FreedomPay Names New Chief Development Officer Philip A. Valvardi, III

WAYNE, Pa., April 30 /PRNewswire/ -- FreedomPay, Inc., has named Phil Valvardi, former President of MAC(R) Network its new Chief Development Officer, the most recent addition to FreedomPay's senior management team.

Valvardi, 50, who started his career at Procter & Gamble and served as Vice President of the electronic payments division at CoreStates Financial Group will join the Wayne, PA company May 15.

Tom Durovsik, FreedomPay's Chief Executive cited Valvardi's background in the electronic payments industry. "Valvardi was instrumental in developing the MAC(R) Network serving 2,700 financial institutions, 50,000 automated teller machines and 42 million card holders. Phil has a wealth of experience driving strategic initiatives/corporate development, operations management and product management which will be a real asset to FreedomPay as we expand our global footprint."

In 1999, the MAC(R) Network was acquired by Concord EFS, Inc., which has since been acquired by First Data Corporation. Phil has a demonstrated ability to forge broad industry-wide partnerships and will bring valuable perspective in building partnerships in this new chief development role.

Phil holds an MBA from Drexel University and a BS from St. Joseph's University in Philadelphia. Phil resides with his wife Joan in Berwyn, Pennsylvania and has 3 children.

About FreedomPay, Inc.

FreedomPay, Inc., headquartered in Wayne, PA is the leading cashless payment solution provider to the foodservice industry utilizing RFID technology. FreedomPay provides turnkey cashless solutions for clients and operators looking for a flexible cashless program that can be customized to fit their needs. FreedomPay cashless solutions enhance cafe speed, convenience, and delivers guest loyalty and online purchasing options. FreedomPay investors include; The Goldman Sachs Group (NYSE: GS-News) a global leader in corporate equity and mezzanine investing; Blue Run Ventures headquartered in Menlo Park, California, with offices in Helsinki, Herzelia (Isreal), Mumbai, Seoul and Shanghai; and Core Capital Partners headquartered in Washington, DC, focused on investing in companies where technology is a driver of change in the business or sector.