Aug. 19, 2009 (Business Wire) — OLB Group, Inc. (OTC BB: OLBG) announced today that the company is continues to book increased revenues from product and subscription sales. The company recently reported its third consecutive quarter of rising revenue due to the increase in interest in starting and building a home based business during a time where unemployment has increased dramatically over the past year. A significant part of the company’s success in adding to its client list is the increasing number of “underemployed” people open to building another source of income.
Recently, the company launched a health insurance benefit platform which has generated a spike in inquiries from potential clients. The offered healthcare plan offers a subscribing client and their family affordable health insurance at a fraction of the cost of individual health coverage. As a ShopFast Distributor, clients qualify for a discounted group rate.
OLBG President and CEO, Ronny Yakov, said “With unemployment above 9% and some estimates of discouraged and underemployed people estimated to be over 16% of the U.S. labor force, OLBG is benefiting from an increase in clients and sales through the subscribing client’s business website. In other words, the current economic environment actually increases the demand for our products as more and more people are forced to work from home and start home based businesses. The health insurance program we offer is yet another way that OLBG allows its distributors to carry the health insurance they need for their families, which they would otherwise not be able to afford.”
Mr. Yakov continued, “We offer our clients an end-to-end e-commerce solution, including site creation, hosting, transaction processing, order fulfillment, customer service, sales reporting. In addition, we provide our clients with a virtual inventory of name-brand products from top-selling categories on the Internet at preferential wholesale prices. With a private label shopping site designed by OLBG, a client site obtains a unique look and feel, differentiating its site from others on the internet. This turn key approach is clearly very popular to clients who want to open a home based business, but do not know where to begin. We feel that need. We look forward to continuing our positive trend in revenue growth and breaking into eventual profitability.”
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About OLB Group
The OLB Group is an e-commerce service provider that delivers fully outsourced private label shopping solutions. We provide our clients with a seamless, end-to-end e-commerce solution, including site creation, hosting, transaction processing, order fulfillment, customer service, sales reporting, as well as a virtual inventory of name-brand products from top-selling categories on the Internet. Our private label shopping site is designed to maintain the unique look and feel of our customer’s website, providing seamless e-commerce functionality that keeps users on the on the shopping site at all times. Order fulfillment and customer service are also provided under the brand names of our clients. We remain invisible to the consumer. Our e-commerce platform also enables our clients to create their own online marketing promotions and to customize product content to meet the needs of their online users. Our turnkey online shopping solutions include “ShopFast Direct Shopping Database” or “ShopFast DSD.” and ShopFast PC (profit center). For more information, please visit http://www.olb.com http://www.shopfast.com http://www.shopfast.net
Legal Notice Regarding Forward-Looking Statements: “Forward-looking statements” may be included in this news release. These statements relate to future events or our future financial performance. These statements are only predictions and may differ materially from actual future results or events. The OLB Group, Inc. disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions (including in the information technology and financial information industry), actions of our competitors, the extent to which we are able to develop new services and markets for our services, the time and expense involved in such development activities, the level of demand and market acceptance of our services, changes in our business strategies.