MONTREAL and MANILA, Philippines, Dec. 21, 2012 /PRNewswire/ - Freeport Capital (CNSX: FAS), - a leader on Mobile Credit and PIN Debit payment solutions, announces that it subsidiary HybridPaytech Asia Inc.(HYBRID) and BANK OUTSOURCING COMPANY LTD (BOS) a division of The Gemini Group of Companies(GGC) http://www.ggc.ph announced today that they have signed a Letter of Intent to enter into a partnership and a license agreement. The Letter of Intent describes BOS's intent to license HYBRID's extensive Mobile Payment Ecosystem, which contains access to all HYBRID's Mobile payment systems, development and hardware.
Becoming a HYBRID licensee provides access to additional products and services to deliver secure, safe and easy mobile payment globally. As HYBRID partner, BOS will have access to HybridPaytech Asia's extensive banking and switching relationships to enable BOS to effectively market HYBRID's full suite of services throughout the Philippine's and Asia and in addition Hybrid and BOS will be jointly developing new payment options and platforms to support BOS's clientele.
"HYBRID's Mobile Payment Ecosystem and client portfolio is a strong and critical element to our business strategy," said Mr Alfredo Aquino, President of BOS. "Our alliance with HYBRID gives us access to wireless payment technology and allows us the freedom to focus on delivering Payment and Remittance solutions to our existing clientele, Philippine/Asian banks, their merchant portfolios, other Financial Instutitions and select Governmental Agencies." In addition BOS and HybridPaytech Asia are also working together with partner banks to test the Hybrid Mobile technology to support the payroll-driven Overseas Filipino Workers sector.
Hybridpaytech Asia Inc, President Gary Repchuk indicates "HYBRID combines scale and expertise to structure sophisticated partnerships with global clients that require a global payment solution. We will enable companies to strengthen their market position by providing access to Hybrids mobile payment platform. Setting up a partnership with BOS and collaborating with their banking relationships provides HYBRID with a strong and established partnership that has proven itself as the preeminent Bank Outsourcing Company in the Philippines.
About Philippine Remittances
North Americas is host to roughly 5 million Overseas Filipinos and is the biggest contributor (almost 50%) to the more USD20.0 billion inward remittances into the Philippines (coursed thru formal channels). Next is the Middle East where there are over 2.5 million "remitting" OFWs who generate a little less than 30% of the volume. The remainder of volumes are generated by OFW's working within Asia
About the PHILIPPINES: Population (2011): 101,833,936 with 92,227,000 Mobile Cellular Users (2010): - Increasing amount of smart phone (I-Phone, Androids, Blackberry) that are becoming more main stream and cheaper in cost.
About Gemini Group of Companies
In 1996 the original corporation that is now the Gemini Group of Companies started providing very affordable and efficient door -to - door remittance service for Filipinos in Canada. Since that time the company has transitioned to providing delivery and fulfillment services for the entire banking, non-banking and specifically the large international remittance companies which are now part of of GGC's valued clients. The Gemini Group of Companies has several subsidiaries and until recently was better known in the banking industry as: http://www.ggc.ph
- Gemini Exchange International, Inc.;
- Signed and Delivered, Inc.;
- St. Clair Security, Inc.;
- BOS-Banks Outsourcing Services,;
- Gemini Express;
- Gemini Forex. Inc.;
- BOS Security Solutions & Services
Within Canada and amongst their Filipino-Canadian clients the "Gemini Express" brand is recognized as the company through which they accept and process remittances (over the counter via Cash and INTERAC) as a licensed Canadian Money Services Business company. Fulfillment is completed the same or next day by one of the above GGC companies via:
- Door to Door Cash Delivery or Home Cash Delivery
- Direct credit (IBFT) or over the counter deposit to all major banks
- Cash Pick Up services at our own front stores and partnered with few chain of stores with thousands of payout outlets.
- Issuance of their own co-branded Cash Cards with Banco De Oro and Visa Cards with Chinatrust Bank
Because of the above diversity of delivery options GGC is the approved fulfillment partner of all major banks in the Philippines, and the large International Remittance Companies that dominate the industry.
With their success GGC then ventured into and succeeded to higher levels of service through their subsidiaries: Bank Outsourcing Company by providing CIT-Cash in Transit companies for more than a decade. In addition to Cash-In-Transit (Armored Vans) services to the Philippine banking industry, Gemini deploys ATM's and P.O.S. machines including the launching of Philippines first mobile ATM. Foreign Exchange Trading (GEMINI FOREX) and retail Money Exchange and Pawnshop facilities (Subic Money Changer) are also part of the GGC family.
BOS is the premier bank outsourcing company in the Philippines.
About Freeport Capital Inc.
First Equity Strategy LLC (DBA; Hybrid Paytech and Hybridpaytech Asia Inc are subsidiaries of Freeport Capital Inc. Based in Montreal, Canada and manila Philippines; Hybrid Paytech is a technology leader in the mobile payment space for EMV, Credit and Pin Debit acceptance offering an ERP (Enterprise Ready Platform) enabling Processors & Acquirers with quick merchant adoption solutions. With a global footprint, Hybrid is an enabler of easily deployable payment systems for Smartphones & Tablets focusing on Encryption & Authentication for Merchants in the Fleet, Delivery, Logistics, Transit, Government, Hospitality and Retail industry "on the go".
For further information on Hybrid, please visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.be
The Canadian National Stock Exchange (CNSX) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy. This news release does not constitute a solicitation to buy or sell any securities in the United States.
SOURCE FREEPORT CAPITAL INC.