MONTREAL, Aug. 24, 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 signed a letter of Intent to acquire 100% of Car-Tel Distributions Inc., an important payment card distribution company.
Under the terms of the letter of intent, Car-Tel Distribution would become a wholly owned subsidiary of Financial Access Solutions Technology. "Since we are all moving in the right direction, our discussions and negotiations are going quickly and are very efficient," said Tony Papa, Financial Access Solutions Technology, president and CEO. "Car-Tel Distribution would add significant management and financial resources to our company starting by consolidating over $30 million in revenue."
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.