18 Jun 2009 07:00
18 June 2009
Earthport plc
("Earthport") or ("the Company")
Regional Update
Earthport, the global payments utility, provides the following update on its regional operations.
Earthport Middle East
The Company is pleased to announce that Hassan Chatila has been appointed Vice President of Earthport Middle East Limited. Hassan's role will include day-to-day management of the region and all local sales activities. Hassan was previously the Regional Director of Western Union in the UAE where he had overall responsibility for UAE, Saudi Arabia, Egypt and Sudan. He has been a member of Western Union's senior management team in the UAE since April 2003 and prior to that, was the Regional Sales & Marketing Manager (Middle East) for a major technology company in Dubai for seven years.
Since Hassan's arrival, Earthport Middle East has signed contracts with:
Al Ghurair Exchange
Earthport will be providing a Cash-to-Bank service from the UAE to the Euro Zone and UK with Al Ghurair Exchange and is pleased to report that Al Ghurair is currently completing integration and will be fully live within the next two weeks.
Al Ansari Exchange
An agreement has been concluded with Al Ansari Exchange to provide a Cash-to-Bank service that will start with the UAE to South Africa corridor; with plans to expand into the Euro Zone, UK and other international destinations in the very near future.
LuLu International Exchange
An agreement with LuLu International Exchange will provide a Cash-to-Bank service from the UAE to the USA, South Africa, Canada, Japan, Australia, Malaysia and Singapore. Integration on this project will commence shortly.
It is expected that all of these agreements and others currently under negotiation will be contributing revenue by the end of September and could provide significant volume and revenue generation for the coming fiscal year.
These clients provide a solid base upon which Earthport Middle East is building, which clearly demonstrates execution and expansion of its pipeline in the region.
Earthport USA
Earthport USA continues to expand its presence in the US and has executed teaming agreements with two of the world's leading consultancies and Business Process Outsourcing companies to utilise Earthport's UPN both directly within their own organisations and to resell into their client base.
Asia - Redikard
The Philippines remittance company Redikard has now completed its integration to Earthport's systems. Redikard has committed to in excess of 30,000 transactions per month of recurring run rate revenue from 1st July 2009 and is now operational.
Other regions
As part of the Company's continuing expansion, Earthport has established a subsidiary in Japan and is currently establishing itself in Brazil. Both of these additional geographies will facilitate the enlargement of the banking network and client base.
James Bergman, Chief Executive Officer of Earthport plc, commented:
"I am pleased with the Company's progress over recent months which clearly demonstrates execution. The Earthport proposition is now resident in over 50 countries and we are establishing the Company's products into many different business operations.
"I am also delighted to welcome Hassan Chatila to the Earthport team. Hassan has substantial managerial and commercial experience and we look forward to him playing a pivotal role in the continued development, growth and success of Earthport in the Middle East region."
- ENDS -
For further details, please contact:
| Earthport plc James Bergman, Chief Executive Officer | +44 (0)20 7220 9700 |
| Panmure Gordon &Co Katherine Roe | +44 (0)20 7459 3600 |
| Financial Dynamics Jonathon Brill / Alex Beagley / Edward Westropp | +44 (0)20 7831 3113 |
About Earthport
Earthport (www.earthport.com) specialises in the international transactional marketplace by providing a highly secure, high volume global collection and payment capability. It has been making national and international payments and collections since 1998.
Earthport owns, provides and hosts an international money movement platform called the Universal Payments Network. Using this platform, Earthport makes secure, low cost international bank payments and collections worldwide.
About Al Ghurair Exchange
Al Ghurair Exchange is an integral part of Al Ghurair Group; one of the oldest and largest business groups in the UAE. The name Al Ghurair Exchange has been a synonym of trust and efficiency since its inception in the year 1976, with branches in all major commercial areas of the UAE, Al Ghurair Exchange has been serving the diverse expatriate and local communities in the UAE; catering to their money transfer & currency exchange needs.
About Al Ansari Exchange
Al Ansari Exchange is in the business of money exchange and remittances and serving its customers since 1966. With a network of more than 80 conveniently located branches spread over the seven emirates of the UAE, extended working hours, fully computerized counters manned by a dedicated team of multilingual staff and a techno savvy back office team providing varied services, Al Ansari Exchange is recognized as a Market Leader in this business.
About LuLu International Exchange
LuLu International Exchange is part of the regionally renowned & diversified EMKE Group. Despite being a new entrant in the competitive foreign exchange & remittance arena, the management & staff of LuLu Intl Exchange come with a wealth of knowledge from within the banking, foreign exchange and remittance industries. Initial focus will cover the UAE market, with future plans to expand across the Gulf region.