Freeport Capital Inc. (FAS:CNSX) Enters LOI To Acquire 51% of Vault Acquiring Solutions Inc
MONTREAL, April 30, 2012 /CNW Telbec/ - Freeport Capital Inc., (the "Corporation" or "Freeport"), (CNSX: FAS) is pleased to announce that the company has entered into an LOI to acquire 51% of Vault Acquiring Solutions Inc. www.vaultpos.com a Multi-Channel Gateway to Acquirers in the US for Credit and Debit payment processing.
Company President Mr. Michele Tasillo stated "We are very excited about this opportunity with Vault as it positions HybridPay Tech with a complete suite of connectivity in the US market with Acquirers through a robust gateway including a matrix of acquiring interoperability with more than 20 acquirers for Credit and Debit solutions. The immediate benefit will allow merchants to remain with their existing Processors and ISO's simplifying activation time making it seamless without unnecessary configuration delays. This first strategic acquisition gives us time sensitive market advantage in Mobile Payments which is critical to provide national coverage with Vault's management and expertise. We have also strategized on key market segments which will drive growth sizing up with an experienced executive team to capture a major share of the EMV and Contactless migration occurring in several markets which will be the catalyst in the payment sector for the next 5 to 10years in parallel with an already booming Mobile Payment Industry.
Vault Acquiring Solutions Inc. President Mr. Anthony Ribas stated, "We are excited about partnering with HybridPay Tech, their talented management team and Hybrid's product mix of cross-platform mobile payment solutions. Our partnership strengthens our ability to consolidate our infrastructure and continue to be price-sensitive to our clients by combining resources, technology, logistics and customer support to expand our mutual distribution reach into Canada, Asia-Pacific, U.S and other Non-US markets. Solidifying this partnership with Hybrid will provide Vault and Hybrid's resellers, Acquirers and strategic partnerships with a single, global platform of applications, billing services and flexible PED/EMV devices designed for cost-effective, private-label implementations to service various global market segments."
About Vault Acquiring Solutions Inc. (Vaultpos.com)
For over ten years, Vault's management team, have been developing payment gateway technology and distributing mobile payment applications and hardware devices internationally. From inception, Vault has been positioning its technology platform to be quickly private-labeled for Banks, Acquirers, Card Issuers, hardware manufacturers and Value-Add Resellers. Vault's payment processing platform was designed from the ground up to be agnostic to payment gateways, payment processors, hardware peripherals, Wireless printers, Bar-code scanners as well as Kiosks, Pin-Entry Debit, NFC and EMV ready devices. Additionally, Vault provides On-line Inventory management and product fulfillment Pin-Entry Debit Key-Injection and End to End Encryption services throughout the Americas and Canada.
For more information, please visit www.vaultpos.com or contact Anthony Ribas at 818-477-3922 Ext. 101
About the LOI with Vault Acquiring Solutions Inc.
The companies agreed mutually on an evaluation price of $1 Million US Dollars for the 51% of the fully diluted shares of Vault Acquiring Solutions Inc. with a price reserve request for $1.00 a share at par. by Freeport Capital Inc. (FAS:CNSX) a publicly traded company on the CNSX.ca. The dollar value amount of the transaction to be paid with common class A shares of Freeport Capital Inc. Freeport Capital Inc. also paid $25k deposit with the letter of intent to have exclusivity on the transaction during the 60 days period. The due diligence period is estimated to be 50 to 60 days with a definitive agreement and closing for end of June 10th 2012 or before July 1st 2012. In addition Freeport the corporation agrees to invest up to $350k over a period of 12 to 16 months.
ABOUT FREEPORT CAPITAL INC. (FAS:CNSX)
Freeport Capital Inc. (CNSX: FAS) develops an Enterprise Ready Mobile Payment Platform for the leading OS's (IOS, Android, BB and Windows 7) enabling devices optimizing connectivity through Audio Jack, USB or Blue-Tooth with a Smartphone or Tablet . The Corporations holding First Equity Strategy LLC markets itself with the DBA :HybridPay Tech. Visit www.hybridpaytech.com and click on our corporate video presentation http://www.youtube.com/watch?v=XvZHrck2eag&feature=youtu.beFor further information:
For more information, please visit www.freeportcapitalinc.com or contact Michele Tasillo 514-394-5200.