Remittances grew from $49.6 billion in 2009 to $55 billion in 2010
Vincent Browne, Chairman and CEO of Flint Telecom Group, commented, "This will be another major milestone for us in early 2011 and was a key consideration in acquiring Ingedigit and Power2Process in October. India is one of the main emerging markets in the global economy and is clearly a highly attractive market for remittances and mobile financial services where currently less than 1% of the population use these types of services. Many leading analysts expect this number to increase to over 10% or 120 million users by 2015, accounting for approximately 8 billion transactions a year."
Mr. Browne added, "The banking relationships are the critical success factor in the India market and Mr. Najeeb and the team in India and here in the U.S. have done a truly remarkable job in developing such strong banking relationships over the past few years. This is a significant competitive advantage. IISS and its banking partners will offer services both within India and to the millions of Non Resident Indians overseas. IISS receives fees for every transaction carried out by users of the services. We expect IISS to attract significant numbers over the next few years due to the rapidly growing remittance and mobile money transfer segment in India and in conjunction with our banking clients that already have millions of customers that will want these services."
About Flint Telecom Group, Inc.
Flint Telecom Group Inc. is a fast growing Telecoms Technology Organization with a portfolio of companies that deliver next-generation IP communications and prepaid financial Products and Services. The Company was founded by telecom and technology entrepreneurs with a proven track record in building global technology companies. Flint Telecom has grown both organically and through corporate activity and is traded on the OTC Bulletin Board® (OTCBB) under the ticker FLTT.OB. Additional information may be found at www.flinttelecomgroup.com
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. 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, risks associated with the integration of businesses following an acquisition and other factors described in the Company's filings with the 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.
