Milestone, the AIM quoted (AIM: MSG) provider of digital media and technology solutions announces that an agreement has been signed between its subsidiary Nexstar and an international money transfer and pre-paid card group (the "Client").
Under the terms of the agreement, Nexstar will supply the Client with a virtual banking platform, pre-paid cards to be used by its own clients, and the technology to manage and administer both of these programmes. These services and the associated platforms will be fully operational by December 1st 2016 and will then be immediately revenue generating.
Nexstar will receive a monthly licencing fee for the virtual banking platform and a percentage of the activity value based on loading, transfers, withdrawals and transactions which will vary depending on the programme used.
Deborah White, CEO of Milestone commented: "We are pleased to be able to demonstrate further positive results arising from the development work undertaken with Nexstar and its recent achievement of ISO status. This contract adds to a growing number of positive developments taking place within the Company - I look forward to updating on progress with these contracts and further deals as the year goes on."
The Client is an India based international money transfer and pre-paid card group whose clients are predominantly from the Indian business community and trade all over Asia. Milestone estimates that an average of up to £250,000 a day will be handled by the Client and processed through Nexstar's service.
Nexstar, a joint venture entity between Milestone and Black Cactus, is a technology provider delivering payment solutions and digital entertainment. The Nexstar platform is designed to meet the needs of clients, offering access to unique financial technology which has global regulatory approval, the most current streaming content for music, movies and TV, as well as transactional (downloadable) content from a number of global providers.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.