uBUCK Technologies Ships Commercial Prepaid Debit Cards to Deltec Bank & Trust for Initial Launch and Forecasts $1 Million Monthly Recurring Revenue in Summer 2020
VANCOUVER, Jan. 9, 2020 /CNW/ - LiteLink Technologies Inc. ("LiteLink") (CSE:LLT)(OTC:LLNKF)(FRA:C0B), a key player in logistics platforms and payment solutions, is pleased to announce that its subsidiary uBUCK Technologies SEZC ("uBUCK") has shipped & commercialized the first batch of uBUCK prepaid debit cards to Deltec Bank & Trust ("Deltec"), as per the Strategic Alliance Agreement announced on November 8, 2019.
The uBUCK prepaid debit cards have been shipped to Deltec headquarters in The Bahamas. Upon completion of the first batch of card issuance, uBUCK will move forward with the next phase of this strategic commercial relationship of further commercialization of its debit card platform.
Under the Strategic Alliance Agreement, Deltec agreed to sell uBUCK prepaid debit cards from the uBUCK platform to their existing bank and wealth management clients, market the card program to regional private bank networks in the Caribbean, South America, Asia and Europe, as well as provide a technology platform that is a dedicated white label card programs to their existing digital asset exchange clients.
To date, uBUCK has received $175,000 USD from Deltec for debit card funding for customers to use.
Deltec has approximately 2,000 private banking clients (who may request more than one card per client). Deltec's presence in an exchange network of other banks expands the potential market of uBUCK cards to millions of customers.
"We are very excited to execute the first phase of our strategic partnership with Deltec, a highly regarded financial institution with a range of private banking and financial products expertise," said uBUCK CEO James Youn. "Once the initial batch of cards are released with Deltec and their customers, we will move quickly to the next phase which includes providing uBUCK prepaid debit cards to Deltec clients across the globe. Deltec has been the right partner to confirm our business model and distribution channels to get us to our target $1M monthly recurring revenue mark this summer. Our revenue forecast is based on business growth via Deltec, growth in private banks that need our technology, commercialization of uBUCK Pay on Google and Apple app stores, as well as the prospective roll-out of our physical store distribution channels."
uBUCK plans to use this as a stepping stone to globalize their debit card reseller program, allowing any approved financial establishment to offer a debit card program to their existing or new customer base.
About Deltec Bank & Trust Limited
Deltec Bank & Trust Limited is the flagship company of the Deltec International Group, a diversified independent financial services group, providing through its member companies a range of private banking and fiduciary expertise, fund administration, investment management, digital asset financial services, insurance solutions, and corporate and merchant banking capabilities.
About uBUCK Technologies SEZC
Based in Georgetown, Cayman Islands, uBUCK is a fintech enterprise that specializes in digital payments and wallets. uBUCK Pay, its online payments platform and pin voucher solution, offers consumers, businesses and merchants a fast, commission-free and highly secure alternative to traditional payments. Customers can purchase pin vouchers within the uBUCK Pay app or at participating resellers. For details about uBUCK Pay, please visit uBUCKpay.com. For details about Streambucks, please visit Streambucks.gg.
About LiteLink Technologies Inc.
LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF) (FRA:C0B) is a major player in developing world-class enterprise platforms that utilize artificial intelligence, blockchain, and predictive analytics to solve fragmented and outdated technology problems in the logistics and digital payment industries. Our flagship 1SHIFT logistics platform offers real-time transparency and tracking which allows brokers, shippers, and carriers to track shipments and settle payments in real-time.
Forward-looking Statement
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the nature of the business of uBUCK or LiteLink, and other factors or information. Such statements represent LiteLink's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by LiteLink, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. LiteLink does not intend and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
SOURCE LiteLink Technologies Inc.
Yana Bobrovskaya at 604-307-2553 or email [email protected].
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