News

York Bay, ATM North form Canadian joint venture

February 26, 2002

TORONTO -- York Bay Capital Group and ATM North have agreed to form a partnership to own, lease or represent owners of ATMs to access Canada's Interac Shared Cash Dispensing service.

This service enables a cardholder who represents an eligible card and enters a valid PIN at the terminal of another member on-line to obtain real-time access to an eligible account in order to, among other things, obtain Canadian currency, in accordance with the procedures and standards established by Interac regulations.

ATM North is presently an affiliated IBM Business Partner and an authorized distributor of IBM ATMs specializing in the northern and eastern regions of Ontario. ATM North accepts all major banking cards and offers a plan that allows merchants to receive the full amount of all surcharges, with the technical ability to determine the exact profit earned by the merchant from the machine on a daily basis.

York Bay will raise capital and financing to purchase ATMs for sale and lease to merchants across Canada. All profits earned from the sale and lease of ATMs will be shared equally as well as all residuals earned daily for providing connection services.

The company has 4,898,102 restricted voting shares issued and outstanding.

Recent changes in banking legislation have ended the Canadian bank monopoly on ATMs. ATM North and York Bay intend to expand rapidly to secure market share for merchant-owned or leased ATMs in Canada.