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Global Payment Technologies Form Strategic Alliance with Evolve Corporation PLC

Thursday 24 February 2005 03:06 CET | News

Global Payment Technologies, has completed a strategic alliance allowing for the formation of Evolve Corporation PLC (Evolve), based in the United Kingdom, to serve the retail cash management venue.

Under the terms of the agreements, Evolve will own 100% of Abacus Financial Management Systems (AFM) and of Evolve 100, and GPT has exchanged its 25% ownership interest in AFM for a 12.5% ownership interest in Evolve. AFM provides integrated and stand-alone cash management systems to the retail industry for paper currency handling of which GPTs validators are the key component. Evolve 100 provides integrated and stand-alone cash management systems to the retail industry for coin currency handling. For the next twelve months GPT has no funding requirements to Evolve. In addition, AFM USA, Inc., which is 80% owned by GPT and 20% owned by James Redding, will receive a 12 month extension as a non-exclusive distributor of Evolve products in the USA.


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Categories: Payments & Commerce | Payments General
Countries: World
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