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COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES: No Borders Announces Mexican President Vicente Fox Demonstrates Stored Value Card at Conference in Mexico
VENICE, Calif., Oct 27, 2005 (BUSINESS WIRE) -- No Borders, Inc. (OTCBB:NBDR), a Nevada Corporation, announced today that during the 4th annual National Micro-Credit Summit in Queretaro, Mexico, Mexican President Vicente Fox demonstrated two basic functionalities of a bank issued No Borders stored value card in front of an audience which included cabinet secretaries, two of Mexico's state Governors, as well as micro-finance leaders from various areas throughout the world. The demonstration was designed to illustrate how the cards could be used by recipients of micro-loans, as President Fox announced the agreement between No Borders and the government initiated PRONAFIM Endowment Fund which had been signed Tuesday, October 25, 2005. During the demonstration, President Fox received funds onto a bank issued demo No Borders' PRONAFIM/SIN FRONTERAS stored value card from a second No Borders demo stored value card which showed the ease of transferring funds between cards. Also demonstrated was a transfer from a second No Borders' PRONAFIM/SIN FRONTERAS card to President Fox' card showing the ease of transferring funds from a microfinance institution loan disbursement account to a micro-loan recipient. President Fox expressed great enthusiasm and support for the collaboration and efforts of both PRONAFIM and No Borders.
The agreement between No Borders and PRONOFIM Endowment Fund had been announced by No Borders on Tuesday October 25, 2005.
About No Borders
No Borders is in the business of providing a debit and stored value card platform through which a variety of financial and commercial services and products can be offered to residents of developing countries and to immigrants from those countries who reside in the United States and send money back home on a regular basis. No Borders offers significantly lower cost money transfers and long distance telephone services, initially focusing on Mexico, El Salvador and Ecuador, and now adding Pakistan and other countries in Asia, the Middle East and Africa to its focus after completing its alliance with InfoSpan Inc. According to Inter-American Development Bank, Latin American immigrants in the US sent back home an estimated close to $40 Billion in 2004, and that growth for 2005 is expected to increase by over 20%. The Company believes that it will accelerate its penetration into this growing market, first by reducing the excessive costs currently charged to the consumer, and second by offering a full range of financial and commercial services and products to this emerging transnational market, at significantly lower prices.
Certain statements in this release and other written or oral statements made by or behalf of the company are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The forward-looking statements are subject to a number of risks and uncertainties including market acceptance of the company's services and projects and the company's continued access to capital and other risks and uncertainties outlined in its filings with the Securities and Exchange Commission, which are incorporated herein by reference. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements were made. The company undertakes no obligation to publicly update or revise statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
SOURCE: No Borders, Inc.
CONTACT: No Borders, Inc. Jim Hock, 866-337-8725
Copyright Business Wire 2005
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KEYWORD: United States Mexico North America Central America California INDUSTRY KEYWORD: Other Consumer Technology Other Technology Professional Services Banking Other Professional Services Retail Other Retail Consumer Hispanic SUBJECT CODE: Contract/Agreement Product/Service
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