Mexican Grocers Association to Provide Discover Prepaid Cards in 120,000-plus Stores

BRADENTON, Fla. -- Morgan Beaumont, Inc., a technology solution provider to the stored-value and prepaid card market and owner of the SIRE Network, said on Friday it has signed an exclusive agreement with Competisys Corp. to provide prepaid cards from Discover Network to the Mexican American Grocers Association (MAGA) channel of more than 120,000 grocery stores.

As part of the agreement, all of the MAGA stores that participate will also become members of the SIRE Network. Additionally, Competisys has signed an exclusive agreement with Morgan Beaumont to offer SIRE Network services, stored-value cards, and other financial services via their self-service kiosks.

"An estimated one-third of U.S.-born Hispanic residents and more than half of all Mexican immigrants lack bank accounts," said William Prentice, c.e.o. of Competisys, in a statement. "This agreement will enable us to provide an important, underserved market with financial tools designed specifically for their purchasing and payment needs. By 2009, Hispanics will account for approximately 1 trillion dollars in total purchasing power nationwide. We are projecting that we will be servicing the financial needs of several million consumers in the next three to five years."

As part of these agreements, Morgan Beaumont will be providing a variety of prepaid cards from Discover Network, including gift, payroll, and general spending.

The first shipment of Discover Network prepaid cards under the agreement is expected to occur in August 2006.

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