Payment Data Systems Announces Update on the Acquisition of Singular Payments, LLC
2017年8月7日 - 9:00PM
Payment Data Systems, Inc. (NASDAQ:PYDS) (“Payment Data” or
“Company”), an integrated electronic payment solutions provider,
today announced that it has amended the terms of its non-binding
letter of intent (“LOI”) to acquire Singular Payments, LLC
(“Singular”) to extend its expiration until August 31, 2017.
The amendment was agreed upon by both Payment Data and Singular, in
order to allow more time to finalize the transaction.
Louis Hoch, President and CEO of Payment Data Systems stated,
“We continue to believe the acquisition of Singular is in alignment
with our growth strategy, and should provide enhanced value to our
shareholders. We need additional time to finalize the
acquisition process now that Singular is concluding the audit of
their financials. We expect to close the transaction in the near
future.”
Vaden Landers, CEO of Singular Payments, stated, “Singular has
continued to gain good traction following the release of its new
’PayFac-in-a-Box’ offering earlier this year, most notably, in May
the company announced a new strategic partnership with
PracticeSuite, a software provider serving the healthcare industry
leveraging its affordable cloud-based medical office platform which
includes, scheduling, billing, EHR, practice collaboration tools,
and a patient portal. PracticeSuite serves over 43,000 medical
professionals with a 99.1% customer retention rate. Custom payments
integrations, like this latest one completed with PracticeSuite,
have become a primary focus for Singular Payments. This
marriage with Payment Data Systems will enhance our ability to
deliver robust FinTech solutions to the developer community,
further accelerating our growth as we partner with more companies
like PracticeSuite.”
Mr. Hoch, added, “When consummated, we anticipate that the
combination of our two companies will add thousands of new payment
merchants for us and the result will be a combined company that
dramatically increases our revenues and the associated operating
metrics of dollars and transactions processed. We look
forward to Mr. Landers and his team joining Payment Data to help us
grow sales, drive revenues, and build new customer
relationships.”
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (NASDAQ:PYDS), a leading integrated
payment solutions provider, offers a wide range of payment
solutions to merchants, billers, banks, service bureaus, and card
issuers. The Company operates credit, debit/prepaid and ACH payment
processing platforms to deliver convenient, world-class payment
solutions and service to their clients. The strength of the Company
lies in its ability to provide tailored solutions for card
issuance, payment acceptance, and bill payments as well as its
unique technology in the prepaid sector. Payment Data is
headquartered in San Antonio, Texas, and has offices in New York,
New York; and Long Beach, California. For additional
information please visit www.paymentdata.com. Websites:
www.akimbocard.com and www.ficentive.com. Find us
on Facebook®.
About Singular Payments, LLC
Singular Payments is a payment technology company serving niche
verticals such as healthcare, utilities and other invoice intensive
industries. Through the delivery of its proprietary Electronic Bill
Presentment & Payment (EBPP) platform, its library of API’s for
developers, and revolutionary ‘One Flat Rate’ and Savings Guarantee
programs, Singular makes electronic payment acceptance simple and
affordable. Call (877) 829-7256 or visit us online at
http://www.singularpayments.com to learn more.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the
matters discussed in this release include forward-looking
statements which are covered by safe harbors. Those statements
include, but may not be limited to, all statements regarding
management’s intent, belief and expectations, such as statements
concerning the acquisition of Singular Payments, our future and our
operating and growth strategy. These forward-looking statements are
identified by the use of words such as “believe,” “intend,” “look
forward,” “anticipate,” and “expect” among others. Forward-looking
statements in this press release are subject to certain risks and
uncertainties inherent in the Company’s business that could cause
actual results to vary, including such risks related to the closing
of the proposed Singular acquisition, the realization of the
anticipated opportunities from the proposed Singular acquisition,
the management of the Company’s growth, the loss of key resellers,
the relationships with the Automated Clearinghouse network, bank
sponsors, third-party card processing providers and merchants, the
security of our software, hardware and information, and compliance
with complex federal, state and local laws and regulations, and
other risks detailed from time to time in the Company’s filings
with the Securities and Exchange Commission including its annual
report on Form 10-K for the fiscal year ended December 31, 2016.
One or more of these factors have affected, and in the future,
could affect our businesses and financial results in the future and
could cause actual results to differ materially from plans and
projections. We believe that the assumptions underlying the
forward-looking statements included in this release will prove to
be accurate. In light of the significant uncertainties inherent in
the forward-looking statements included herein, the inclusion of
such information should not be regarded as a representation by us
or any other person that our objectives and plans will be achieved.
All forward-looking statements made in this release are based on
information presently available to our management. We assume no
obligation to update any forward-looking statements, except as
required by law.
Investor Contact:
Preston Graham
Preston@stonegateinc.com
972-850-2001
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