Miami, FL -- (ReleaseWire) -- 11/22/2016 --Dakshidin Corporation (OTCPink:DKSC) is happy to announce that it has entered into an agreement to license its proprietary bank card platform to Condor Financial Services Inc. (Condor) in exchange for 15% of the gross fees generated by Condor with DKSC's bank card platform. Additionally, DKSC will own a 32% equity share in Condor.
As DKSC will not be responsible for any of Condor's operational expenses, the revenue generated by DKSC through this joint venture is expected to have an exceptional profit margin.
The platform will initially be marketed to and via ethnic communities with emphasis on utilizing DKSC's remittance system tied to its proprietary mobile banking platform (Scoot) thereby allowing people to send money from the US to their families in their countries of origin and have those funds be available immediately on cell phones in the country it is sent to. To our knowledge this combination is unique and therefore will allow Condor to offer a service that no one else in the global remittance market is able to. In 2014 the global remittance market was in excess of $500,000,000,000 (USD 500 hundred billion). Multiple parties have already expressed interest in using the transfer service. Chris Haigh, who was involved in the development of the bank card platform and has nearly 20 years experience in the prepaid card industry will be Condor's CEO.
J. Mark Seaton, CEO of Dakshidin, stated earlier this week, "We are excited not only by the finalization of this deal and how it will move the company forward but also the impact it should have on our long-standing investors by increasing shareholder value. The management team is rightfully proud of this deal and where it will take the company."
Contracting the underlying bank for Condor is a lengthy & costly process. The company plans to share updates as they become available to keep DKSC shareholders abreast of the progress.
DKSC plans to complete the previously announced name change to Fontus in the near future and additionally intends to update its filings so as to bring the company current.
Various parties with significant followings have expressed interest and additional information will follow soon on the industries, countries and contacts Condor plans to focus on initially.
Dakshidin Corporation, to be renamed Fontus, focuses on managing and marketing its proprietary bank card platform, specializing in prepaid bank card products and services, including:
Global banking and card loading network relationships.
Deploying its proprietary mobile transaction notification system (SCOOT ™), that allows anyone with any cell phone to store, send and receive funds anywhere in the world using a Scoot enabled prepaid debit card.
Providing its clients with turnkey prepaid Visa/MasterCard® card programs as well as private label card programs.
The platform also supports payday advances and micro-loans.
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Dakshidin Corporation Investor Relations
Toll free: 877-397-7722
Source: Uptick Newswire