SAN DIEGO, Jan. 6 /PRNewswire-FirstCall/ -- Frontera Investment, Inc.,
(Pink Sheets: FRNV) announced today that fourth quarter revenues ended
December 31, 2008 totaled $1.92 million, a 59% increase over fourth quarter
revenues ended December 31, 2007 of $1.20 million. Total revenues for 2008
were $6.96 million, a 64% increase over 2007 revenues of $4.24 million.
Frontera has entered into two separate agreements to acquire five money
transfer stores in San Diego County. The seller will also remain the
exclusive money transfer company in those locations. Two of the five stores
will be closed and combined with existing Frontera stores, increasing revenues
in those locations. Frontera will add all its services to the remaining three
stores. Frontera currently operates 7 stores in Southern California and has
previously announced plans to open two new stores in first quarter of 2009,
which will bring the total number of stores in operation to 12.
Frontera also announced the appointment of Michael Herman as Chairman of
the Board. Mr. Herman has 29 years of experience in leading high growth
companies in both financial and asset management services. Mr. Herman has been
responsible for building and managing billions in corporate assets for both
public and private companies. Gil Partida, CEO, stated, "I am very pleased
that Mike has accepted the role of Chairman. He is extremely well qualified
for the job and has spent a significant amount of time over the last six
months learning the business and helping set company strategy." Mr. Herman
added, "I am very excited about working with all of the staff at Frontera to
implement on our proven strategy, while continuing to focus on existing and
new store growth plus increased store profitability. The Frontera model has
been developed with a diversified menu of targeted products and services
specifically designed to support our community of customers during all
economic market challenges."
The Hispanic market is currently estimated at 40 million consumers, over
half do not use any form of banking service. About 35 percent of the total US
households are un-banked or use alternative financial services companies.
Forward-Looking Statements:
Such forward-looking statements are subject to a number of risks,
assumptions and uncertainties that could cause the Company's actual results to
differ materially from those projected in such forward-looking statements.
These risks, assumptions and uncertainties include: the ability to complete
expansion within currently estimated time frames and budgets; the ability to
compete effectively in a rapidly evolving and price competitive marketplace;
changes in business strategy; and the successful integration of newly acquired
businesses.
SOURCE Frontera Investment, Inc.