CALGARY, Dec. 19 /CNW/ - DirectCash Income Fund ("DirectCash") today
announced that it has entered into various services and marketing agreements
with the DirectCash Bank (the "Bank"), whereby DirectCash will provide
transaction processing and technology services to the Bank. The relationship
with the Bank will permit DirectCash to expand its merchant base by offering
new and innovative products.
Susan Gallacher has been appointed the Bank's President and C.E.O.
According to Ms. Gallacher, "The DirectCash Bank will (i) have access to the
existing DirectCash ATM network of over 5,500 ATMs in order to add a
cardholder base, (ii) apply for membership as an issuer in card associations
such as MasterCard, and (iii) enable DirectCash to enhance and expand its
prepaid products business in Canada. The Bank will be able to provide distinct
banking services, particularly to those customers in rural Canada who are
currently underserved by the Canadian banking industry." Jeff Smith,
DirectCash's President and CEO said "We are excited by the opportunity to
leverage and expand DirectCash's ATM and prepaid products businesses and offer
unique products and services for consumers and merchants in Canada through
collaboration with the DirectCash Bank. It is our expectation that as a result
of this relationship with a Canadian chartered bank, DirectCash will have the
opportunity to expand into markets and product offerings not previously
available to us."
Concurrent with her appointment as the President and C.E.O. of the Bank,
Ms. Gallacher will be resigning her position as Vice President of DirectCash
as of December 31, 2007. DirectCash is pleased to announce the hiring Mr. Todd
Schneider to fill the newly created position of Chief Operating Officer. Mr.
Schneider has recently held high level posts for DHL Express Canada, including
that of Area Director - Prairie Region, and Director of Sales - Western
Canada. Per Jeff Smith "We are pleased to add Mr. Schneider's experience to
our management team. Not only will he take over some of the duties that Ms.
Gallacher currently fills, but he will add invaluable expertise in the areas
of sales, operations and logistics."
DirectCash Income Fund
DirectCash is the largest branded ATM provider in Canada, operating under
the trade name DirectCash ATM, and is one of the leading providers of branded
non-financial institution debit terminals and prepaid products. Additional
information about the DirectCash is available on SEDAR (www.sedar.com) and the
Fund's website at www.directcash.net.
The DirectCash Bank is a privately held Canadian chartered bank that
received its letters patent of incorporation on October 3, 2007. The
DirectCash Income Fund holds no ownership interest in the Bank. The Bank is
expected to commence operations in early 2008 upon receipt of its Order to
Commence and Carry On Business from the Office of the Superintendent of
For further information:
For further information: Arie Prins, Chief Financial Officer, DirectCash
Management Inc., (403) 387-2103, email@example.com; Susan M. Gallacher,
President & C.E.O, (403) 387-2102, firstname.lastname@example.org