SmartCard Marketing Systems Inc. (PINKSHEETS:SMKG) Enters Into Financing Agreement
SAN ANTONIO, TX, Jan. 4 /PRNewswire-FirstCall/ - The company announced today that management has entered into an initial agreement with a financier to provide an operating LOC for business operations of up to $150k. A second round of financing could also lead to a more significant term sheet which is currently being negotiated for a 3 year period to aggressively market the company's services. The funds provided will allow for an increase in inventory and lower costs by eliminating wait times and take advantage of currency fluctuations. The reduction of costs for the inventory are estimated at 20% based on currency variation with up to an additional 30% savings on acquiring more significant card inventory eliminating lengthy delivery times a fundamental issue which can now be drastically reduced and improve our sales cycle in 2011.
About SmartCard Marketing Systems Inc.
The company develops and markets its proprietary Payment Gateway and Card Management platform operating with the DBA "Velocitymoney.com". The company's services also include ACH, EFT, CC Processing, Bill Pay and Email Pay solutions for merchants.
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SOURCE Smart Card Marketing Systems Inc (SMKG)