MONTREAL, Aug. 18, 2005 (PRIMEZONE) -- Financial Access Solutions Technology Inc. (Pink Sheets:FLST), a technology provider, specializing in point-of-sale, card products, and transactional software solutions for North American merchants announced today that Mr. Tony Papa was appointed to the Board of Director as Chairman and nominated as President and CEO of the company to serve until the next annual meeting of shareholders.
Mr. Tony Papa will replace Peter Preston as President and CEO and Mr. Preston will continue to serve the company on the Board of Directors. "We welcome the change at this junction of our company's history and we believe that Mr. Papa's experience and knowledge will fuel and continue to propel the company's growth," said Peter Preston, FLST's Director.
"I am pleased to be joining such a dynamic and growing organization with such a tremendous potential," said Tony Papa, the company's new Chairman. "Although, the financial results have been significant, we believe that with a new aligned vision, the company can grow both organically and through strategic acquisition over the next three years and be recognized as one of the industry's leader."
About Financial Access Solutions Technology Inc.
Financial Access Solutions Technology Inc. (Pink Sheets:FLST), a technology provider, specializing in point-of-sale, cash and treasury, card products, and transactional software solutions for North American merchants. The company operates a wholly owned subsidiary named DM2 Technology, and markets the latest in point-of-sale (POS) terminals and software allowing merchants to efficiently process Debit and Credit card transactions. The company also markets prepaid debit and credit cards through its North American Merchant Client Network.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
For further information concerning risks and uncertainties that may affect our future results, please review the disclosures contained in our latest filings with the SEC, including our most recent annual report on Form 10-KSB, our subsequent quarterly reports on Form 10-QSB and our DEF 14C filing on July 7, 2003. Other than as required by federal securities laws, we undertake no obligation to publicly update or revise any of our forward-looking statements, whether as a result of changed circumstances, new information, future events, or for any other reason occurring after the date of this news release.