FORT LAUDERDALE, Fla., Jan. 30, 2013 /PRNewswire/ -- RedFin Network, Inc. (OTCQB RFNN), (www.redfinnet.com) today announced the release of a letter from its CEO, Jeffrey Schultz, with a company update.
As the transaction processing landscape continues to change, driven by technological advances, so does the need to maintain and adapt to these new technologies across the diverse offering of transaction processing devices. RedFin over the past 12 months has been able to stay ahead of industry changes and we believe our shareholders will see that these focused changes will significantly enhance revenues in 2013.
In an exclusive partnership with Blue Bamboo®, RedFin released the H50A, our highly anticipated upgrade of our long-standing flagship product, the H50. This upgraded device carries the same look and feel of the original H50, with enhanced performance. I believe that the improved connectivity, faster transactions speeds, the ability to process credit/PIN debit/check/gift/loyalty and EBT transactions, and the ability to track PO#'s, invoice #'s and customer/employee ID's provides the opportunity to position this device as a true leader in the mobile market space.
As a transaction solution provider, RedFin has also entered into a strategic partnership with several proven software development groups to release our own Hospitality and Retail POS software to be marketed as RedFin Restaurant and RedFin Retail. These offerings, software only and software/hardware packages, are very competitively priced and are being very well received by our reseller network and their customers.
The RedFin Network PCI compliant payment gateway continues to be enhanced and provides the most secure and available service connecting over 10,000 merchants with over 40 processing platforms.
Most importantly, we have made adjustments to our internal payroll overhead resulting in a reduction of nearly 30%. That, along with increased sales margins, we believe will allow RedFin to reach its goal of becoming cash flow positive and profitable in 2013 translating into increased shareholder value. RedFin also entered into a financing agreement with TCA Global Credit Master Fund. See http://www.tcaglobalfund.com/Press-Releases/
Please continue to visit our company website www.redfinnet.com to view all company, product offerings and financial updates.
We thank all of our shareholders for their continued support in 2013.
About RedFin Network
RedFin is a payment solutions provider, operating a powerful payment gateway used to perform Secure Electronics Payment Processing. The RedFin Network Payment Gateway is CISP (Cardholder Information Security Program) and PCI (Processor Card Industry) compliant. RedFin Network is the exclusive distributor in North America for Blue Bamboo products (www.bluebamboo.com) and also distributes and supports a full range of mobile and fixed point-of-sale equipment sold through the RedFin Reseller network.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our ability to implement our business plan and generate revenues, our ability to raise sufficient capital to fund our operations and pay our obligations as they become due, economic, political and market conditions and fluctuations, government and industry regulation, U.S. and global competition, and other factors. RedFin's future results may also be impacted by other risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2011 and our subsequent filings with the Securities and Exchange Commission. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and RedFin, does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
Jeffrey Schultz, Pres./CEO
954.769.1335 Ext. 302
SOURCE RedFin Network, Inc.