UC Hub and eSafe Kickoff AFRICARDS Prepaid Visa 'Classic' Card Program in West Africa
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LOS ANGELES, Jan. 22, 2008 (PRIME NEWSWIRE) -- UC Hub Group, Inc (OTCBB:UCHB)
and its wholly owned subsidiary eSafe, Inc., (d/b/a eLuxe Financial, "eLuxe")
announced today that it officially kicked off its AFRICARDS(tm) Prepaid Visa
"Classic" Card program in West Africa, at a Gala held in Ouagadougou, Burkina
Faso. Over 500 invited guests were in attendance, including the Prime Minister
of Burkina Faso Tertius Zongo, other government dignitaries, entertainers,
celebrities and representatives of BIB Bank, a Visa-issuing bank. Just 2.5% of
this African market would translate to more than $100 Million in revenue.
The Gala was broadcast live by three major television stations throughout the
West African Economic and Monetary Union (or UEMOA from its name in French,
Union economique et monetaire ouest-africaine), where CEO Larry Wilcox and staff
helped unveil the new AFRICARDS(tm) television, radio and print/billboard
advertising. The first official AFRICARDS(tm) transaction was made by the Prime
Minister who received confirmation of his transaction seconds later when his
cell phone chimed with an SMS text confirming the transaction. UC Hub also
demonstrated this feature at a press conference held later that day at the
"Hotel Independance".
The kickoff was a great success and culminates two years of diligent work by
many, including employees David Dearman and Serge Doh. Funding by the investors
on this program was brought to UC Hub by the CEO as part of the emerging market
strategy. "We intend to use the business model that has been created in Burkina
Faso as the cornerstone of our African virtual banking business," states Wilcox.
Burkina Faso is one of eight French speaking countries that make up the UEMOA.
In total, these countries have a population of 85 million people, of whom are
mostly underbanked.
"Many people in West Africa have never had an alternative to cash. Now, the
AFRICARDS(tm) Prepaid Visa Card gives consumers and employers a modern, safe and
convenient way to pay," said Mohamed Elbelamachi, Visa's Relationship Manager
for West & Central Africa. Mr. Elbelamachi went on to say that, "we believe
electronic payment may also bring benefits to the banking system and to the
economy as a whole." A report by Global Insight(1) showed that card payments are
more efficient than cash; card payments have an audit trail and so can help
reduce corruption and increase tax revenues; and that more money in the banking
system means more money available for commercial loans which are the lifeblood
of a growing economy.
UC Hub conservative estimates state they would sell at least 100,000 cards in
its first year, generating revenue of 3 to 5 million in local currency for the
bank. The Company also notes that this revenue is only from card sales and does
not include revenue from its mobile banking and the other patented IP, which are
on track to be released in Africa in the coming year.
The UC Hub is now in discussions with banks in other African and European
Countries and is well on its way to becoming a global player in this financial
services sector. "The AFRICARDS(tm) program is a major global accomplishment for
eLuxe, and the first of its kind in West Africa. As the barrier to entry for the
African markets is time and resource intensive, I believe we are well on our way
to becoming the dominant player in West Africa and emerging markets of the
World," said Larry Wilcox.
For more information please refer to our websites, www.uchub.net and
www.eluxefinancial.com.
Safe Harbor Statement:
Under the Private securities Litigation Reform Act of 1995: The statements
contained herein, which are not historical, are forward-looking statements that
are subject to risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements including, but
not limited to, certain delays beyond the UC Hub's control with respect to
market acceptance of new technologies, products and services, delays in testing
and evaluation of products and services, and other risks detailed from time to
time in the UC Hub's filings with the Securities and Exchange Commission.
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CONTACT: UC Hub Group, Inc.
David Ostrower
(800) 504-5844
www.eluxefinancial.com
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