HENDERSON, Nev.--(BUSINESS WIRE)--3Pea International Inc. (OTCBB:TPNL), a payment solutions company, today announced that it is pleased to provide this corporate update which recaps the recent acceleration in the company’s business, and changes to its capital structure.
- Has certified our newest proprietary card processing platform to various networks. The new platform is undergoing PCI-DSS certification and is expected to launch in the fourth quarter of 2012. 3Pea believes that the transition to this platform will open new market segments and significantly increase our flexibility, scalability and profitability.
- Has increased our footprint in the prepaid, reloadable segment of the debit card market with the addition of processing services for 16 blood/plasma donation centers.
- Issued an 8-K on May 30th, 2012, whereby 3Pea International, Inc. (the “Company”) entered into an Omnibus Settlement and Release Agreement with two creditors, under which the Company issued 3,335,500 shares of common stock and 3,335,500 Class A Warrants in full settlement and satisfaction of indebtedness to the creditors in the aggregate amount of $1,667,750. Each Class A Warrant entitles the holder to purchase one share of common stock of the Company at a price of $0.50 per share at any time on or before May 31, 2015.
- A 15c2-11 has been filed and cleared for Bulletin Board Electronic Quotation System trading by FINRA.
- Has appointed Brian Polan Vice President, Investor Relations. Mr. Polan will be tasked with the responsibility of implementing a comprehensive corporate communications program.
As a result of recent developments, we anticipate that 2012 will be a milestone year for 3Pea. Management understands the importance of, and looks forward to translating our successes into shareholder value.
About 3Pea International:
We are a payment solutions company which currently focuses on providing prepaid debit program management and processing services. We provide a card processing platform consisting of proprietary systems and innovative software applications based on the unique needs of our programs. Through this platform, we provide a variety of services including transaction processing, card creation and fulfillment, cardholder enrollment, value loading, cardholder account management, reporting, integrated voice response, and customer service.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events could differ materially. 3Pea undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.