Financial processing company EFT Canada is set
to acquire the credit card gateway of a privately held US
consulting firm.
Linterna Technologies Ltd. (LTL) will sell its
technological assets to EFT for $650,000 by way of $325,000 in cash
– of which $125,000 is due on the closing date – and
$325,000 payable in common shares of EFT Canada. The remaining cash
payment of $200,000 is due on the twelve month following the
closing date, subject to delay and reduction if operating targets
are met.
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As well as offering mobile e-wallet
options, the java based technology will provide users with a
web-based point-of-sale (POS) interface that allows merchants to
accept server to server credit card transactions.
“The technology being acquired from Linterna,
represents an important part of EFT’s vision to place under one
umbrella organization all services needed by our merchants to
process electronic payments,” said Jonathan Pasternak, president of
EFT Canada.
The acquisition is expected to close on 19
August 2011 and is subject to certain customary conditions, as well
as the completion and signing of a definitive agreement and
approval by the TSX Venture Exchange.
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