STRATEGIC PARTNERS
March 6, 2002
LOS ANGELES, Aug. -- Six million dollars in cash and stock has cleared the way for the assimilation of e-commerce into the ATM mainstream.
Cash Technologies Inc. (Amex: TQ), announced it has agreed to acquire up to 100 percent of RBSA Inc. Basedin Carrolton, Texas. RBSA is an industry leader in off-premise ATM processing. The company handles close to 2 million transactions each month on 5,000 ATMs nationwide.
RBSA supports almost every type of ATM used in the United States and provides a variety of advanced customer service technology, including real-time, Internet accessible reports and the ability to rapidly set up new ATMs online. The acquisition will also allow ISOs and merchants to utilize Cash Tech's platform right away with its ability to implement new e-commerce functions.
Cash Technologies has developed the EMMA (e-commerce Message Management Architecture) system that gives consumers and businesses access to a variety of financial services through ATMs, the Internet and POS terminals. Cash dispensing as well as event ticketing, electronic bill payment and interactive advertising are possible with EMMA.
Installing EMMA technology at RBSA's data processing center will signal "the first major deployment of advanced-function electronic commerce technology into the ATM and Point-of-Sale industry in the United States," Cash Technologies CEO Bruce Korman said.
The close of the deal is contingent upon the approval of Cash Technologies' board of directors, pending financing and normal closing conditions. The terms of the agreement provide for acquiring at least 51 percent of RBSA with the final purchase price dependent on the percentage of ownership to be acquired and satisfaction of RBSA's post-closing revenue and income targets.
