MUTUAL MERCHANT SERVICES INC
MUTUAL MERCHANT SERVICES ("MUTM-0")
- Annual Run Rate of $83 Million
Mutual Merchant Services announced that, based on its last three months
performance, the Company is operating an annual run rate of $83 million in
processing volume.
"It is our goal to achieve an annual processing volume run rate of
over $200 million by the end of 2009," said Gil Gillis, CEO of Mutual
Merchant Services. "We will achieve this by developing strategic
relationships in several key niche markets. I look forward to announcing
several additional strategic marketing alliances in the coming weeks."
The Company nationwide network of Independent Sales Offices (ISOs) is
currently signing an average of 47 new merchant accounts per month. In
addition to processing fees, Mutual Merchant Services generates significant
incremental revenue (33% of total revenue) on equipment sales, leasing and
membership fees.
About Mutual Merchant Services
MUTM is a single source provider of financial services, offering a
variety of products and services to merchants, financial institutions, and
banks. Services offered include credit and debit card acceptance, check
guarantee, check verification, check conversion, check 21, advance funding,
ACH check processing, prepaid and bill pay services. MUTM also provides
point of sale software, hardware, and e-commerce products.
Forward-Looking Statements
This release includes "forward-looking statements" from the Company
that may or may not materialize and recipients are cautioned not to place
undue reliance upon them. These forward looking statements are subject to
a number of known and unknown risks and uncertainties outside of our
control that could cause actual operations or results to differ materially
from those anticipated. It is important to note that actual results could
differ materially from those in such "forward-looking statements" and
"forward-looking statements" are inherently subject to risks and
uncertainties. We assume no obligation to update any written or oral
forward-looking statement made by us or on our behalf as a result of new
information, future events or other factors.
