Berman Marketing Group, Inc. Enters Agreement to Market Pre Paid Debit Cards
Berman Marketing Group, Inc.
Ryan Guenthart, 877-237-6260 ext. 110
Berman Marketing Group Inc., a wholly owned subsidiary of Berman Holdings, Inc. (Pink Sheets: BRMN), today announced it has entered into an agreement to market pre paid debit cards.
The company obtained the contractual right to market pre paid debit cards by entering into an agreement this week leveraging its relationship with Merchant Processing International, Inc. (MPI). MPI is a credit card processing company owned by Bruce A. Berman, CEO of Berman Holdings, Inc.
MPI has recently executed an agreement to market its own branded white labeled pre paid debit cards. The branding of the card is still in the approval stage however the company feels its will now meet or exceed its first quarter 2008 expectation of having a branded card on the street.
Bruce A. Berman, President of Berman Holdings, Inc. and Berman Marketing Group, Inc., stated "With management's direct marketing and credit card processing experience we believe we have the expertise needed to capitalize on this $100 billion a year and growing market that is virtually unpenetrated. Previously we were concerned about the ease and the ability for the consumer to load funds on their cards. That is no longer an issue because major recent developments in the industry have opened the doors to tens of thousands of retail locations nation wide for consumers to add funds. The agreements we now have in place should allow us to enter the market as planned."
Specific terms of the agreements were not disclosed however the revenue share between the company and MPI are as follows. 80% of all net revenues received by MPI from the use of cards marketed by the company will go to the company for its efforts in marketing the card and 20% of the net revenue received from the cards will be retained by MPI for its own internal costs and expenses in conjunction with maintaining the program, management and related responsibilities.
About the Pre Paid Debit Card Industry
According to market data available there are between 40 and 80 million people in the United Sates that don't have a bank account or who cant qualify for a credit card because their credit scores are too low. This is called the under banked market. The emerging pre paid debit card solutions now available can act as a virtual bank account, card account and payment solution for those people that do not use banks and or credit cards. For the under banked the evolution taking place with pre paid debit cards can replace their reliance on check cashing centers, money orders, and the inability to buy certain products that require a major credit card. Capital One recently made one of the first big corporate moves in this industry with its purchase of Netspend a marketer of pre paid programs in the United States for a reported $700,000,000 in cash.
About Berman Holdings, Inc.
Berman Holdings, Inc. is a publicly traded holding company that's current holdings consist of a 100% interest in the Berman Marketing Group, Inc.
About the Berman Marketing Group, Inc.
The Berman Marketing Group, Inc. was formed in 2007 by Bruce A. Berman and intends to be a multi-channel direct market firm specializing in direct response marketing through Television, Radio, Internet and Print mediums. Prior to forming the Berman Marketing Group Inc., Bruce A. Berman has been marketing a variety of his own products using these mediums. Berman Marketing Group has recently announced its intention to enter the prep paid debit card industry.
About Merchant Processing International (MPI)
MPI is a merchant account provider who specializes in all areas of bankcard processing. With approximately 100 agents located across the United States they offer complete merchant account services. Through MPI merchants can begin processing credit cards usually within 24 hours. MPI establishes merchants through either the merchant's point of sale terminals, wireless terminals and or the Internet.
About Bruce A. Berman
Bruce A. Berman is the author of the book, "I Got Here. You Can Too!" With over 400,000 copies in circulation the book is designed to teach people how to start, fund, and run their own businesses. Mr. Berman is also the author of the Aggressive Wealth Audio Collection which is a series of 10 financial empowerment audio CD's. He has distributed over 3,000,000 CD's using direct marketing techniques. Mr. Berman has written, produced and been the talent in a series of national TV and Radio campaigns.
Bruce A. Berman was nominated by Sprint for the Ernst & Young Entrepreneur of the Year award in 2000 for a technology incubator he founded. Mr. Berman is no stranger to the public market as he has had a controlling interest in two NASD licensed Broker Dealers and previously has been the CEO of a publicly traded company on the OTCBB; however Mr. Berman does not hold a securities license now or in the past. Bruce A Berman, "I Got Here. You Can Too" and Aggressive Wealth are all registered trademarks.
For further information contact Ryan Guenthart at 877-237-6260 ext 110 or visit the Company website at www.4BMG.com.
Certain statements contained in the above, are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. The Company cannot guarantee its future results, levels of activity, performance or achievements.
Copyright Business Wire 2007