/24-7PressRelease/ - CHATHAM, PA, June 27, 2007 - IMR Group, Inc. has announced plans to launch its patented real-time rebate redemption system. Backed by a major technology trailblazer and entrepreneur, the company anticipates hitting market as early as this fall. "We started IMR in 2004 developing a scalable technology. Last January, the company began talking with consumer electronics manufacturers in Las Vegas at the Consumer Electronics Show (CES). We are now communicating with more than 30 companies, some of which are leading retailers," says 23-year old CEO Gregory C. Woodward. "With current rebate fulfillment processes, fraud is a serious issue and according to one New England-based electronic equipment manufacturer, the losses can be as high as 10% of total promotion payout."
In April 2007, IMR Group addressed the Federal Trade Commission (FTC) at their debate in San Francisco, held in response to the overwhelming volume of consumer complaints generated from rebates. The objective of the debate was to identify the best industry practices.
"Consumer complaints to the FTC regarding rebates have nearly tripled since 2003," says Woodward, "and for some major retailers the hassles generated from what is normally their manufacturer's rebate program amount to the number-one consumer complaint. Recently, a leading fulfillment company was sued by state treasurers for more than $40 million, claiming the un-cashed rebate checks to be escheat, or state property. Several states have recently enacted legislation that regulates the advertising of rebates. This has forced some retailers to assume unwanted liabilities for their manufacturers rebate programs. We have designed the IMR system to address these liabilities including fraud and to stay ahead of emerging state legislation."
As concluded by the FTC at their April 27th debate in San Francisco, the rebate industry has the opportunity to avoid federal regulation by restructuring its processes to become more consumer-friendly. Preserving the powerful marketing tool of rebates will require turn-key and cost effective solutions that are both consumer friendly and profitable for manufacturers and retailers alike.
For more information or to schedule an interview, please call 610-869-3064 or send inquiries to
info@imrgroupinc.net---
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Press Release Keywords:- ceo, ces, company, consumer, electronics, entrepreneur, escheatment, fraud, ftc, fulfillment, legislation, mail-in, market, patented, real-time, realtime, rebates, redemption, retailers, satisfaction, technology
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