Today before the opening bell, Consorteum Holdings, Inc. announced that its wholly-owned subsidiary Consorteum, Inc. has signed a five year Prepaid Card Distribution Agreement with Peoples Trust Company to provide a “Consorteum custom branded” MasterCard prepaid payroll card program to First Nations communities throughout Canada.
Through the agreement, Consorteum will be able to market and distribute its own co-branded MasterCard prepaid payroll card (branding to be announced) such that the cards can be directly loaded by each First Nations community administration with payroll and benefits through direct payroll loads. According to the press release, the cards will be issued by Peoples Trust Company as a licensed issuer of MasterCard prepaid cards in Canada.
The company anticipates launching the program early next year, with the program initially being marketed to over 600 First Nations communities in Canada with more than 400,000 eligible participants. Consorteum will share revenues generated by the program operation directly with those participating communities and believes that the revenue sharing arrangements may create employment and training opportunities within those communities.
Craig Fielding, CEO of Consorteum Holdings, Inc., commented, “After a long time planning and building the relationships required to deploy this program, we are very happy to be launching the program. This initiative is a priority for Consorteum Holdings as it validates the work put into it by a very dedicated team. Given the relationships and commitments we have already received, we expect to see the positive adoption of the program in early 2011. We expect the success of the program to drive revenues directly back to the participating communities to help train, employ and support the local First Nations communities.”
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