LOS ANGELES, March 11, 2008 (PRIME NEWSWIRE) -- UC Hub Group, Inc. (OTCBB:UCHB) today announced it has signed a binding Letter of Intent to form a Joint Venture with FI-PME Bank in Cameroon, Africa.
According to the Letter, FI-PME Bank and UC Hub, through UCHB's wholly owned subsidiary, eLuxe Financial, will form a new virtual banking company called eLuxe Cameroon. This company will market the eLuxe Virtual Banking products to FI-PME customers and to residents throughout Cameroon.
FI-PME, which has 13 branches in that nation, will have the option to invest up to $5 million in eLuxe Cameroon.
A final Agreement governing the Joint Venture is expected to be signed by the end of March.
UC Hub Group expects that this Agreement would yield revenue to UCHB of $1 to $3 per customer per month. Assuming only a 1 percent market penetration of Cameroon's 18 million inhabitants, the Agreement would produce UCHB revenue of approximately $2.2 to $5.5 million annually.
eLuxe's stored value VISA card program is a virtual banking system that enables individuals to buy, sell and trade at any time. The program was launched in January in the West African nation of Burkina Faso.
eLuxe Financial, a wholly owned subsidiary of UC Hub Group, Inc., provides patented financial mobile solutions that enable individuals across the globe to buy, sell and trade anywhere, anytime. eLuxe's service tools include the cell phone, PDA, Web, Kiosk, VOIP and stored value and pre paid card solutions. For more information, please visit http://www.eluxefinancial.com.
Forward-Looking Statements
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements of the company to be different from those expressed or implied. The Company assumes no obligation and does not intend to update these forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: competitive and general economic conditions, adverse effects of litigation, the timely development and acceptance of services, significant changes in the competitive environment, the failure to generate or the loss of significant numbers of customers, the loss of senior management, increased government regulation or the company's failure to integrate its acquired companies to achieve the synergies and efficiencies described in the "Management's Discussion and Analysis" section of the Company's Form 10-KSB and other reports and filings with the Securities and Exchange Commission, which may be revised or supplemented in subsequent reports on SEC Forms 10-QSB and 8-K.