Carlsbad, Calif., November 5, 2004 -- Global Cash Card™, Inc., a leading Stored-Value services company for business and consumers on a national scale, announced today an agreement with BSP Rewards, Inc. ("BSP") of Florida to build a multi-faceted financial platform and "Global Cash Card™ Rewards" program powered by BSP Rewards.Global Cash Card™ shall initiate and facilitate the back-end transaction engine for BSP including a dual wallet stored value card, virtual points redemption card for their web merchants, and the sweep and match credit card platform for BSP´s in-store merchant network.
Additionally, Global Cash Card™ shall include BSP Rewards as an integral value added function on all of their generic and branded debit cards and payroll cards for themselves and their corporate clients. Global shall also introduce the BSP Rewards program to retail merchants who market and act as load stations for the Global Cash Card™.
BSP currently has over 4,000 restaurants plus chain restaurants and over 400 merchants available through the program. The merchants include department stores (such as Target and Macy´s), Office supplies stores (such as OfficeMax), Drug stores (such as Eckerd Drugstore), grocery stores, specialty stores, sporting goods and travel services. To enhance the value of the Global Cash Card™, their debit/stored value and payroll card customers , can automatically enroll (register) all of their bankcard holders into the BSP Rewards program as a free value added service. Individual Members can also join the Global Rewards program free by signing up on the Global Cash Card™ Web site www.globalcashcard.com.
Under the terms of the agreement, Global will function as the platform for all the BSP branded rewards programs in the BSP Rewards Network. Global will sign up merchants and participating companies for the BSP program and provide all back office transaction operations. BSP shall build and administer private branded rewards programs for Global Cash Card™ distributors and customers.
According to Joseph Purcell Sr., CEO of Global Cash Card™, "Our Global Rewards program will offer participating prepaid debit and credit cardholders a rebate of up to 15% on purchases made through the participating merchants. The program will be free to the card holder and offer a multitude of benefits to merchants and our clients who enroll their employees and customers. The card holder receives substantial rebate savings and the merchants build loyalty and receive revenues as authorized redemption centers. Our corporate clients have the convenience of a unique card with full debit card functionality that has the added value of rebate savings from major national merchants for their employees"
Participating cardholders can also purchase merchandise certificates through the program from participating Merchants and purchase certificates for up to a 50% discount from participating restaurants plus automatically receive rewards points as well. Each reward point equals one dollar and can be used like cash for redemption purchases. Redemptions can be done through shopping on-line at participating on-line stores and for Certificates redeemable at merchant store locations.
Merchants like the program because it creates sales through customer loyalty. Merchants can also sign up as authorized redemption centers so they receive the redemption sales. This program not only provides more benefits to prepaid debit/stored value or credit cardholders it also provides additional monthly recurring revenue income to member providers who receive a percentage of the rewards earned by members registered through them.
Prepaid debit cards are in great demand by businesses and individuals that do not qualify for bank accounts or credit cards throughout the world, and the market for prepaid debit cards is just in its embryonic stage of growth and virtually untapped outside of the U.S.
About Global Cash Card™. Global Cash Card™ is the generic name for the ATM/Debit Card offered by World Processing Ltd. We are headquartered in Carlsbad, CA with our Visa-Certified Network Operations Center located in San Diego and backed-up by our Los Angeles center. As a leader in the stored value card industry, our Management & Technical team have over 100 years combined experience in state-of-the-art technology and finance. We have provided companies such as dun & Bradstreet, Sega, Excel Telecommunications and many others, a managed solution both in financial and non-financial applications. For more information, visit www.Globalcashcard.com.
About BSP Rewards, Inc. BSP is a subsidiary of MediaNet Group Technologies, Inc. of Margate, Florida. MediaNet encompasses an integrated group of operating divisions that revolve around the many aspects of media and technology including software, web portal programs, branded rewards programs, television and video production and intellectual properties. BSP, as an operating division of MediaNet, builds private branded loyalty/reward programs for web merchants, retail merchants, organizations and companies. The BSP program is branded for each participating company and organization utilizing BSP´s proprietary Web development tools.
Legal Notice Regarding Forward-Looking Statements: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. MediaNet Group Technologies, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.