MONTREAL, Aug. 22, 2005 (PRIMEZONE) -- Financial Access Solutions Technology (Pink Sheets:FLST), a technology provider, specializing in point-of-sale, card products and transactional software solutions for North American merchants, announced today that it had begun talks to acquire Car-Tel Distributions Inc., an important payment card distribution company.
"Car-Tel, if acquired would be a phenomenal addition to our company and one that truly complements our current DM2 division," said Tony Papa, Financial Access Solutions Technology, President and CEO. "Car-Tel's management have grown the company's sales organically from $8 million in 2002 to over $30 million in 2004 and if we consolidate those numbers with our subsidiaries, we will become one of the largest independents in our industry," further added Mr. Papa.
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.