WEST PALM BEACH, FL --(Marketwired - October 10, 2013) - FastFunds Financial Corporation (OTCQB: FFFC) announced today the formation of Financiera Moderna, as a wholly owned subsidiary of the Company to develop and market financial products and services targeted for the Hispanic Community.
Financiera Moderna ("FM"), or "Modern Finance", plans to develop an array of financial products to be marketed to the underserved Latino population. The spectrum of financial products to be offered included insurance, secured credit cards, real estate, mortgage products and financial literacy tools.
There are currently more than 50 million Hispanics in the United States and the U.S. census bureau has projected this group of consumers will have $1.5 trillion in purchasing power by 2015.
FM has signed a Term Sheet pursuant to which, it will hold interests in:
I. A Spanish Direct Sales organization distributing insurance and financial products throughout the Hispanic Community.
II. A Spanish Branded Real Estate Firm producing and airing Television shows and radio shows in Spanish to promote communities and drive home sales.
Execution of this vision will be headed by Alfredo Rodriguez, Chief Executive Officer of "Financiera Moderna". Mr. Rodriquez has demonstrated prior success in banking products, financial products, marketing, and direct sales. His personal understanding and expertise in developing a proprietary and replicable business model will be instrumental to the success and viability of the company.
Jayden A. Slentz, will be serving as President of Financiera Moderna. His experience as an executive with successful marketing, insurance, and real-estate will provide the guidance and strategy to penetrate one of the most underserved and expansive pockets of American society. Slentz will play a key role in operations, implementation, and development of new products and services.
The Term sheet signed provides the following key points:
- An exchange of voting common stock between the parties;
- An agreement to market financial products to the Latino community as FM may develop. Each product or services to be marketed will be addressed separately in terms of distribution channels, costs and profit margins;
- FM, through FFFC, will commit to provide working capital; and
- FM would receive a commission based on gross revenues of each entity.
Mr. Rodriquez and Mr. Slentz are the controlling individuals of the above entities entering into the Term Sheet with FM.
About FastFunds Financial Corporation
FastFunds Financial Corporation is a holding company that is publicly traded on the Over-the-Counter QB under the symbol "FFFC." The Company currently operates in the financial services industry segment with a single credit card services portfolio. The Company is currently seeking new business opportunities to diversify and complement our current services and products, enhance our technical capabilities and offer growth opportunities for our stockholders.
FORWARD-LOOKING STATEMENTS
This news release may include "forward-looking statements" regarding FastFunds Financial Corporation, and its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where FastFunds Financial Corporation expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. FastFunds Financial Corporation does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For Further Information contact:
Henry Fong
Chairman
561-514-9042
