GTREX Capital Announces Global Financial Exchange Ownership in Middle East Marketing Company Targeting Debit Card Market
Issued Tuesday March 14, 9:35 am ET
ALISO VIEJO, Calif.--(MARKET WIRE)--Mar. 14, 2006--GTREX Capital, Inc. (OTCBB: GRXI) today announced the formation of a new Dubai company, in which portfolio company Global Financial Exchange owns a 25% equity interest, for the purpose of marketing Global Financial Exchange's 1WorldCard in 22 Middle Eastern countries. The new company is jointly owned by Global Financial Exchange, 1WorldCard and Mecca General Trading.
Global Travel Exchange will supply all technology and data center support, hold all bank contracts and hold all major credit card approvals. 1WorldCard, which is owned by Worldwide Star Holdings, a Hong Kong based company, and Mecca General Trading will be responsible for marketing to the Arab League countries. Global Financial Exchange receives license fees from each new country where the card is introduced, as well as a share of all transaction fees on a per card basis.
Mecca General Trading, a marketing and distribution company based in Dubai, represents a broad range of industries including food and beverage, electronics, and cigarettes and include brands such as Hyundai Electronics and Home Appliances.
"The formation of this new entity solidifies Global Financial Exchange's partnership with Mecca General Trading and Worldwide Star Holdings for the expansion of the debit card program throughout the Middle East," said Christopher Berlandier, chairman and chief executive officer. "We strongly believe that Global Financial Exchange, through its association with successful, well-established companies, is ideally positioned to tap into the multi-billion dollar remittance market in this region, to say nothing of the additional revenues projected from travel and other debit card applications."
The 1WorldCard provides a unique network of services that facilitates convenient, affordable and real time transfers of funds in any part of the world. The debit cards may be used as remittance cards, employee payroll cards, retail cards, affinity group cards, travel cards and fund transfer cards and can be used wherever its major card brand is accepted around the world.
Global Financial Exchange initially entered the debit and cheque card market as attractive add-on product for cross-marketing with travel deals and loyalty features for worldwide customers that use the Global Travel Exchange's distribution platform. The cards allow customers access to unique and affordable travel packages and inventory across the globe, as well as providing savings for users who order additional branded cards, including as a membership card with loyalty features such as discounts on travel products.
To sign up to receive information by email directly from GTREX Capital whenever new press releases, investor newsletters, SEC filings, or other information is disclosed, please visit http://www.gtrexcapital.com/investor.asp.
About GTREX Capital, Inc. GTREX Capital, Inc. (http://www.gtrexcapital.com) is a Business Development Company pursuant to the Investment Company Act of 1940 whose core focus is to assemble an investment portfolio of investments into businesses related to the travel industry.
Its initial portfolio investment, Global Travel Exchange, Inc. (www.gtrex.com), has launched its Voyager Network travel distribution platform, which provides a service that enables direct access to reservation systems of major travel suppliers such as airlines, cruise lines, hotels, car rental companies and providers of other travel amenities. A second portfolio company, Global Financial Exchange, was formed to manage and oversee the expansion of Global Travel Exchange's growing debit and cheque card business, which allow customers to pay for travel or any other products and services wherever the cards are accepted around the world and obtain money from automated teller machines. The cards also allow customers access to unique and affordable travel packages and inventory across the globe, as well as providing savings for users who order additional branded cards, including as a membership card with loyalty features such as discounts on travel products. GTREX Capital has signed initial agreements to acquire two travel businesses with 2005 fiscal year revenues of over $6 million.
Safe Harbor Statement This release contains forward-looking statements with respect to the results of operations and business of GTREX Capital, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.
-------------------- Penny stocks are often very volatile, and just as often unpredictable. - Peter Leeds
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Watch this one the next PR probably will contain their revenue expectations from this venture. They are about to tap into a "multi-billion dollar remittance market ".
-------------------- "Be a man of your word and you will be successful in life." My Grandfather.
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where is this stock looking to go? (Sorry Im still learning.) I think this is a huge market. I have been to Dubai and I'm telling you this could really score. Dubai has really taken hold of the capitalist mindset, the housing market is booming and there is more money out there than they know what to do with.
-------------------- One wrong move and you're eatin bag-nasties just to survive! Yahoo Messenger: Jason52907
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Once their revenues start coming in this one could be special. What we need right now is a few PR's. The last one in February really moved this baby up. We need some new investors.
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I sent an email to investor relations regarding their financial reporting and their reply was, "The Company's 10-K Annual Report is due by March 31, 2006." FYI
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