Total Merchant Services and Advanced Merchant Services

In January of 2007, Total Merchant Services and Advanced Merchant Services commenced countersuits against each other in the Denver County District Court over contract disputes.  Both companies are pleased to announce that they have entered into a binding settlement agreement.   Under the terms of the agreement, Total Merchant Services will reinstate and pay to AMS amounts due and/or becoming due under pre-existing sales representation and residual release agreements. Total Merchant Services will also stop accepting new business and/or marketing under the name “Advanced Merchant Services” on and after October 1, 2007.  In turn, AMS will not pursue its claims for consequential, punitive, expectancy or similar damages.  In addition, AMS will pay amounts due to Total Merchant Services resulting from the reprogramming by AMS of certain merchant accounts previously referred to Total Merchant Services, to AMS’ new program.  Finally, AMS has confirmed its non-solicitation obligations regarding merchant accounts boarded under the “Advanced Merchant Services” program operated by Total Merchant Services.   We are very happy to have achieved an amicable end to an unfortunate situation and wish each other the best of luck moving forward as we compete fairly in the merchant bank card industry.