Consorteum Holdings, Inc. today announced its intent to divide the company into the operational divisions it has been creating over the last 12 months. The company will divide its initiatives into three main business units: Consorteum Financial Services, MyGolf Rewards, and Technology Services.
Consorteum Financial Services will target the traditional payment markets, working with established partners such as NxSystems and 8760, relationships that have already been announced. This division is anticipated to be highly lucrative, resulting in long term contracts that produce ongoing revenue streams with recurring transactions. In order to effectively manage all of the new and existing opportunities, Consorteum Holdings said it will soon announce the appointment of a Vice President of Sales to oversee this business area.
The company also provided an update within this business division relating to Blue Sea Manning which is now one month into piloting its new payroll and multi-currency program. Consorteum is now able to offer the cruise ship and private yachting industry a proven new method of international payroll and currency settlement. As previously stated, this is a pilot for a much larger initiative and will be announced shortly.
The second business unit will be MyGolf Rewards. As previously announced, the company increased its ownership position in My Golf Rewards to a controlling interest. A pilot has been successfully completed and the program is now ready for rapid expansion both in North America and Internationally. To capitalize on this venture Consorteum has engaged a prominent capital company in Toronto to raise $1.5 million.
Consorteum Holdings’ third business area is a joint venture with or acquisition of Tenzing I.M. The combination of their resources will be focused on new and emerging technology partners. Consorteum’s business with Tenzing will be completely transaction based, thus adding value to Tenzing’s existing client base.
Craig Fielding, C.E.O. Consorteum Holdings commented, “This streamlining will help considerably as we build both our company and shareholder value. We will support the initiatives outlined above with independent financing and add considerably to the value of our overall portfolio.”
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