Morgan Beaumont Expands Strategic Partnership With Products Benefits Systems Corporation
Morgan Beaumont, Inc. (OTC Bulletin Board: MBEU), a premier technology solution provider to the Stored Value and Prepaid Card market and owner of the SIRE Network(TM), today announced that a Letter of Intent has been executed expanding its strategic partnership with Products Benefits Systems Corporation (PBS), a privately owned company based in Heathrow, Florida. With this expanded relationship, Morgan Beaumont will be able to increase the sales opportunities for all SIRE Network products and services to the PBS customer base, thereby offering greater benefits and savings to those customers.
Joe Reaiche, CEO of PBS stated, "As industry leaders, the consolidation of the services offered by both of our companies creates a solid anchor and a virtual one-stop shop for companies, as well as their employees, seeking ways to control and effectively manage their costs in the health benefits arena."
PBS will maintain an office and locate its servers at Morgan Beaumont's PCI Certified data center in Bradenton, FL. Morgan Beaumont's technical staff will maintain, monitor and operate PBS' servers and data processing activities. Additionally, Morgan Beaumont will provide marketing resources and administrative support to PBS in order to introduce and increase the sales of Morgan Beaumont's stored value products and solutions to PBS's customer base of employer companies nationwide.
In conjunction with this expanded relationship, Morgan Beaumont will receive 700,000 shares of PBS common stock and in exchange, PBS will receive 150,000 shares of Morgan Beaumont's restricted common stock. PBS will also have an opportunity to earn additional stock options based upon the additional fees Morgan Beaumont receives from PBS' non-Morgan Beaumont products & services, including the MaxUM Plan(TM). Finally, Morgan Beaumont's Chairman and CEO, Cliff Wildes, will join PBS' Board of Directors.
Cliff Wildes, CEO of Morgan Beaumont, stated, "We are excited about our expanded relationship with PBS and look forward to working with them in a mutually beneficial manner. This expanded relationship partners us with an industry leading company that is focused on providing innovative healthcare solutions and on making healthcare costs more affordable and manageable for individuals and employers. We believe this enhanced relationship will generate additional revenue opportunities for Morgan Beaumont and will build on our previously announced relationship with PBS related to its MaxUM Plan."
Final approval of the Letter of Intent and the Agreement is expected within the next thirty days, it is contingent upon the successful completion of due diligence as well as Morgan Beaumont's Board of Directors' approval.
About Products Benefits Systems Corporation Inc.
Products Benefits Systems Corporation is a privately held company located in Heathrow, Florida that offers the ONLY permanent solution to rising medical health benefit costs. Over the past 4 years the Company developed its patent pending methodology that uses proprietary mathematical formulas in conjunction with its accounting software tracking system to create hard dollar savings for the employer while maintaining existing health benefits and premiums for its employees. The methodology has been in use over the last 2 years and hundreds of employers have enjoyed The MaxUM Plan(TM) benefits and have stabilized their health care costs.
About Morgan Beaumont, Inc.
Morgan Beaumont, Inc. is a Technology Solutions Company located in Bradenton, Florida, and is one of the premier providers of Stored Value and Prepaid Card Solutions in the United States. The company has developed the SIRE Network(TM), a secure, reliable, point of sale (POS) and PC based software platform that connects retail merchants with multiple Stored Value/Prepaid Card Processors and Issuing Banks, in addition to private transaction networks and IVR and CRM technology. The company owns and operates the SIRE Network as a standardized, national network of Stored Value and Prepaid Card cash load stations located throughout the United States. Morgan Beaumont is a MasterCard Third Party Processor Member Service Provider (TPP MSP) and a Visa Independent Sales Organization (ISO). To learn more about Morgan Beaumont, please visit http://www.morganbeaumont.com .
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