News

Ezeatm inks distribution agreement with NeoICP Korea

May 8, 2012

Australia's Ezeatm Ltd. today announced it has signed an exclusive five-year distribution agreement for ATMs and ATM-related products, parts and software manufactured by NeoICP Korea Inc.

According to an item at 4Traders.com, Ezeatm committed to acquiring 2,000 ATMs during the five-year term of the agreement More than 200 of these have already been acquired since negotiations began with NeoICP and parent company iCash in December.

NeoICP is Korea's top independent ATM supplier with more than 50 percent market share in the independent ATM market and more than 80 percent market share of currency handling settlement systems. The company has 15,000 active devices deployed in Korea.

"This deal is a major achievement for Ezeatm and has reduced the purchase price of NeoICP manufactured product by 29 percent," said  Ezatm CEOTodd Zani. "In respect of our committed purchases, this represents a $4,400,000 (US $4,445,760) saving for Ezeatm. The parties are committed to a closer working relationship to further enhance the ATMs and ATM related products for our customers and this will see immediate and long term benefits for Ezeatm shareholders."

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