MONTREAL, Aug. 30, 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 concluded the acquisition of 100% of Car-Tel Distributions Inc., an important payment card distribution company.
Under the terms of the acquisition, Financial Access Solutions Technology will issue 30 million shares in a share exchange and Car-Tel Distribution becomes a wholly owned subsidiary of Financial Access Solutions Technology. "This acquisition is both strategic and financially rewarding for our shareholders as the financial consolidations of our subsidiaries will see over $30 million CDN in sales added and experience management resources needed to continue the growth," said Tony Papa, Financial Access Solutions Technology's President and CEO.
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.