NetSpend signs definitive merger agreement with Skylight Financial

NetSpend has 30,000 card purchase locations and a total of approximately 65,000 debit card reload locations and has so far issued over 14 million prepaid debit and giftcards. NetSpend also offers full self-service sales and delivery capabilities through its web and mobile platforms. Skylight Financial is a provider of account-based financial servies focused mainly on serving unbanked and underbanked consumers in the US and has strategic partnerships with U.S. Bank and SunTrust, and has over 1,000 corporate client relationships for its payroll card and other prepaid debit products. NetSpend’s headquarters will remain in Austin, Texas, while Skylight will still operate from its current location in Atlanta, Georgia. The transaction, which was approved by the board of directors of the two companies, is subject to certain customary conditions and is expected to close in Q3 2008. Upon the closing of the transaction, Skylight will continue to activate under the same name for an undetermined amount of time, as a subsidiary of NetSpend Holdings, parent corporation of NetSpend Corporation.