FORT LAUDERDALE, Fla., July 10, 2007 (PRIME NEWSWIRE) -- Secured Financial Network, Inc. (OTCBB:SFNL) announced today that it has signed a Letter of Intent with Doral, Florida-based EFT Services, Inc. to purchase certain of that Company's strategic assets. Additionally, Secured Financial Network will acquire a number of established customer contracts from EFT Services including Tafacil, Inc. (www.tafacil.com), Cyphermint, Inc. (www.cyphermint.com) and others.
Jeffrey Schultz, President/CEO of Secured Financial Network, stated, "These contracts and relationships will open possible access to over 11,000 retail, money transfer, and bill payment locations throughout the USA for integration of our Payment Gateway and a host of other financial payment services. In addition we will utilize EFT Services international senior level relationships, in the private and public sector of Mexico, Central America, and the Caribbean to implement an electronic funds transfer program that allows an individual remitting monies to one of those regions to be able to direct payment of home mortgage, bills, or to their family through a proprietary POS Money Transfer Program." He continued, "EFT Services is working closely with the federal housing authority of the Mexican Government to develop a web portal that will make it possible for a Mexican resident working in the USA to qualify, purchase, and pay for a mortgage anywhere in Mexico. The transaction is expected to close within 30 days."
Renee Ferrer, Jr., President and CEO of EFT Services, Inc., stated, "We are very excited to team up with Secured Financial Network and believe together we can be a major player in providing domestic and international payment services to those working in the USA needing a cost effective solution to pay bills and transfer money back home by pooling our technical assets and relationships."
About Secured Financial Network
Secured Financial Network, Inc. is a Ft. Lauderdale, Florida-based Company engaged in a full-spectrum of e-commerce transactions through a proprietary 'bank-grade' electronic-vault based payment-processing system through its exclusive Envoii Deployment License Agreement. SFNL looks for business opportunities in which Company participation will create growth, add to profitability, and build shareholder value.
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.
Investor inquiries can be directed to the Company's website, http://www.sfnl.net