TORONTO, April 4, 2006 (PRIMEZONE) -- American Associates Group, Inc. (Pink Sheets:AASG) signs agreement to acquire 100% of EPP Secure, LLC, of San Diego, California. EPP Secure is a technology company and provider of electronic payment processing services and solutions to businesses, financial institutions and eCommerce goods and services retailers in North America and abroad.
EPP specializes in secure, alternative direct payment applications over the internet, internet security solutions and stored value systems which support gift card issuance and redemption as well as pre-paid account management.
EPP processes both ACH (Automated Clearing House) Electronic Check and Billing transactions as well as processes bank exchangeable images in support of recent Check 21 legislation.
In addition to creating, operating and supporting payment based systems, EPP operates a consulting practice in the area of product development and the establishment of vertical delivery channels for internet based products and services.
EPP Secure generates income in the form of fees charged to process electronic transactions, software development fees and consulting fees.
The acquisition of EPP Secure will position American Associates Group, Inc. to establish a desirable position in the global electronic payments, financial services technology and software markets.
The management of EPP Secure is John Hughes, COO; Tina Brandon, Vice President, Sales and Marketing; and George Callahan, Chief Legal Counsel.
Mr. Hughes states: "Our merger with American Associates Group, Inc. provides EPP Secure with the ability to deliver our unique technologies and international payment concepts and solutions on a farther and faster scale than would be available to us as a private enterprise. We believe that the American Associates Group Shareholders will benefit greatly from a swift execution of our product to market plans and the short and long term potential of our products and strategies.
"EPP Secure's debt free status, liquidity, low operating costs, perfected outsourcing strategies and solid strategic distribution partnerships will allow us to grow rapidly building on a sustainable, proven growth model in the financial services technology space.
"At the heart of EPP Secure is our mission to deliver and support practical, efficient and reliable electronic payment processing for the eCommerce industry and quickly attain low cost provider status in our core services categories. Our unique international alliances will allow us to move quickly into the global payments area not only as a payment processor but also as a developer and licensor for software applications.
"We are delighted to be a part of the American Associates Group organization and fully committed to the success of the venture and the benefit of their shareholders."
About EPP Secure, LLC
EPP Secure is a technology company and provider of electronic payment processing services and solutions to businesses, financial institutions and eCommerce goods and services retailers in North America and abroad. EPP specializes in secure, alternative direct payment applications over the internet, internet security solutions and stored value systems which support gift card issuance and redemption as well as pre-paid account management.
About American Associates Group, Inc.
American Associates Group, Inc. is a technology and software company which specializes in internet security and online alternative payment processing. American Associates Group, Inc. is publicly listed company on Pinksheets (AASG).
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production, pricing levels or other factors pertaining to the manufacturing and retail operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in the Company's most recent SEC filings.