MONTREAL -- Frisco Bay Industries Ltd. (NASDAQ : FBAY), announced that Frisco/ATMS, the joint venture between Frisco Bay Industries Ltd. and G.M. Automated Teller Machines Inc., has acquired the ATM network of Gava A.T.M. Ltd.
The acquisition of 98 sites will significantly enhance Frisco Bay's position in the retail or "white label" ATM marketplace in Canada. Terms of the acquisition were not disclosed.
The sites, located in Quebec, bring the Frisco Bay Canadian network of machines to over 600 units. Based on current volumes, Frisco Bay projects that it will process over 6 million transactions this year.
Ron Waxman, vice-chairman of Frisco Bay, said, "This recent acquisition greatly increases our market share of ATMs in the province of Quebec and solidifies our goal of capturing prime real estate locations throughout Quebec and the rest of Canada."
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