| [January 20, 2005] |
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Morgan Beaumont, Inc., eCHEX, and Acosta Commence Initial Rollout of eCHEX Card in 17 National Markets
SARASOTA, Fla. --(Business Wire)-- Jan. 20, 2005 -- Morgan Beaumont, Inc. (OTCBB:MBEU), a premier technology solution provider to the Stored Value and Debit Card market, and eCHEX announced today that they will commence the initial rollout of the eCHEX Stored Value card to 17 national markets, supported by distribution by Acosta, one of the nation's leading sales and marketing agencies to the consumer packaged goods industry. The initial rollout will include participation by 2,500 grocery and supermarket store outlets, primarily in Hispanic markets.
Morgan Beaumont's proprietary load station technology will support the rollout. Morgan's technology works on any POS sale device, as well as on Internet-enabled PCs. The rollout will add to Morgan's growing national network of load locations, targeted to reach at least 100,000 locations by year-end 2005.
Acosta will provide in-store support in the form of kiosks, in-person consumer education, and multi-media presentations. The program will also include a multi-channel media campaign, culminating in a Cinco de Mayo promotion.
Approximately 160,000 card packages, or 320,000 cards will be printed as part of the initial rollout.
Morgan Beaumont CEO Cliff Wildes commented, "Morgan Beaumont is delighted to commence this initial rollout with eCHEX, a leading marketer of stored value programs to the Hispanic marketplace, and with Acosta, one of the nation's largest sales and marketing agencies to the consumer packaged goods industry. It is exciting to offer the Hispanic marketplace customer base a convenient, secure, and personalized financial product utilizing Morgan's proprietary technology. At the same time, this program demonstrates why Morgan Beaumont is rapidly becoming the technology standard and leader in the alternative financial solutions marketplace."
Madeleine Gestas, President of eCHEX, said, "We are excited about the launch of the eCHEX card. Unlike with many stored value card programs, the eCHEX program provides an end-to-end solution to ensure customer usage and loyalty. This solution includes a media campaign to drive traffic to stores, significant in-store support and consumer education, Morgan Beaumont's load platform technology, and a set of features to keep users loyal. The initial launch will include approximately 2,500 grocery and supermarket locations by Cinco de Mayo 2005. We anticipate that after a successful launch we will rapidly expand the program nationwide."
Joe Perry, Vice President of Ethnic Products at Acosta, commented, "We are pleased to be providing the distribution, marketing, and in-store support required to make this program a success. We will rollout the program in 17 markets nationwide, and are especially excited about the in-store kiosks and one-on-one consumer education that we will provide. Hundreds of our associates will be involved to make this rollout a success."
The eCHEX card will be available to customers in dual sets as a prepaid reloadable platinum MasterCard or a prepaid reloadable ATM debit card which is targeted for the immigrant money transfer and unbanked consumer markets. Customers can use one card while sending the second card to a family member anywhere in the world for convenient, affordable, and secure fund transfers. The card is an ideal solution for the 33 million unbanked US citizens and additional undocumented aliens because no credit check, Social Number or employment verification is required. Other features of the card include: prepaid phone, convenient money loading, online bill payments, instant purchase power, discount health benefits, and prepaid life insurance.
Morgan Beaumont, Inc. (OTCBB:MBEU) is a Technology Solutions Company located in Sarasota, Florida. Morgan is one of the premier providers of Stored Value and Debit Card Solutions in the United States. The company has developed POS and PC based software that connects merchants with multiple Stored Value Processors and Issuing Banks, in addition to private transaction networks and IVR and CRM technology. Morgan Beaumont is a MasterCard Third Party Processor (TPP). The company also has a national network of Stored Value and Debit Card load stations located throughout the United States. To learn more about Morgan Beaumont, please visit http://www.morganbeaumont.com.
eCHEX, Inc., established and headquartered in Redwood City, California, is a Sales and Marketing organization with financial services and retail distribution relationships. In combining all of these elements, eCHEX has developed a program which is a "step above" what can be found today by other financial service providers. eCHEX's main product is a dual currency card which can be utilized worldwide. Currently, eCHEX is in negotiations with several Mexican banks to issue its cards both in the U.S. and in Mexico. Through its various shareholders, eCHEX has relationships with financial institutions in Mexico, Latin America, Puerto Rico, Haiti and Dominican Republic.
Acosta Sales and Marketing Company is a leading full-service sales and marketing agency in North America providing outsourced sales, merchandising, marketing, and promotional services to manufacturers in the consumer packaged goods (CPG) industry. Headquartered in Jacksonville, Fla., Acosta has operations throughout the U.S. and Canada. For more information visit http://www.acosta.com.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995:
Statements about the expected future prospects of our business, our outlook for earnings per share in 2004, statements about our outlook for internal revenue growth in 2004 and 2005, and all other statements in this release other than historical facts, constitute forward-looking statements. You can identify forward-looking statements because they contain words such as "believes," "expects," "may," "will," "would," "should," "seeks," "approximately," "intends," "plans," "estimates," or "anticipates" or similar expressions which concern our strategy, plans or intentions. All statements we make relating to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Some of the factors that we believe could affect our results include: general economic and market conditions, including the lingering effects of the economic slowdown and services revenue; the overall condition of the bank card industry, including the effect of any further consolidation among financial services firms; the regulatory, credit and market risks associated with our operations; the integration of acquired businesses, the performance of our businesses; the effect of war, terrorism or catastrophic events; the timing and magnitude of sales; the timing and scope of technological advances; the ability to retain and attract customers and key personnel; and the ability to obtain patent protection and avoid patent-related liabilities in the context of a rapidly developing legal framework for software and business-method patents. The factors described in this paragraph and other factors that may affect our business or future financial results and when applicable, are discussed in our filings with the Securities and Exchange Commission, including our Form 10-K, a copy of which may be obtained from us without charge. 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.
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