Department of Financial Institutions Issues Final Cease and Desist Order Against Envios R.D. Corp.

San Francisco – Acting California Department of Financial Institutions (“DFI”) Commissioner Brian Yuen announced today that he has issued a final Cease and Desist Order, pursuant to Financial Code Section 1818 (“Order”) against Envios R.D. Corp. (“Envios”). The Order acknowledges that Envios ceased receiving money in California for transmission to foreign countries as of December 31, 2005, and specifies procedures to be followed by Envios to obtain the Acting Commissioner’s approval to resume the money transmission business. Envios received a license from DFI on April 8, 2003, to engage in business as a money transmitter pursuant to Financial Code Chapter 14 (commencing with Section 1800).

DFI and Envios mutually agreed to issuance of the Order in recognition of their common goals to ensure safety and soundness and compliance with applicable laws, rules and regulations.

DFI supervises over 700 financial institutions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers’ checks and payment instruments (money orders), and transmitters of money abroad. DFI reports to Business, Transportation & Housing Agency Secretary Sunne Wright McPeak and Gov. Arnold Schwarzenegger

###