Milestone Group PLC : Nexstar Signs New Payroll Contract
31 October 2016
MILESTONE GROUP PLC
("Milestone" or the "Company")
Milestone, the AIM quoted (AIM: MSG) provider of digital media and technology solutions announces that a contract has been signed with its subsidiary, Nexstar and a UK based entertainment industry payroll specialist ("Payroll Specialist").
Nexstar, using its status as an Independent Sales Organisation (ISO) will provide an innovative payroll payment solution which will include, but is not limited to, providing the Payroll Specialist with white labelled pre-paid cards to issue to its clients and the allowing use of the Nexstar financial platform to control payroll administration and payments. This service and the platform will be commissioned in the next few weeks and will then be immediately earnings enhancing.
Nexstar will receive a fee per platform built for each of the Payroll Specialist's clients who request this service and a percentage of all transactions on every pre-paid card issued.
Deborah White, CEO of Milestone commented:
"Having ISO status through a major global payments corporation is giving Nexstar access to a large global market of companies involved in the payroll services and reward space. These companies are increasingly seeing the cost savings and benefits of using pre-paid cards in their payroll and coupled with the financial platform and our ISO status we believe we have a strong product and service mix to offer."
About the Payroll Specialist
The contract is with one of the largest providers of payroll services to the entertainment industry in the UK covering casino's, nightclubs, bars and restaurants and includes household names on its client list. Milestone estimates that an average of around £100,000 a day will be processed through Nexstar's platform. The Payroll Specialist not only offers payroll services to its clients but also elite reward programmes and high end concierge services.
About Nexstar
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, 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.
For further information:
| Milestone Group PLC | |
| Deborah White, Chief Executive | Tel: 0207 929 7826 |
| Cairn Financial Advisers LLP, Nominated Adviser | |
| Liam Murray/Sandy Jamieson | Tel: 0207 213 0880 |
| Hybridan LLP, Broker | |
| Claire Louise Noyce | Tel: 0203 764 2341 |
| Walbrook PR Limited, PR | |
| Gary Middleton/Paul Cornelius/Paul Whittington | Tel: 0207 933 8780 |
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Milestone Group PLC via GlobeNewswire
