Los Angeles, Oct. 7, 2013 (GLOBE NEWSWIRE) -- Source Financial, Inc. (SRCF) ("Source") is pleased to announce that its subsidiary Moneytech ("Moneytech"), a leading Australian financial solutions provider, has finalized a confirmed capital debtor finance facility for Progility Pty Ltd ("Progility").
"In exploring our financing options we were attracted to Moneytech for their responsiveness and terms, as well as their transparent due diligence and application process. We view Moneytech as a partner rather than just a financier," stated Craig Cameron, Progility's CEO.
Moneytech targets medium sized businesses in Australia for its Confirmed Capital product. These businesses are notoriously underserviced by Australian banks. In this case Progility represented a perfect fit.
"Progility has a solid business model and sound management that's executing their game plan, which firmly places them in our target market bull's-eye. We look forward to growing this relationship," Hugh Evans, President and CEO of Source.
About Progility Pty Ltd:
Progility Pty Ltd, formerly known as Communications Australia, is an integrated communications systems integration company that designs, implements and maintains communications systems for Australian medium and large enterprises where communications is a key to their business operations, and for mining and oil & gas businesses globally. Progility reported revenue of AUD$41.2 million (approximately $39 million USD) in their most recent financial year.
Progility's website is located at: http://www.commsaust.com.au/.
About Source Financial:
Source Financial, Inc., through its two subsidiaries Moneytech Limited and WikiTechnologies, offers a complete suite of financial products for Consumers and Businesses.
Moneytech offers four main products to the Australian business community : 1) Credit Express - trade finance facilities for SMEs of $25,000- $1 million, 2) Confirmed Capital - 100% Accounts Receivables funding for SMEs up to $5 million, 3) Card Solutions- Wholesale gift and prepaid debit card solutions, and 4) Foreign Exchange solutions - Spot Transactions, Forward Cover, Derivatives and Options. Moneytech's targeted financings are $3-$5 million dollars.
The Company's website is located at: www.moneytech.com.au
WikiPay, a Money Service Business, is a low-cost, mobile and online money transfer and payment solution operating through all 50 United States. For more information, please visit: www.wikipay.com.
WikiLoan is a low-cost peer-to-peer lending platform that works through the participation and collaboration of family and friends through social networks. The company's website www.wikiloan.com provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
FORWARD LOOKING STATEMENTS This news release may include "forward-looking statements" regarding Source Financial, and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Source Financial expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Source Financial does not undertake any obligation to update any forward-looking statement, except as required under applicable law.