News

Saratoga Electronic Solutions sells ATM business

April 6, 2012

Saratoga Electronic Solutions Inc. announced that the subsidiary through which it conducts it ATM business, Saratoga ATM, will sell "substantially all of its assets" to Access Cash General Partnership.

Pursuant to the sale Saratoga ATM, Access Cash, an arm's length third party will own Saratoga's network of 448 ATMs. The company will have paid an aggregate purchase price of approximately $1.8 million for Saratoga's network and its prepaid gift card business, which Access Cash purchased in December 2011.

"As previously announced, [Saratoga Electronic Solutions] initiated a strategic review in order to explore all avenues available to maximize its value," stated Georges Durst, president and CEO of Saratoga, and the holder of a little more than 60 percent of its outstanding common shares.

"As a result of such review, the Company sold its prepaid phone and gift card business, Distributions Car-Tel Inc., in December 2011," Durst said. "The decision today to sell the remaining ATM business is based on the assessment of the Board that such sale represents the best way of bringing value to all of the Company's stakeholders."

For more on this topic, visit our distributor/ISO/IAD research center.