Fort Lauderdale FL, (PRWEB) August 24, 2005 -
Â Cash Now Corp (Pink Sheets: CHNW) announced today that has signed a distribution Contractual Agreement with Affordable Telecom Asian Unit and has granted Affordable Telecommunications Technology Corp the International licensing rights from Cash Now for all of Asia. This includes China through Indonesia and the Pacific Islands.
Affordable Telecom will now seek governmental licensing in South East Asian countries for Cash Now -- ATM services as well as opening franchises in the region. The potential revenue for 100 stores and 300 ATMs in Asia has a potential to generate $31 million annually. This is the goal for the first fiscal year of the Asian exclusive license.
To increase Cash Now's market penetration in Australia, New Zealand, and the Pacific Islands, Affordable Telecom has also agreed to provide Alternative Merchant Facilities operating over their VPN. This is a key facility for increasing merchant transactions among smaller retail outlets.
Cash Now as part of publicly traded The Cash Now Corporation (CHNW) will offer, by the end of this fiscal year, 25 strategic retail financial centers in the South Pacific and over 250 centers in Canada and the USA, to sell and market services. These services include utilities provisioning, prepaid telephone lines, international cards, and immediate financial transaction services for purchasing alternative merchant services over VPN.
In order to facilitate the expansion and growth, and as Cash Now looks beyond ASIA towards Europe for further growth, the company also announced today that it has in principle secured a $ 10,000,000.00 to $ 50,000,000.00 million dollar USD line of credit, to facilitate the loans booked through its Internet booking engine which loans will be distributed through their debit card network.
Safe Harbor Statement
Statements contained in this release, which are not historical facts, may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.
Cash Now Corp
++ 954 315-0515
Att: Kevin Price
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