RDATE:08102008
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Secured Financial Network, Inc.'s Virtual Payment Solutions Subsidiary
Announces 99 Percent Revenue Increase in Quarter Tuesday October 7,
9:37 am ET
POMPANO BEACH, Fla., Oct. 7, 2008 - Michael E. Fasci, Secured Financial
Network, Inc.'s Chief Financial Officer, recently released an update on
the Company's preliminary third quarter sales results.
''Having just completed the third quarter of 2008, we are pleased to
report that The Company has once again continued to accelerate its
sales in all business segments of its Virtual Payment Systems, Inc.
subsidiary, with our overall sales revenue essentially doubling over
those seen in the second quarter. Sales of our Blue Bamboo wireless
terminals continue to grow rapidly. Preliminary numbers for the third
quarter indicate that terminal unit sales volume grew more than 120%
quarter over quarter. Sales revenue of the associated recurring monthly
data plan subscriptions grew at a rate of approximately 140% over the
same period. We expect this trend to continue.''
Mr. Fasci also stated, ''Management is certainly pleased that we have
begun to develop some significant recognition in the payment processing
industry as well as experience some quantifiable sales growth. We
believe these achievements are especially noteworthy in light of
recently's business environment. Furthermore, we believe that our much
anticipated upcoming RedFin Network Payment Gateway certification will
allow us to further leverage our proprietary virtual payment processing
platform asset generating increased revenue through payment processing
transactions, credit/debit, check verification, and ACH/Check 21, that
are independent of our Blue Bamboo equipment and monthly data plans.''
About Secured Financial Network:
Secured Financial Network, Inc. is a Pompano Beach, Florida-based
Company that engages in a full-spectrum of processing for e-commerce
and traditional business transactions through a PCI Compliant Payment
Gateway integrated with all major Bank acquiring processors and retail
transaction terminals through Virtual Payment Solutions, Inc. , a
wholly owned subsidiary.
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.
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