FleetCor Technologies, Inc. (NYSE: FLT), a leading global provider of fuel cards and workforce payment products to businesses, today announced the successful implementation of its Global FleetNet (GFN) fuel card processing system for Shell in the Philippines.
Shell selected FleetCor’s GFN platform as its global standard to be implemented in up to 35 Shell markets in Asia and Europe during 2013/14. This initial implementation is part of a 10-year contract with Shell that FleetCor has, in partnership with CGI - one of the leading independent information technology and business process services firms in the world. Future plans include the further deployment of GFN in seven additional Shell Asia markets and 27 European territories during 2013/2014.
“The successful GFN deployment in the Philippines in conjunction with CGI is quite meaningful. It confirms that our GFN system is fully capable of operating at the heart of a total platform solution that can meet the needs of large multi-national, multi-currency clients,” said Ron Clarke, FleetCor Chairman and CEO. “We further expect that this initial implementation will attract additional outsourcing business to the FleetCor and CGI service from around the world, which in turn gives FleetCor the ability to build deeper relationships with and value for those partners in the fuel card space.”
FleetCor began developing GFN in 2008 and has invested significantly to bring the platform to market.About FleetCor FleetCor is a leading global provider of fuel cards and workforce payment programs to businesses. FleetCor’s payment programs enable businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. FleetCor serves commercial accounts in North America, Latin America, and Europe. For more information, please visit www.fleetcor.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Some of these statements include those regarding the future deployment of GFN, acquisition of more fuel card outsourcing business from major partners, and any other statements about management’s future expectations, beliefs, goals, plans or prospects. Statements that are not historical facts, including statements about FleetCor's beliefs, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including difficulties integrating the acquisition or a failure to attain anticipated operating results, which could affect the accretiveness of the acquisition, and the other factors described in FleetCor’s periodic reports filed with the Securities and Exchange Commission. FleetCor undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time. Readers are further advised to review the “Risk Factors” set forth in FleetCor’s Annual Report on Form 10-K, which further details and supplements the factors described in this paragraph.
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