BOCA RATON, Fla.–(BUSINESS WIRE)–Oct. 8, 2003–Power2Ship, Inc. (OTCBB:PWRI) has signed an agreement with Comdata Corporation(R), which allows Power2Ship (P2S) to use the Comdata Express Cash system to settle with P2S Member-Carriers. This arrangement allows P2S Member-Carriers to access funds from freight transactions processed through the P2S MobileMarket(TM) with a private-label Power2Ship Comdata Card. Member-Carriers are able to withdraw funds transferred to them from P2S at NO ADDITIONAL COST with the well known Comchek(R) (Convenience Check) at all locations that support the Comdata Network or have funds direct deposited to their bank accounts. P2S Member-Carriers can also access their funds from over 400,000 Cirrus(R) ATM locations and through the Maestro(R) network (MasterCard point-of-sale network). This relationship provides Power2Ship with a proven method to distribute funds to its Member-Carriers using the vast resources of the Comdata Network.
Michael Darden, Power2Ship’s President commented: “Most Carriers have a major problem in collecting their accounts receivable, making it very difficult to manage their cash flow. Our relationship with Comdata provides P2S Member-Carriers with a dependable method of determining when payments will be issued to their Comdata Express Cash card. This payment method eliminates postal service delays and cuts down on the number of trips to the bank. Power2Ship is very excited about this relationship as it enables our Member-Carriers to realize a strategic advantage over their competition.”
About Comdata Corporation
Comdata Corporation(R) is redefining the movement of money and information through technology for businesses, their customers and employees. A leading provider of transaction and information services, Comdata provides credit and debit processing and reporting for commercial fleets and merchants, electronic cash, gift and smart/chip card programs for retailers and governmental agencies, Comchek(R) eCash payroll services for food, retail and other service industries, and point-of-sale equipment for travel plazas and convenience stores. Headquartered in Brentwood, Tenn., Comdata employs more than 1,600 people internationally. Comdata is a wholly owned subsidiary of Minneapolis-based Ceridian Corporation. (NYSE:CEN).
About Power2Ship, Inc.
Power2Ship is an Application Service Provider (ASP) that delivers supply chain and logistics tools that utilize information from carriers, shippers and their customers to help enhance their supply chain effectiveness. Since April 2003, the Company has provided tracking and tracing services for approximately 64,000 shipments being transported for its Member-Shippers. Member-Carriers are given free, unlimited use of the P2S Asset Management Tool that, in conjunction with private-labeled P2S vehicle tracking devices, provides the location, destination and availability of their assets at their specified prices, through the P2S MobileMarket(TM) to Member-Shippers. Member-Carriers whose capacity has been selected through the P2S MobileMarket(TM) will now be issued a Comdata Express Cash Card where their settlement for services will be delivered. Visit the company’s website at http://www.power2ship.com for further information.