IRVINE, Calif.--(AllPayNews.com)--Aug. 2, 2006--No Borders Inc. (Pink Sheets:NBDR) announced that it has signed an agreement with Western Financial LLC, owner of the Convenia-Load bank based load network. This agreement will provide No Borders' stored value card customers with enhanced loading capabilities and access to over 20,000 major bank branch locations throughout the United States. Any No Borders customer will be able to load funds onto his or her noboCARD(TM) at any of the Convenia-Load participating bank branch locations simply by handing the desired amount of funds along with a special deposit slip to a bank teller. Booklets containing 25 of these special deposit slips are made available for a nominal fee by calling No Borders' call centers. The noboCARD(TM) is the No Borders prepaid reloadable debit card product for the unbanked and migrant community which is scheduled for deployment in the 3rd quarter of this year, pending regulatory approval of certain specific card features.
R.M. Rosenfeld, Acting CEO of No Borders, stated, "This agreement with Western Financial together with the Company's agreements with Transaction Management LLC and Morgan Beaumont and their respective load networks will provide over 172,000 locations for No Borders' customers to load money onto the noboCARD(TM)."
Jim Henderson, President of Western Financial LLC, stated, "We are excited to provide load services for the No Borders noboCARD(TM), a premier offering in the markets they serve. By adding the Convenia-Load financial institution load network to their load options, No Borders can offer customers much more convenience due to the wide geographical dispersion of load points at major bank branches."
About No Borders, Inc.
No Borders, Inc., a Nevada corporation, is in the business of providing financial services and products that include a debit and stored value card platform through which a variety of financial and commercial services and products can be offered to residents of developing countries and to immigrants from those countries who reside in the United States and send money back home on a regular basis. No Borders offers significantly lower cost money transfers through licensed money transmitter partners and financial institutions and long distance telephone services, initially focusing on Latin America, and now adding Pakistan and other countries in Asia, the Middle East and Africa to its focus after completing its alliance with InfoSpan Inc. According to Inter-American Development Bank, Latin American immigrants in the US sent back home an estimated $40 billion in 2005 with an annual growth rate of about 20%. The Company believes that it will accelerate its penetration into this growing market, first by reducing the excessive costs currently charged to the consumer, and second by offering a full range of financial and commercial services and products to this emerging transnational market, at significantly lower prices.
About Western Financial LLC
Over the past 10 years, Western Financial, LLC and its affiliate, Western ATM, Inc., have been providing financial services to consumers and businesses nationwide. From hundreds of Automated Teller Machines, merchant processing solutions, check cashing services and Stored Value Card technology platforms, Western Financial, LLC is dedicated to providing services that bring convenient, affordable and effective solutions to the stored value card industry.
Certain statements in this release and other written or oral statements made by or behalf of the company are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the company's services and projects and the company's continued access to capital and other risks and uncertainties outlined in its filings with the Securities and Exchange Commission, which are incorporated herein by reference. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements were made. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
No Borders, Inc.
Investor Relations Department
Jim Hock, 866-337-8725