FORT WAYNE, Ind., Oct. 27, 2010 (GLOBE NEWSWIRE) -- Advanced Content Services, Inc's (Pink Sheets:ADCS) MTP Ventures announces that ServeNation, inc. (), its charitable prepaid reloadable debit concept, has submitted its program outline and due diligence materials to a nationally chartered financial institution with assets exceeding $300 million.
The bank is home to a division with a mission to provide premier electronic banking services throughout the United States for a variety of product line services. This bank has taken the lead in a number of electronic products and continues to lead the industry in electronic banking. They offer Merchant Acquiring Services, Prepaid Card Sponsorship, ATM Sponsorship, and Automated Clearing House (ACH) Services.
Materials were submitted by request of the institution after favorable review of MTP Ventures and its prepaid program for ServeNation, Inc. ADCS CEO, Mark B. Newbauer comments, "After attending PrePaid Expo 2010 in February, we've been in discussion with a few issuers and this one in particular, which remains unnamed for the time being , was hands down our favorite; Excellent executive staff and those willing to nurture our program to success with incredible relations with the other key components in the program- Processors and Networks. We've built an excellent rapport and are confident this will result in optimal results in favor of collective benefit."
He continues, "It's this cornerstone component that I feel will help position us for ultimate success in launching ServeNation, which has received a number of compliments from top industry players. It's like no other and we're thrilled to be at this stage in the game toward a nationwide launch targeting non-profits and corporations with various applications servicing the same end result-- passive giving, in which nearly every transaction with the card automatically generates funds for a worthwhile cause."
MTP Ventures expects to release the bank's decision in the coming days along with other updates in regards to progress on ServeNation and CopSwap.
ADCS MTP Ventures acquires, creates, co-ventures and/or incubates powerful, unique business models and Intellectual Property. The firm was initially formed to develop new ideas and IP, as well as to acquire distressed companies in need of a 'business makeover', and transform them into thriving entities with sustainable revenue and progressive growth.
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