LFR COMMUNICATIONS, INC

LFR Communications is a financial services company operating in emerging economies and mainly serving the unbanked. LFR runs two businesses: Graphcard and Virtual Terminal Network (VTN), a mobile/web transaction network. Graphcard has been operational since 2004 and acts as a means of payment for internet users in over 260 countries who don't have access to traditional credit cards or who prefer to pay by cash. Consumers fund their accounts before initiating payments to merchants. Graphc... ard offers online merchants a payment gateway that enables acceptance of secure cash payments. Graphcard serves as an ideal solution for auction sellers, online gaming, micropayments and digital content providers. Graphcard services lies "behind the merchant's buy button," converting physical cash to electronic cash paid to merchants. Virtual Terminal Network's online platform is akin to a cash-funded version of Paypal at one end and a cash-funded version of a credit card processor at the other, end PLUS money transfer products that can cross international boundaries -- everything FI-and telecom-agnostic. VTN blends online and physical worlds in a way that works for consumers in cash-based economies. It addresses a growing person to person market and is ideally suited for social media and IM payments. VTN offers, for the first time, an e-commerce payment solution that will open up many emerging markets to internet based transactions that have become commonplace in the developed world. VTN offers dramatic speed and a low cost price structure that allows it to be very profitable while charging very low processing rates and transaction fees. VTN is a next-generation online platform. It has a light modular and open platform architecture, web 2.0 aligned, safe and secure with additional online capabilities. In beta for over 2 years with roughly 6 million transactions, VTN is formally launching its service in Nigeria through its affiliate company, VTNetwork Nig LTD of Abuja, Nigeria, in partnership with Bank PHB and Oceanic Bank. VTN expects an announcement soon in the mobile money space.More