The private placement agreement also contains provisions that would raise approximately an additional $6 million in equity capital. The company intends to deploy the capital raised to execute its business plan, enlarging its presence in credit card services through internal growth and acquisitions; becoming a first tier credit card processor, which will immediately increase profit margins; completing its acquisition of Neos Merchant Solutions, a rapidly growing gift and loyalty card company; and, bolster its international business in credit card services, particularly in Canada. These actions are expected to enable the company to exceed its minimum revenue projections of $22 million for 2004.
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