SCOTTSDALE, AZ -- (MARKET WIRE) -- 10/16/05 -- First Cash Card, Inc. (www.firstcashcard.com), a Canadian marketer and issuer of debit cards that is being acquired by U.S.-based Relay Capital Corp. (OTC: RLYC) (www.relaycorp.com), reported that it has processed close to $1 million in transactions over the last few months.
"We feel these initial numbers indicate the tremendous Canadian market opportunity for Relay Capital and us," said Phil Kueber, First Cash Card's president. "We have barely touched the surface with the first 700 cards we have issued. The next step is to issue 4,300 more cards we have readied for this market."
"We are very pleased with the high dollar volume of transactions on the First Cash Card and expect to rapidly expand this platform in the U.S. and Canadian markets," said E. Reese Bogle III, Relay Capital's CEO. "An additional opportunity it offers Relay Capital is the ability to issue debit cards for use in the United States and throughout the world under the rules and regulations of Canadian Financial institutions and Canadian currency."
First Cash Card can be used at over 5 million ATM machines and over 1 million Point of Sale (POS) terminals worldwide. Its principle growth has been in the check cashing industry where employees can obtain a First Cash Card at no charge. First Cash Cards allows $2,500 in ATM daily withdrawals and $2,500 in POS transactions. Cards can also be used to purchase goods and services over the Internet for "e-tailers" who provide I-debit. It is anticipated that in the next month, cards will also provide "card-to bank" transfers, allowing cardholders to transfer funds from their cards to a traditional bank account.
About Relay Capital Corporation:
Relay Capital Corporation (www.relaycorp.com) is a developer and marketer of a wide range of prepaid financial services, including pre-paid stored value cards, reward cards, employee payroll cards, gift, retail and affinity group cards, travel cards and fund transfer cards. Relay Capital Corporation encompasses both the marketing and distribution of pre-paid and pay-transfer cards in concert with the development of loading centers. Loading centers are retail locations, such as convenience stores, check cashing facilities or other types of retail facilities serving to dispense or receive cash facilitating transactions for the stored-value card consumer.
About First Cash Card, Inc.:
First Cash Card, Inc. provides debit cards to the unbanked and underbanked in Canada. It makes it easy, fast, and secure for individuals and businesses to buy goods and services using automatic teller machines ("ATMs") and point of sale ("POS") terminals, providing them with many of the benefits and of services heretofore offered by a prime bank. In addition to its First Cash Card brand, the company has a wholly owned financial services store in Canada.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the federal securities laws. These forward-looking statements include without limitation, statements regarding the timing of an award, if any. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Contact: Relay Capital Corporation E. Reese Bogle III 800-784-8012 Email Contact www.relaycorp.com
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