LAS VEGAS, Sept. 20, 2005 (PRIMEZONE) -- Global Debit Cash Card, Inc.'s (Pink Sheets:GBCD) subsidiary, Accepted Sales Advance Purchase Funding, LLC (ASAP Funding), has funded a small advance to a Nevada company. The purpose of a small advance was to allow a run through and test of the process and systems used when ASAP Funding advances cash to its clients who are served by ASAP Funding's AdvanceFundsPlus(TM) financing product.
AdvanceFundsPlus provides working capital to businesses that accept credit cards. ASAP Funding's target clients are small and mid-size businesses that need working capital, but cannot meet the requirements to qualify for bank financing. The United States has about 6,000,000 million businesses that are classified as small or mid-sized which comprise the target market ASAP Funding is seeking to serve.
"With our first deal funded, we are ready to utilize the numerous sales channels that we have developed and continue to develop, to provide the AdvanceFundsPlus product to the backbone of America -- its small and mid-sized businesses," said Arnold F. Sock, president of Global Debit Cash Card, Inc. Sock went on, "We can now start to put the $2,000,000 credit facility we obtained to work, and we will start full fledged operations."
The AdvanceFundsPlus product is not a loan. It provides working capital to merchants by the purchase of a portion of their expected future sales at a discount. ASAP Funding then collects the purchased sales over a scheduled collection period. A percentage of the merchant's daily credit card sales is received by ASAP Funding until the full amount of the purchased sales is obtained. The collection amount is a percentage of such sales and falls or rises with the merchant's business. The advance in effect acts like a temporary investment in the merchant since the merchant's future sales are unknown at the time of the funding.
For more information, visit http://www.gldcc.com.
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.
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 actually occur.
About Debit Cash Card, LLC
Debit will offer its over-the-counter debit card, The Best Cash Card (TM), for individuals and will offer a private-label debit card for groups and organizations that allows them to have their own approved logos and names on the pre-paid debit cards they sell to their members and others.
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.
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