding, LLC and Debit Cash Card, LLC (Debit). The products and services offered are for small to mid-size merchants for end use or for resale. For more information, visit www.gldcc.com.
About Accepted Sales Advance Purchase Funding, LLC
ASAP Funding provides cash to small to mid-size merchants through an innovative program that takes advantage of a merchant's expected future sales to provide working capital before the sales occur.
About Debit Cash Card, LLC
Debit will soon offer its over-the-counter debit card, The Best Cash Card(tm), for individuals and now offers a private-label debit card for groups and organizations that can imprint logos and names on the cards they sell to their members.
About Bursto Financial Services, LLC
Bursto Financial Services, LLC offers factoring and asset-backed lending services for businesses of all sizes and industries on a national basis.
Brad Burgat, Executive Director Bursto Financial Services, LLC Fort Collins, CO 970-224-1063 (phone) 970-224-0164 (fax) bradburgat@burstofinancial.com www.burstofinancial.com Arnold F. Sock, President Global Debit Cash Card, Inc. Las Vegas, NV 702-521-3073 (phone) 866-921-9881 (fax) arnold@gldcc.com www.gldcc.com
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 GBCD 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.
HTML:http://newsroom.eworldwire.com/wr/080205/12388.htm PDF:http://newsroom.eworldwire.com/pdf/080205/12388.pdf ONLINE NEWSROOM:http://newsroom.eworldwire.com/306977.htm LOGO:http://newsroom.eworldwire.com/306977.htm