E-monee.com, Inc. (E-monee) (Pink Sheets:EMNC) is pleased to announce that it has secured its first account in the Middle East. Following the company’s establishment in Dubai to manage the Payroll and Electronic Payment Solutions for the Middle and Far East Region, E-Monee has signed a Payroll Agreement with Telcon International Marine Engineering Services L.L.C. (Telcon International).
Telcon International is the flagship of a group of 11 companies now served by E-Monee; the company will benefit from E-Monee’s platform services with the payment of salaries to their unbanked foreign workers. With the acquisition of an E-Monee Payroll Stored Value Card, Telcon International’s employees will be able to transact on E-Monee’s proprietary ATM and POS network.
“We are proud to be the first Company that has been granted a license under the article of Stored Value Cards Issuing Services in Dubai and we look forward to serve a market in which roughly 52% of its population is defined as our target market and are currently underserved by the Banking Industry,” said Wael Majdalawi, E-Monee’s CEO.
E-Monee has secured the location of its ATMs around the camps where these employees are located, thus allowing E-Monee to serve a larger population of construction companies that house their workers in the neighboring camps.
E-Monee is under current negotiations with the largest Construction Companies in the UAE, which in turn is the most active Construction market in the world. A total of more than 120,000 individual accounts are expected by the end of 2007 from a total market of more than 2,000,000 foreign workers.
About E-monee
E-Monee.com, Inc. is a Florida based company with its core product being a hybrid which integrates technology and telecommunications with banking. The result is a Global Electronic Treasury System (GETS) which facilitates the collections, movement, disbursement and deposit of funds for individuals and companies located worldwide. As a newcomer to a dynamic electronic payments arena, E-monee.com is embarking into the brightest stage of development, penetrating untapped niche markets which are in need of replacing cash, checks and antiquated systems. To do so E-monee.com offers a combination of technology and banking joined with a global telecommunications network to deliver a business model that allows E-monee.com to meet the demands of our niche markets.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to: factors detailed in E-monee.com, Inc.'s (formerly Coffaro Family Products, Inc.) Securities and Exchange Commission filings; failure of registration statements to be declared effective; the loss of contracts or failure to acquire new contracts; success of any legal actions; failure to successfully implement newly developed product lines including projected increases in revenues or earnings; the inability to initiate or complete any contemplated restructuring, offering, acquisition, disposition or other transaction; adverse financial performance by E-monee.com, Inc. or any of its subsidiaries; failure to obtain or maintain regulatory approval for products and services offered by E-monee.com, Inc. or its subsidiaries; failure to complete the development and commercialization of alternative energy products or services; adverse equity market conditions and declines in the value of E-monee.com, Inc. common stock; and the unavailability of financing to complete management's plans and objectives. The forward-looking statements contained in this press release speak only as of the date hereof and E-monee.com, Inc. disclaims any intent or obligation to update these forward-looking statements.
