FoneCash Inc. announced the cancellation of its agreement with Olympic Telecom, Inc., which was signed by the parties on July 25, 2002.
The Agreement would have given the Company preferred access to $100 million of telecommunications products, which would have been supplied by Olympic Telcom.
About FoneCash Inc.
Under an exclusive licensing agreement, FoneCash, Inc. designs, develops and manufactures electronic terminals for processing credit and debit cards of all the major banks issuers whose cards are accepted for payment by merchants worldwide. The Company’s products include software and proprietary processing services that provide end-to-end support of electronic financial transactions, utilizing wired and wireless networks for the transmission of data. The Company intends to market a complete processing system that is high quality and simple to operate. Revenues will be generated from sales/rentals of the terminals and from transaction charges.