GTREX Capital Announces Global Financial Exchange Agreement to Form Middle East Marketing Company for Debit Cards24 February 2006
GTREX Capital, Inc. (OTC BB: GRXI) todayannounced that portfolio company Global Financial Exchange has signed anagreement with Mecca General Trading, a marketing and distribution companybased in Dubai, to market Global Financial Exchange's 1WorldCard in 22Middle Eastern countries.
The agreement forms a new Dubai company jointly owned by 1WorldCard, GlobalFinancial Exchange and Mecca General Trading. Under terms of theagreement, Global Travel Exchange will supply all technology and datacenter support, hold all bank contracts and hold all major credit cardapprovals. 1WorldCard, which is owned by Worldwide Star Holdings, a HongKong-based company, and Mecca General Trading will market into the ArabLeague countries. Global Financial Exchange receives license fees fromeach new country where the card is introduced, as well as a share of alltransaction fees on a per card basis.
Mecca General Trading caters mostly to the Middle East and North Africaregions, but has expanded its business into worldwide markets. MeccaGeneral Trading clients represent a broad range of industries includingfood and beverage, electronics, and cigarettes and include brands such asHyundai Electronics and Home Appliances.
"We are pleased to have secured an established partner for the Middle Eastmarket, and expect that Mecca Trading Group's extensive experience in theregion will facilitate the success of Global Financial Exchange's debitcard initiative in Middle Eastern countries," commented ChristopherBerlandier, chairman and chief executive officer. "As we have discussedpreviously, workers in this region commonly use remittances, estimated tototal up to one hundred billion dollars annually, to send money back totheir home countries, particularly India, the Philippines and othersoutheast Asian countries. Global Financial Exchange's marketing partnerswill target the remittance market, as well as the abundant demand fortravel cards and other debit card applications."
The 1WorldCard provides a unique network of services that facilitatesconvenient, affordable and real time transfers of funds in any part of theworld. The debit cards may be used as remittance cards, employee payrollcards, retail cards, affinity group cards, travel cards and fund transfercards and can be used wherever its major card brand is accepted around theworld.
Global Financial Exchange initially entered the debit and cheque cardmarket as attractive add-on product for cross-marketing with travel dealsand loyalty features for worldwide customers that use the Global TravelExchange's distribution platform. The cards allow customers access tounique and affordable travel packages and inventory across the globe, aswell as providing savings for users who order additional branded cards,including as a membership card with loyalty features such as discounts ontravel products.
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About GTREX Capital, Inc.
GTREX Capital, Inc. (http://www.gtrexcapital.com) is a Business DevelopmentCompany pursuant to the Investment Company Act of 1940 whose core focus isto assemble an investment portfolio of investments into businesses relatedto the travel industry.
Its initial portfolio investment, Global Travel Exchange, Inc.(www.gtrex.com), has launched its Voyager Network travel distributionplatform, which provides a service that enables direct access toreservation systems of major travel suppliers such as airlines, cruiselines, hotels, car rental companies and providers of other travelamenities. A second portfolio company, Global Financial Exchange, wasformed to manage and oversee the expansion of Global Travel Exchange'sgrowing debit and cheque card business, which allow customers to pay fortravel or any other products and services wherever the cards are acceptedaround the world and obtain money from automated teller machines. Thecards also allow customers access to unique and affordable travel packagesand inventory across the globe, as well as providing savings for users whoorder additional branded cards, including as a membership card with loyaltyfeatures such as discounts on travel products. GTREX Capital has signedinitial agreements to acquire two travel businesses with 2005 fiscal yearrevenues of over $6 million.
Safe Harbor Statement
This release contains forward-looking statements with respect to theresults of operations and business of GTREX Capital, Inc., which involvesrisks and uncertainties. The Company's actual future results couldmaterially differ from those discussed. The Company intends that suchstatements about the Company's future expectations, including futurerevenues and earnings, and all otherforward-looking statements be subject to the "Safe Harbors" provision ofthe Private Securities Litigation Reform Act of 1995.
Contact:Gemini Financial CommunicationsA. Beyer951-587-8072Email Contact
SOURCE: GTREX Capital, Inc.
Source: marketwire
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