Prepaid Card Industry Innovator Becomes CEO for Transact Network Limited

GIBRALTAR, May 28, 2010 - Transact Network, a European emoney issuer, BIN sponsor and prepaid card
provider, announced today that Mr Colin Greaves, an industry-leading figure
in the European prepaid market, has been named chief executive officer and a
member of the board of directors*. He is scheduled to begin in July.

Mr Greaves was most recently operations director of Newcastle Building
Society, where he led the creation and development of a number of B2B service
companies, including growing Newcastle Card Solutions (NCS) - Newcastle's
renowned and market-leading prepaid card division. Under his leadership, NCS
became and remains the largest prepaid card issuer in the United Kingdom and
Europe and one of the top five issuers in the world, settling more than
US$1.6 billion of transactions in 2009. During his tenure at NCS, the company
achieved many notable firsts including initiatives in gift, teen, travel and
money share cards, and also issued Europe's first prepaid contactless cards.

Tobias Schreyer, managing director of Transact Network, said: "Colin is a
world-class talent and ideally suited to lead Transact Network into its next
era of growth. The board has found in Colin the exact combination of seasoned
executive in the prepaid market and respected leader. He is admired for his
management expertise and understanding of the opportunities around our
industry. The board is united in its view that his energetic and decisive
style, coupled with his proven track record of driving growth and operational
excellence, is exactly what Transact Network needs at this stage of its
development."

Mr Greaves, a board member of the Prepaid International Forum (PIF),
commented: "I am joining Transact Network at an exciting time. Transact
Network has accomplished a great deal in its relatively short history, most
notably its value-added, modular prepaid service package and its ability to
deliver it in every EU and EEA country.

"I look forward to working together with the management team to lead a
strategy to rapidly grow the company, build upon its reputation for quality
service and strengthen its already rigorous risk compliance. I believe that
we and our strategic partners and customers can together seize upon
significant opportunities in a mature European prepaid industry."

* The appointment is subject to regulatory approval.

Notes to editors:

1.) About Transact Network Limited

Transact Network is a regulated and licensed MasterCard and Visa Europe
Principal Member providing European BIN sponsorship and modular prepaid
services. MasterCard and Visa Europe Principal Members are financial
institutions that issue cards for use on the MasterCard and Visa Networks.

Transact Network issues Visa and MasterCard physical and virtual prepaid
cards. The Company's electronic money license has been successfully
passported into every EU and EEA member state enabling the issuance of
prepaid card programs across Europe.

The company's proprietary modular prepaid service platform is fully
integrated with many leading processors including Carta, ecommlink, FIS, M2
and PetaFuel and can also integrate with client proprietary processing
systems, enabling flexibility, cost-efficiency, fast program implementation
and reliable ongoing management. Multi-lingual project teams are dedicated to
service client prepaid card programs.

Transact Network clients include regulated financial institutions,
financial services companies, marketing organizations, mobile phone
operators, retail chains, large and small corporates, and governments.

For further information on Transact Network visit
www.transactnetwork.gi or contact Pete Burgess at
corp_com@transactnetwork.com or on +35020003835 or James Pieper on
+33-475-56-93-31 or at james.pieper@cornascom.com.

For further information on Transact Network visit www.transactnetwork.gi or contact Pete Burgess at corp_com at transactnetwork.com or on +35020003835 or James Pieper on
+33-475-56-93-31 or at james.pieper at cornascom.com.