Secured Financial Signs Letter of Intent to Acquire Two Payment Processors
FORT LAUDERDALE, Fla., Oct 9, 2007 (www.AllPayNews.com) -- SFNLE | charts | news | PowerRating -- Secured Financial Network, Inc. (OTCBB:SFNL) announced today that it has entered into a Letter of Intent to purchase a majority of the issued and outstanding capital stock of both AmeriNet, LLC (www.debit-it.com) and PayzNet, LLC (www.payznet.com). These companies offer a suite of alternative payment processing services and a variety of payment products. Combined, these companies currently process in excess of $20 million in transactions per month, or more than $240 million per year. The products and services provided by both AmeriNet and PayzNet will allow Secured Financial Network, Inc. easy integration with a broad range of flexibility, for Banks, Merchants, and their Customers worldwide.
Secured Financials President and CEO, Jeffrey Schultz, commented, "The signing of this LOI and its closing will add very specific processing technology to enhance and compliment our PCI Certified RedFin Network Payment Gateway and allow our Virtual Payment Solutions division the ability to market to brick and mortar merchants and Internet merchants the most complete package of processing and payment services offered under one umbrella." He continued, "We eagerly anticipate completing this acquisition before the end of the 2007 fiscal year."
AmeriNet offers a suite of alternative payment processing services. The emphasis is on total management of the payment process, including the errors and exceptions generated by the banking system and other vendors. Simply put, the merchant transmits the payment to AmeriNet, we translate, repair or reject it, process it, track it and provide reporting and settlement to the merchant, and notification to the fulfillment center that the order is paid and ready for shipment. Our specialty is Electronic Check processing, commonly known as eChecks.
AmeriNet's eCheck Service utilizes the Automated Clearing House (ACH) to facilitate electronic funds transfers (EFT) between consumers and merchants. The ACH network permits debit or credit transactions from virtually any U.S. bank account. In addition to the terms of AmeriNet's agreement with the merchant, the ACH system and all transactions facilitated through it are governed by the National Automated Clearing House Association (NACHA) Operating Rules, the Electronic Funds Transfer Act (15 U.S.C. 1693 et seq), and Regulation E (12 C.F.R. part 205) as set forth by the Federal Reserve Board of Governors
About Secured Financial Network
Secured Financial Network, Inc. is a Ft. Lauderdale, Florida-based Company that looks to create growth, add to profitability, and build shareholder value by engaging in a full-spectrum processing for e-commerce and traditional transactions through a PCI Certified Payment Gateway and proprietary 'bank-grade' electronic-vault based payment-processing system through its exclusive Envoii Deployment License Agreement.
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.
FOR INVESTOR INQUIRIES can be directed to the Company's website, http://www.sfnl.net.
SFNL is also featured on www.otcupdates.com
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Secured Financial Network, Inc.
Brass Bulls Corp. Matthew Lovito (866) 342.2700