Transact Network Announces 4 New Executive Director Appointments*

GIBRALTAR, October 6, 2011 /PRNewswire/ --

Transact Network's Board of Directors today announced that founder Kiran Sidhu will replace Colin Greaves as the Executive Chairman of the Company and Deependra Bhartari* is joining as Chief Operating Officer.

"Our rapid growth requires a larger set of executive directors. I am excited to succeed Colin as business leader of Transact Network.  I thank him for his time spent with us and wish him all the best with his return to his home in Newcastle," said Kiran Sidhu.

"We are excited that Deependra has joined Transact as Chief Operating Officer.  Deependra was instrumental in the successful growth of Party Gaming (now BWIN Party Gaming) as their Director of Transaction Services working with Party Gaming from start up through to their successful LSE listing.  After leaving Party Gaming, Deependra then spent the last four years building India's second largest online education company Next Education," added Kiran Sidhu.  "His extensive experiences in high growth situations where payments, technology and anti-fraud experience play critical roles augment the efforts that Transact Network is making in defining a leadership position in the prepaid space and in developing new payment services offerings within Europe."

"I am exited about the opportunity to work with Transact Network, I believe the company is well positioned in Europe and am looking forward to working with Kiran and the team at Transact," said Deependra Bhartari.

Also joining Transact is LeAnna Sidhu* as Marketing Director. LeAnna has extensive experience in marketing and advertising.  LeAnna served as president of YouTicket.Com, an online ticket-marketing portal.  In addition, she worked for Park Place Entertainment's Paris Las Vegas Hotel managing its marketing campaign during their launch.  Prior to her time with Park Place Entertainment, she served as Vice President of Advertising for Guess, Inc's baby and children's divisions operating under the licensee, Pour Le Bebe Inc.  At Transact Network, LeAnna is responsible for all corporate communication and related marketing activities.  In addition, LeAnna will also be working closely with Transact Network's co-brand partners on specific marketing initiatives within their respective target markets.

In addition, J. Francisco A. Turner is moving from his role as a Non-Executive Director to Business Development Director and will be responsible for developing new prepaid products and solutions, seeking new business opportunities, as well as overall client relationship management.  "We are very pleased that Francisco will be taking on a more day-to-day operational role in the business.  His extensive knowledge and experience in the financial services and prepaid industry will strengthen Transact's business expansion plans and also ensure that our clients objectives' are better supported going forward," said Kiran Sidhu.

Lastly, Damian Asquez, appointed earlier this year as the Company's Finance Director, will assume day-to-day operational management of the BIN sponsorship business.  "As our BIN sponsorship side of the business continues to grow it now requires senior leadership on a daily basis.  Damian is best suited for this task given his extensive experience in all the issues around this business segment," said Kiran Sidhu.

All four directors will be working at Transact Network's Gibraltar Headquarters.

* Subject to regulatory approval where required

About Transact Network

Transact Network is a MasterCard and Visa Europe Principal Member providing European BIN sponsorship and modular prepaid services.  Transact Network's electronic money and payment service permissions have been successfully passported to every EU and EEA member state enabling the issuance of prepaid card programs across Europe.  The Company's proprietary modular prepaid card service platform enables bespoke, scalable solutions, rapid implementation, low entry costs, reliable ongoing management and proven risk reduction.  The Company can implement a prepaid program from concept to launch in approximately 90 days. Transact Network is a licensed and authorized e-money institution by the Gibraltar Financial Services Commission and has fully owned subsidiaries and offices in England, India and Bulgaria, as well as affiliate sales offices in France and Germany.

For more information about the types of products and services Transact Network provides please visit: http://www.transactnetwork.com.