LAS VEGAS, NV–(Marketwired – Aug 18, 2015) –
New Wave Holdings, Inc. (OTC: NWAV) announces today that it has received an LOI from a leading provider of financial, mobile and payment technology solutions to move forward as the Program Manager for SchoolFuel.
The Company plans to sign this week, after which it will announce accountable details to shareholders toward a long-awaited card launch for the SchoolFuel program, along with strategic partners the program manager has identified as dynamic complements to the card Program, including additional profit centers.
SchoolFuel is described as “scrip on steroids,” and streamlines existing scrip provider platforms that, over the past 20 years, have seen over $9 billion in retail sales and nearly half a billion dollars donated to schools.
SchoolFuel provides parents and faculty with a Network Co-Branded Prepaid Reloadable Debit Card, allowing a donation to be effected with each and every swipe of the card, regardless of where it is used. The SchoolFuel card will also provide retailer discounts and value-added benefits to its cardholders, making it a one-of-a-kind tool.
This program manager is not one that uses vendors supported by The Card Collaborative International (“TCCI”), a Company founded by Shawn Carden, a Prepaid Industry Executive announced earlier this year as NWAV’s CEO.
As a result, to avoid any conflict of interest with TCCI’s other clients, Mr. Carden will no longer serve as CEO for New Wave. Chairman Newbauer will serve as interim CEO until a new CEO who specializes in the payments industry is selected by the Board.
The Company will proceed with its application under the new Program Manager’s guidance and expects to receive a definitive launch date for the program once the application is completed
“We are thankful for the understanding and patience shown by our long-term shareholder base as the most exciting times are yet to come,” states Newbauer.
“Launching this program has been no small feat, but we will proceed with the LOI and application immediately, and launch this program. My hope is that each and every shareholder will also become a SchoolFuel cardholder so that you can witness the power of this program with each and every swipe!”
The Company will also upload its Q2 reports to OTC Markets by end of week.
New Wave Holdings is a Holding Company focused in electronic payment services and solutions with a focus in bringing innovative prepaid programs to market. The company strives to be a leading contender in the issuance of prepaid solutions and services that are both highly marketable and with socially conscious profitability.
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