SmartCard Marketing Systems Inc. (SMKG:
OTC) enters into LOI to Acquire Ct-Payment Inc. the largest
independent processor for debit and credit EMV transactions in
Canada
Wilmington, DE -- August 27, 2015 -- InvestorsHub NewsWire --
Both SmartCard and CT Payments announced they have proposed to
enter into a reverse merger upon completion of growth capital
financing with SmartCard acquiring 100% of the shares of CT
Payments, Inc. in a stock-for-stock swap in order to form an
agnostic payment company. The new SmartCard company is focused on
Asian markets with growth being driven by Issuer & Acquirer
Banks & Telecom clients requiring EMV Payment solutions with
multiple Card network acceptance processing for their Retail &
Enterprise merchants. The corporation will take advantage of
development and technical expertise of CT Payments resulting in a
Card-present & Card not present product offering to create a
powerful EMV Host solution to be the center point of the combined
companies' strategy to accelerate EMV Devices for Wireless &
Mobile. Also mission critical is CT's device lab certification
expertise which is a key element in the deployment and scalability
currently needed in the industry to accelerate technology
implementation in the regions.
The acquisition will enable the company to aggressively advance
in the EMV deployment market globally with a robust and proven
technology platform managed by an expert IT team and payment
solution specialists. Furthermore, the transaction enables the
appointment of CT's senior executives to successfully finance and
expand operations of SmartCard Marketing Systems Inc (SMKG:OTC)
while the current senior management team will be focusing on global
market sales and corporate development. The terms of the LOI are
conditional to both companies completing due diligence on or prior
Aug 31, 2015 and SmartCard Marketing Systems Inc (SMKG:
OTC) raising a minimum of $4M capital round. SmartCard
Marketing has engaged two independent firms in California to
prepare and distribute the offering. The new financing will also
bring the public stock to a fully reporting status as well as a
dual listing on the Canadian stock exchange.
CEO Massimo Barone stated "We are very excited with this
opportunity and have been working thoroughly with CT's team to meet
the challenges and constraints of Banks & Telecoms to deploy
EMV Payment solutions to enable their portfolio of existing and new
merchants. Strategic opportunity to not only acquire CT Payments
but jointly expand in overseas markets offering a Turn-Key "EMV
HOST" for credit & debit card schemes that will facilitate
Omni-Channel solutions for retail deployments, Independent Software
Vendors allowing them to scale integration and allow large
deployments through Enterprise partners expanding our footprint
through Independent Sales Organizations."
CEO Denis Robert of CT-Payment stated "This merger will enable
CT-Payment to accelerate its product development cycle and bring
innovative payment solutions to the North American market while
simultaneously providing access to the necessary funding to support
the implementation of its technology and expertise to promising new
geographies such as Asia Pacific."
Mr. Paolo Continelli President of SmartCard also stated that
following the acquisition of CT Payments by SmartCard, a new
board similarly reflecting that of CT Payments current board will
be elected. In addition, CT-Payment Inc. & VelocityMwallet
Technology LLC will continue their operations under the new
structured ownership as subsidiaries which will continue to exist
in the closing transaction.
About CT-Payments Inc.
CT-Payment (CTP) has been setting the pace in electronic POS
transaction since 2002. It is North American leader in EMV
compliant payment services and is Canada's largest debit- and
credit-card processing company to be fully independent of Canadian
financial institutions and acquirers. As a member of Interac and a
debit acquirer, CT-Payment delivers integrated debit authorization
and settlement services on behalf of its customers and business
partners. As an experienced multi-acquirer service provider, CTP
offers transaction processing for point-of-sale debit and credit
terminals, customized web-payment integration solutions, and the
management of loyalty programs. CT-Payment further specializes in
the development of platforms for emergent technology in the Global
payment-processing ecosystem. It fully complies with PCI
international security standards. To find out more: www.ct-payment.com.
About SmartCard Marketing Systems Inc. (OTC:
SMKG)
SmartCard Marketing Systems Inc. develops EMV Payment, Check21,
Mwallet & Incentive solutions for Issuer & Acquirer Banks,
Telecom & Global Enterprise with Retail and Ecommerce Merchant
portfolio. SmartCard enables their channel by bringing their
merchants the best available technology enabled Multi-OS devices
and E-commerce in a licensing & transaction based SAAS model
that solves Interoperability, Scalability, Compliance and Best
Practice standards. www.smartcardmarketingsystems.com
SOURCE Smart Card Marketing Systems Inc (SMKG)