Exthex and Pointcash Sign Letter of Intent for Software Development - Exthex to receive 3% stake in Pointcash Under the letter of intent exthex GmbH, of Graz, Austria will develop the proof of concept for Pointcash's remittance smartphone application and become the software provider for Pointcash, once the Pointcash application is operative.
GRAZ, Austria and RALEIGH, N.C., Feb. 14, 2013 /PRNewswire-iReach/ -- Exthex GmbH in Graz, Austria and Pointcash, Inc. in Raleigh, NC are announcing their initial letter of intent for the development of a remittance application for smartphone use.
Under the agreement, exthex will develop proof of concept versions of Pointcash modules for communication server, backoffice, web application, SMS integration, and mobile applications.
Over 2 billion people globally, are estimated to have either a limited bank relationship or no bank relationship at all. It is this segment of the population that account for the majority of cash to cash money transfers. Pointcash proposes a unique alternative which will empower the unbanked and underbanked to facilitate simple person to person money transfers. In the current age of increasing mobile phone adoption, this population also accounts for a significant percentage of total phone ownership. Exthex is well suited to develop the software that will bring simplicity, transparency, and mobility to cross border transfers.
"The Pointcash mission is simple—provide an affordable way to send money from any mobile device, anywhere, regardless of a customer's standing with a bank. Further, we wish to enable any merchant with a credit card terminal and a willingness to distribute local currency to be a part of the remittance scene. I am very excited to be working with exthex as we all work toward this combined goal," stated Pointcash Co-Founder, President and CEO Brent Keigley. Executive Chairman and Co-Founder Chris Stern added, "In just a short period of time, Pointcash has come a long way. I believe that our relationship with exthex will be the cornerstone to a new area in the remittance industry. Our disruptive business model will be a great relief for the unbanked and underbanked."
Oliver Bernecker and Peter Danner, the two Managing Directors of exthex summarized, "in cooperation with exthex, and in just a few months, Pointcash will have an outstanding, novel and reliable solution for cash transfer. We are excited to be part of this outstanding opportunity. Not only will exthex enable Pointcash to put their ideas into technical practice, the collaboration assures to reach the combined goal in time, within budget and with highest levels of security and quality."
About EXTHEX, GMBH
Exthex stands for "explore the excellence" and is an innovative pioneer for area- and branch-comprehensive enterprise processes and E-Services. As an Austrian E-Government and Financial know-how-institution, and by knowing that Austria is the leading nation in European E-Government, exthex plans, designs and develops high-innovative products and solutions in E-Government and Financial environment. Exthex also transforms these knowledge of processes and solutions in areas like e-health, insurance- and energy management.
Exthex stands for innovative enterprise processing, which is based on information and communication technology (ICT). The company supports vertical enterprise processes and makes information from different process-areas safe and selective available, so that exthex accomplishes a safe, portal-supported and mobile entry to conditioned information and brings a clear additional benefit to exthex's customers and their customers by making established and innovative new processes mobile.
About POINTCASH, INC
Pointcash offers a truly unique solution to mobile remittances. Money transfers can be initiated online or from the smartphone application currently being developed. Receivers can access their stored value in the local currency using their mobile phone (SMS enabled device or iOS/Android smartphone) when convenient for them.
Pointcash's pending patent titled, "Currency Provision and Transfer System," differentiates the solution by only requiring participating agents to utilize their existing point of sale (POS) terminal to facilitate the authentication and settlement of funds. Participating merchants need only to display the Pointcash card which can be loaded with funds during the interaction with a user's mobile device. There is no need for participating merchants to purchase, store, or display additional computer hardware. Incentives for merchants include a commission per transaction as well as the ability to provide promotions for their core business. Pointcash is a privately held company based out of Raleigh, NC.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements by the company that involve risks and uncertainties and reflect the company's judgment as of the date of this release. These statements include the expansion of development of Pointcash, Inc. services and the timing of the introduction of new consulting offerings. The forward-looking statements are subject to a number of risks and uncertainties including matters beyond the company's control that could lead to delays in new service introductions and customer acceptance of these news services, and other risks and uncertainties as any small business typically is exposed to. The company disclaims any intent or obligation to update these forward-looking statements beyond the date of this release. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Media Contact: Brent Keigley Pointcash, Inc., 218 461 9016, firstname.lastname@example.org
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SOURCE Pointcash, Inc.