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The following is an excerpt from a 10QSB SEC Filing, filed by MORGAN BEAUMONT INC on 8/15/2005.
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NFINANSE INC. - 10QSB - 20050815 - OTHER_INFORMATION

ITEM 5. OTHER INFORMATION.

Completion of Purchase of Certain property and equipment From MTel.

The Company closed on its acquisition of telephone switches equipment and related rights from MTel Communications, Inc. ("MTel"). A copy of the Asset Purchase Agreement with MTel and a Consulting Agreement with Mike Vazquez are attached as Exhibit 8.2. and 8.3. to the Company's Form 8-K filed on May 20, 2005.

Establishment of MBI Services Group, LLC

The Company established MBI Services Group, LLC (the "Services Group"), a wholly owned limited liability company registered with the state of Florida, and named Erik Jensen, the Company's President, as the Managing Member. The assets purchased from MTel were transferred to the Services Group with $50,000 being designated as contributed capital and the remaining $898,200 payable to the Company.

Extension of eChex Note

The Company entered into an Accord, Mutual Release and Non-Disparagement Agreement with eChex. Under this agreement, the Company assumed all rights and obligations of eChex under their Broker-Client Agreement with Acosta, Inc. ("Acosta") in return for an extension of its note receivable due from eChex.

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Both companies mutually released each other and Acosta from litigation concerning the past relationships between the parties and the Company also extended the term of the Note an additional six (6) months. In exchange for releasing the personal guarantees of the three principal officers and shareholders of eChex, eChex assigned all revenue under the Broker-Client Agreement to the Company. A copy of this agreement is attached as Exhibit 8.1.1. to the Company's Form 8-K filed on May 3, 2005.

2005 Options Issued to Employees

The Company granted 10,175,000 options to purchase the Company's stock to various employees at exercise prices equal to the trading value of its stock on the date the options were granted (subsequently and before June 30, 2005, 733,333 of these options were canceled when employees left the employ of the Company). A copy of this stock option plan is attached hereto as Exhibit 5.1.

EMPLOYMENT AGREEMENTS

Scott Matthews

The Company hired Scott Matthews as its Vice President of Business Development. Prior to his joining the Company Mr. Matthews was the founder and Chief Executive Officer of Platinum Financial Group, a marketing company that managed six stored value MasterCard programs.

Michael Rejbeni

On April 26, 2005 Michael Rejbeni tendered a 30 day notice of resignation under his contract as Vice President of Sales. During the 30 day period the Company renegotiated the services of Mr. Rejbeni as Vice President of Operations and a new employment contract was agreed upon.

Roderick Braido

Roderick Braido, the Company's Vice President of Western Operations, resigned effective June 30, 2005. The Company does not plan on replacing the position at this time.

MATERIAL AGREEMENTS

Agreement with Virtual Card Services

The Company entered into that certain, exclusive Stored Value Card Distribution Agreement with Virtual Card Services, LLC ("VCS") dated May 19, 2005 pursuant to which VCS will market the Company's debit cards to automotive dealers nationwide who are focused on serving the sub-prime market, as well as to its own customer of sub prime consumers. VCS acts as the intermediary between a vendor and financial institutions via its 'Virtual Vendor' system. A copy of this agreement is attached as Exhibit 8.1.1. to the Company's Form 8-K filed on June 3, 2005.

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Agreement with Network Management Inc.

The Company entered into that certain distribution agreement with Network Management Inc. ("NMI") pursuant to which NMI will supply Morgan Beaumont's Stored Value and Debit card products as well as deploy the SIRE Network technology to NMI's sales channel of 6000 retail locations. A copy of this agreement is attached as Exhibit 8.1.1. to the Company's Form 8-K filed on June 21, 2005.

Agreement with Western Union

The Company entered into that certain Swift Pay Service Agreement with Western Union to allow the Company's cardholders to load funds on to their Morgan Beaumont cards at all of Western Unions' approximately 45,000 locations within the United States. The Company believes the integration of its programs with Western Union infrastructure will take between 30 to 60 days and will be complete late in the fourth fiscal quarter 2005 or early in the first fiscal quarter of 2006. The Company expects the integration and technical costs to be nominal and does not consider the integration with Western Union to adversely impact the Company's technical or operational capacity. Western Union will charge the Company's customers a fee for loading their cards and will pay a commission on those fees to the Company. The Company has guaranteed to Western Union a minimum monthly volume of 500 transactions in the first year and 1500 transactions per month thereafter. The Company will pay to Western Union $4.95 for each transaction less than the monthly minimum. A copy of this agreement is attached as Exhibit 8.1.1. to the Company's Form 8-k filed on June 24, 2005.

Distribution Agreement with CGS Financial Technologies

The Company entered into that certain Strategic Partnership with CGS Financial Technologies ("CGS") in which CGS will distribute the Company's card products through its retail channels. A copy of this agreement is attached as Exhibit
8.1.1. to the Company's Form 8-K filed on July 7, 2005.

Distribution Agreement with Symmetrex Inc.

The Company entered into that certain Distribution Agreement with Symmetrex Inc. ("Symmetrex") in which Symmetrex will distribute the Company's card products through its retail channels. A copy of this agreement is attached hereto as Exhibit 5.2.

Bin Sponsor Agreement with First Gulf Bank

The Company entered an agreement with First Gulf Bank ("First Gulf") in which First Gulf agreed to become a Bin sponsor for some of the Company's branded Visa cards for prepaid programs approved by Visa in return for fees based on transactions on the cards. The Company has been approved as an Independent Sales Organization ("ISO") for First Gulf Bank. A copy of this agreement is attached as Exhibit 5.4. to the Company's 10-KSB filed on May 10, 2005.

Sublease Agreement with GEBO Corporation USA

The Company entered a certain Sublease Agreement with GEBO Corporation USA ("GEBO") in which GEBO will sublease to the Company certain premises consisting of 20,000 square feet in the same building as 6015, LLC located at 6015 31st Street East, Bradenton, Florida 34203, for the purpose of office space and

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related uses of the business to be operated by the Company. During the term of the sublease, the Company shall pay base rent in the sum of $8,333.33 per month. A copy of this agreement is attached hereto as Exhibit 5.4.

Press Releases

On August 10, 2005, the Company issued a press release announcing the new agreement with Meta Payment Systems to develop stored value ATM/Debit card programs.

On August 12, 2005, the Company issued a press release the fiscal third quarter results for the period ended June 30, 2005.

BROKERAGE PARTNERS