JACKSONVILLE, Fla., Oct. 6 /PRNewswire-FirstCall/ -- FNDS3000 Corp (OTC Bulletin Board : FDTC ), an international prepaid processing company currently introducing electronic payment solutions to the South African market, today announced the implementation of several strategic reorganizational initiatives specifically designed to streamline its senior management structure, reduce corporate overhead and strengthen its overall operating platform.
Key restructuring initiatives include:
- Changes to the composition of the Board of Directors, which has reduced the number of Board members from nine to five;
- Expanding the leadership role of current Chairman Raymond Goldsmith through his appointment to the additional posts of President and Chief Executive Officer, replacing the Company's former President and CEO John Hancock; and
- Eliminating approximately $500,000 in annual expected corporate overhead expenses through corporate staff and cost reductions in the U.S.
"The global prepaid card industry continues to evolve and expand. In order to optimize the shaping and definition of FNDS3000's future in this dynamic, high growth environment and to ensure that we are in a position to deliver maximum value to our shareholders, we must embrace opportunities to improve how we operate," stated Goldsmith.
Continuing, he added, "By effecting these changes to our Board and by adopting a much more lean U.S. corporate infrastructure, we can devote more resources to supporting growth of our prepaid card business – first in South Africa and ultimately in other emerging prepaid markets around the world."
CHANGES TO THE BOARD OF DIRECTORS
The restructuring of the Board included the removal, without cause, of David Fann, John Hancock, Don Headlund, Ernst Schoenbaechler and John Watson from their positions as directors, effective immediately. Remaining on the Board are executive directors Raymond Goldsmith and Victoria Vaksman and non-executive directors Pierre Besuchet and Michele Di Mauro. Derek Mitchell has also been appointed as a new non-executive director.
Since January 2000, Mitchell has served as Director of Business Affairs of International Sports Multimedia, Ltd. (ISM), an entertainment software company with offices in Atlanta, London and Barcelona. ISM's commercial partners include the International Olympic Committee, the United States Olympic Committee, Union of European Football Associations, Federation Internationale de Football Association, the FA Premiere League and Fox Sports Australia. Previously, he spent 20 years in various banking roles in the United Kingdom, including seven years at Harrods Bank as Senior Manager; as well as the founder of his own consultancy firm which provided strategic business counsel to companies in the United Kingdom. In addition to FNDS3000, Mitchell also serves as an independent director on the boards of four UK companies.
CHANGES TO THE EXECUTIVE MANAGEMENT TEAM
As noted above, Chairman Goldsmith will replace John Hancock as CEO and President of the Company. Other changes include the departure of John Watson, Executive Vice President, and David Fann, Secretary. Riva Smith has been appointed as Secretary of the Company.
Since 1998, Smith has served as Executive Assistant to Goldsmith in his capacity as Chairman and CEO of International Sports Multimedia, Ltd (ISM), where she also managed the Company's Olympic approvals and research process for North America. Smith began her professional career in the banking industry, serving as Marketing Director of two private banks in Palm Beach, Florida over a 13-year period. She left banking in 1994 to become Office Manager of a Florida-based catering and special events company where she worked until joining ISM's executive team. A graduate of Tulane University where she earned a Bachelor of Arts degree in Political Science, Smith went on to receive an MBA degree from Nova Southeastern University.
About FNDS3000 Corp
Headquartered in the U.S. with operations in South Africa, FNDS3000 Corp is engaged in executing a series of international growth initiatives designed to position the Company as a major player in the world's fastest growing payment card segment: prepaid cards. Given that 40% of the adult population in South Africa is currently unbanked or underbanked, FNDS3000's initial focus has concentrated on offering tailored prepaid card programs and services to business customers in this developing prepaid market, including network branded and closed loop programs that support employee payroll, insurance, medical aid, gift cards, prepaid cellular charges and small-scale international transfer of funds. The Company provides these programs and services through a proven, proprietary U.S. processing platform that has been designed for international and cross border capability. For more information, please visit, or follow us on Twitter @_FNDS3000.
Forward Looking Statements
Matters discussed in this press release contain forward looking statements. Investors are cautioned that such forward looking statements involve risk and uncertainties, which could significantly impact the actual results, performance, or achievements of the Company. Such risks and uncertainties include, but are not limited to, the potential loss of our relationships with each of the parties that sponsor our cards and banks that manufacture, issue, and own the cards; the loss of our service providers; security breaches of our electronic information; the inability to raise sufficient capital to fund its operations; and other risks as may be detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.
SOURCE FNDS3000 Corp