SALT LAKE CITY, June 26, 2007 (PRIME NEWSWIRE) -- Pacific Financial Solutions, Inc. (Pink Sheets:PFUO), a leader in providing cashless ATM kiosks, Point-of-Banking (PBT) terminal technology, Alternative Financial Lending, Collections, Affinity "Gift to Give" prepaid gift and stored value cards, and full TV, Radio and Print Media services, announced today the sale of its Pre-paid Affinity and Stored-value debit card business.
Pacific has owned and operated the Debit card division for nearly two years. Launched with its premier "Cure Breast Cancer" affinity card, the program has gone on to add payroll and gift cards for retail merchants. With the advent of recent mergers bringing the Financial lending and Media group divisions into PFUO, the board determined that Stored-value assets were underperforming and needed to be divested. Pacific has completed the sale of the division to a Southern CA Media Group in an all cash sale.
"We've been looking for a buyer for the Pre-paid affinity and stored-value debit card assets for a couple of months," stated Pacific's CEO Bruce Grogg. Mr. Grogg added, "Although the Debit card business is growing worldwide it has not been the main focus of our new corporate strategy and as such the sale was directed by the Board and now that it is completed, allows the company to refocus all energies on our core business."
The transaction closed on June 15, 2007 and was an all cash transaction. PFUO remains on track to reach its revenue goals for 2007.
About Pacific
Pacific Financial Solutions, Inc. (www.pfuo.com) is a premier global distributor of financial services and products provides its customers with a wide array of prepaid stored-value and kiosk enabling devices. Pacific is comprised of fully integrated divisions: Pacific Banking Services (Point-of-Banking terminals), Pacific Card Services. Pacific is an Affinity Services Provider (ASP) for national and regional 501c3 organizations. PFUO also has Pacific Financial Lending, Inc. which encompasses pre-collections services, commercial leasing, and consumer lending, and Pacific Media Group, Inc. a full service TV, Radio, and Print advertising agency. Pacific's continued success is driven by corporate sales, ISO's sales as well as mergers & acquisitions. Pacific's global strategy centers on consumer lending, pre-collections services, media, and deploying both single and multi-use debit banking services and enabling devices worldwide.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.