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Jonathan Pasternak, president of EFT Canada, said that "in the current economic environment, it is important for the proposed combined entity of EFT Canada and Secure Payment Systems, to not be encumbered by assuming debt at higher than normal levels due to the credit shortage." Based on discussions between the two companies, "it became apparent to EFT Canada and its board of directors that the proposed acquisition would not be completed without assuming significant debt, thereby reducing the overall return to shareholders. Further, it also became apparent to the company and its board that a re-negotiated, reduced purchase price was not a viable option due to the increased growth of Secure Payment Systems."
By terminating the acquisition Pasternak asserted, "EFT Canada and Secure Payment Systems each will retain financial flexibility and be in an advantageous position to pursue potential growth and acquisition opportunities."
About EFT Canada
Founded in 2003, EFT Canada Inc. is a financial processing company that offers a complete solution to the collection and payment processing needs of small and medium sized business merchants, banks, credit unions, and other financial firms in Canada and the United States. The Company develops, maintains and delivers innovative electronic transaction processing technologies, such as customized electronic payment and collection processing solutions and gift and loyalty card services, by drawing on its operational and applications expertise.
About Secure Payment Systems, Inc.
Secure Payment Systems, Inc. (SPS) (www.securepaymentsystems.com) was founded in 1996 by Linden (Lin) Fellerman, former 20 year employee and 10 year President of the Telecredit / Equifax Check Services subsidiaries. He attributes this success, and Secure Payments Systems' growth rate, to unprecedented customer service levels that begin and end with a philosophy that empowers sales agents and employees while rewarding and encouraging unusual attention to detail. www.securepaymentsystems.com.
This press release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein.
SOURCE: EFT Canada Inc.
EFT Canada Inc. Jonathan Pasternak (416) 781-0666 Website: www.eftcanada.com
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