| [August 10, 2004] |
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GVHL Adds Discounted Healthcare Plan to Prepaid Product Line
LA JOLLA, Calif. --(Business Wire)-- Aug. 10, 2004 -- Global Vision Holdings, Inc., (Pink Sheets:GVHL), a developer and worldwide wholesale marketer of a new generation of prepaid financial service products, today announced the launch of "Global Discounted Healthcare" - another prepaid product for debit cardholders and consumers at large. GVHL is the master distributor of the plan, having entered into an agreement with Infinity Benefits U.S., LLC, of Florida, who will administer the program.
Under the terms of the agreement, GVHL will function as the program's mass-distribution marketer and set up major channel distributors. Global Discounted Healthcare distributors will earn a percentage of the prepaid monthly membership fees as commissions. The targeted distributors are the current credit and debit/stored value card distributors and high traffic volume Web site operators already in place in the industry. Infinity Benefits U.S. will assemble and administer the plan from various healthcare areas, and provide the reporting, business and customer support infrastructures.
The Global Discounted Healthcare plan is not a healthcare insurance policy; rather, it is a low cost healthcare membership plan. A member can use the plan to supplement his/her existing healthcare insurance policy or to improve his/her situation of no healthcare protection at all.
The Global Discounted Healthcare plan will be sold as a 3-Pack, 5-pack or 7-Pack plan. A consumer can purchase a 3-Pack plan for $9.95 a month and enjoy up to 40 percent savings on pharmaceutical, dental and vision care from thousands of participating drug stores, merchants and service providers nationwide. Paying $5.00 more for a 5-Pack, the consumer can add hearing and chiropractic care and save up to 40% from thousands of additional providers. The 7-Pack plan, retailing at $20.95, adds physician and hospital benefits to the plan.
A bankcard holder can join the Global Discounted Healthcare plan by signing up on the Web site of his bankcard provider, if the provider is a Global Discounted Healthcare plan distributor. A consumer can also sign up for the program on the Web site of any of the Global Discounted Healthcare plan distributors. Members prepay the service each month with bank debit cards, credit cards or electronic checks.
"The Global Discounted Healthcare program is one of the adjunct products on our prepaid product line, and our strategy is to have our existing distributors on all other prepaid products cross-sell this new product as an added benefit to current members," said Global Vision's CEO Jack Chang. "With healthcare costs skyrocketing, particularly in the United States, this is a great opportunity for our distributors to make recurring commission revenues and truly help people at the same time."
GVHL is in the prepaid/stored-value debit product marketing business. Prepaid debit cards are in great demand by businesses and individuals that do not qualify for bank accounts or credit cards throughout the world. The market for prepaid debit cards is just in its infancy domestically and virtually untapped outside the United States.
Other planned GVHL debit card benefits and features for cardholders and distributors will include: low-cost life insurance, debit cards with long distance calling features, and cardholder purchase rewards programs.
About GVHL
GVHL is a developer and wholesale marketer of a new generation of prepaid (also known as "stored-value") financial service products. The company's CEO, Jack Chang, is the co-inventor of the ATM machine and a pioneer in the use of magnetic strips on bankcards, electronic funds transfer systems, and PC-based in-bank systems. GVHL specializes in worldwide distribution of pre-paid bank debit cards, retail gift cards, prepaid telephone calling cards, and healthcare and insurance products, serving the financial service needs of a multibillion-dollar global marketplace. For more information, please visit www.Global-Vision.com.
About Infinity Benefits U.S., LLC
Based in Orlando, Florida, Infinity Benefits U.S. is a customized healthcare plan packager. The company does business with hundreds of different provider groups and retail operations. For more information about Infinity Benefits U.S., please visit www.infinitybenefits.us.
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. Global Vision 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.
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