CardEx Enters Consumer Prepaid Segment with the Launch of AIR

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Appoints prepaid industry veteran Steven Ascher to head revenue growth for retail distribution channel.

Card Express, Inc. (CardEx), a leading provider of prepaid debit program management and processing solutions, today announced the launch of the first product in its new consumer prepaid offering – the AIR Virtual Prepaid Code. AIR, an open loop MasterCard gift code, is a proprietary code redeemable for a non-reloadable virtual prepaid MasterCard for use in online and mail order purchases.

Designed to meet the needs of the growing prepaid-preferred eCommerce consumer segment, AIR enables these consumers to purchase products and services online without the fees of a traditional open loop GPR card. As a virtual prepaid product, CardEx AIR eliminates the expense of distributing a physical card,resulting in a greatly reduced fee structure for consumers. Consumers will also benefit from a revised distribution model, which is focused on smaller format retail channels that are more convenient than big-box retail locations, making AIR immediately accessible.

"AIR is a first step in the new direction of Prepaid, of which CardEx will be at the forefront," stated Sean Safahi, CEO of CardEx. "The approach that we have taken in developing this product is indicative of a future in which Prepaid products are driven by the needs, demands and concerns of the consumers, above all else."

CardEx AIR operates using a unique code that a consumer can redeem via a secure web portal for a Virtual Prepaid MasterCard. Cards are linked to a consumer’s name and address, enabling online shopping, and can be used anywhere online where MasterCard Debit Cards are accepted worldwide. Each card has a 6-month expiration period from the time of code redemption and offers consumers access to card activity and balance information via web or IVR.

In related news, CardEx today announced the appointment of Steven Ascher as Vice President of Business Development. Steven will be responsible for managing company-wide sales and business development activities, developing new product revenue opportunities in the consumer prepaid segment, and growth strategies for existing corporate products.

Ascher’s experience extends across 15 years in prepaid product development and sales. Most recently he managed the prepaid initiatives for Alltel Wireless. While at Alltel he was instrumental in creating rate plans and expanding distribution in the indirect and retail channels. Prior to Alltel Wireless, through his consulting group he supported several companies in the prepaid space including Blackhawk Network, Vesta and Cap Gemini to expand prepaid products and services at retail.

“I am truly excited about joining the CardEx team at this pivotal time in the company’s growth and expansion,” said Ascher. “With the company’s launch into the consumer prepaid segment comes both opportunity and challenges, both of which I look forward to capitalizing on through my experience in prepaid processing and program management.”

AIR Virtual MasterCards will be sold through retail distribution partners nationwide and will be available in select markets beginning Early Fall 2012. For more information regarding the availability of CardEx AIR, contact Steven Ascher on 949.254.0990 or steven(dot)ascher(at)cardex(dot)com.

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Scott Holt

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