OVERLAND PARK, KS--(Marketwire - 06/07/11) - Flint Telecom Group, Inc. (OTC.BB:FLTT - News) ("Flint Telecom" or the "Company"), an international telecoms technology and services organization, announced today that it plans to expand its debit card and mobile remittance operations to Europe and the Middle East by enhancing the Company's existing resources in Ireland. By growing existing operations in Ireland, Flint Telecom aims to provide prepaid debit cards and mobile remittance technology and services to European and Middle Eastern mobile operators, banks and other program sponsors in the region in the second half of 2011.
The market for mobile remittance services and prepaid debit cards continues to experience rapid adoption and growth. Juniper Research ("Juniper"), a leading international research firm, recently forecast that, based on gross transaction values driven principally from migrant workers based in developed countries, the international mobile money transfer market will be worth in excess of $65 billion by 2014. Juniper also expects North America and Western Europe to be the main remittance sending regions by that time.
Mobile phones provide a new remittance channel with greater reach than traditional methods. Mobile phones now significantly outnumber ATMs, giving mobile operators a level of reach far greater than money transfer providers and banks, and therefore, are uniquely positioned to solve the access problem and drive costs down to levels that open the formal remittance channel to users that would otherwise seek informal methods of remittance. The Irish office is tasked with developing relationships with banks and mobile operators in the region and to strengthen links with our growing number of partner banks in India and Vietnam.
Vincent Browne, Chairman and Chief Executive Officer of Flint Telecom, commented, "I am obviously very pleased to announce enhancement of our operations in Ireland, my home country. Despite the downturn, Ireland, as a key member of the European Union, continues to punch above its weight with regard to attracting foreign investment given its access to European markets, educated and experience workforce and to its firm commitment to low corporation tax. We already have a strong team in Ireland with years of international sales and market development experience that we will leverage to grow our mobile remittance business in these geographies. While we do not expect any revenues from this office in 2011, we are taking the steps now to establish ourselves in these markets, at no additional cost to the group, to establish ourselves as a key player in these markets."
About Flint Telecom Group, Inc.
Flint Telecom Group Inc. is an international Telecoms Technology Organization with a portfolio of companies that deliver VoIP and wireless communications and prepaid financial products and services globally. Headquartered in Overland Park, Kansas with offices throughout the US, India and Ireland, Flint Telecom Group is a fully reporting company trading on the OTC Bulletin Board® (OTCBB) under the ticker symbol: FLTT.OB. Flint Telecom ranked number 72 in the 2010 Deloitte Technology Fast 500™, Deloitte's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Flint Telecom was founded by a team of telecom and technology experts with a proven track in building and maintaining international technology companies. Additional information may be found at www.flinttelecomgroup.com.
Forward Looking Statements
This press release contains forward-looking statements. Words such as "expects," "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the U.S. Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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