Published: October 21, 2004
MoneyFlow Subsidiary Sells Debit Terminal (POS) Business
MONEYFLOW SYSTEMS INTERNATIONAL INC.; -- Hal Schultz, President of MoneyFlow Systems International Inc.
("MoneyFlow"), reports that its subsidiary, Intercash POS Systems, has
completed the sale of the majority of its debit terminal portfolio,
commonly referred to as Point of Sale ("POS") terminals within the
industry. The company has recently been refocusing its business direction
and preparing for a greater concentration within its core business areas
including the installation, maintenance and management of ATMs and the
promotion of its remote access digital video surveillance systems.
Mr. Schultz stated, "The POS business was the least profitable of our
operations and required the most operating maintenance. The Cdn$258,421.70
cash realized from the sale will enable us to deploy development capital in
our pursuit of higher growth, higher margin opportunities and to better
enable us to build on our core ATM and Remote Access Digital Surveillance
businesses."
Under the terms of the transaction, Intercash sold 225 terminal locations
to POS West, representing the bulk of the POS operations. A holdback of
Cdn $10,185.60 until Intercash confirms the status of certain accounts.
This process has virtually been completed. Notwithstanding the sale of the
majority of its POS business, Intercash will continue to operate certain of
the wireless POS terminals located at corporate sites as these did not form
part of the sale.
MoneyFlow Systems International Inc., a Nevada corporation, is in the
business of providing electronic financial transaction products and
services through its wholly owned Canadian subsidiaries, Security Bancorp
Inc., (SBI) and employs CA$H STATION® as its registered trademark. The
company's business is to supply, install, maintain and manage electronic
funds transfer (EFT) terminals, (e.g. Automated Teller Machines (ATMs), to
facilitate the convenient dispensing of cash and other services to
merchants and consumers. In addition, the Company provides remote access
digital video surveillance systems to homes, business, industry and
government facilities. MoneyFlow has developed its "Remote Access Digital
Video Recorder", which it manufactures and sells as the heart of its
surveillance systems. Users of the surveillance systems may view their
location live, anytime from anywhere there is Internet access.
Cautionary Statement: This news release may include certain
"Forward-looking statements" within the meaning of Section 21E of the
United States Securities Exchange Act, as amended. All statements, other
than statements of historical fact, included in this release are
forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate
and actual results and future events could differ materially from those
anticipated in such statements. All forward-looking statements in this
release are expressly qualified by this notice.
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