TORONTO, Dec. 10, 2013 /CNW/ - Posera - HDX Limited ("Posera - HDX" or
the "Company") is pleased to announce the completion of its acquisition
of all the issued and outstanding shares of Zomaron Inc. ("Zomaron").
"The completion of this transaction is a very significant milestone for
our Company" commented Paul Howell, CEO of Posera-HDX. Zomaron's
successful and professional team and their complete line of payment
processing product offerings are highly complementary to our existing
suite of hospitality industry software solutions and services."
Founded in 2008, Zomaron provides credit and debit card processing
solutions to Canadian merchants nationwide. Based in London, Ontario,
Zomaron has offices in Edmonton AB, Toronto ON, and Montreal QC.
Through its nation-wide network of sales representatives and strategic
partnerships, Zomaron has experienced rapid growth, doubling its sales
annually. Zomaron's exponential growth led it to be ranked on PROFIT
magazine's 13th and 14th annual PROFIT HOT 50 issues in October 2012 and 2013 respectively.
Zomaron's solutions and services can also be marketed and deployed in
the United States.
The combined Company's national sales force of over one hundred and
sixty agents and direct sales representatives will now be able to offer
a much wider range of products and services to new and existing
merchants. Point of sale solutions, ATM's, digital video surveillance
solutions, web based restaurant enterprise management solutions, web
based employee labour scheduling solutions, as well as payment
processing solutions will allow the national sales team to provide
merchants with a single point of contact for deployment and support of
their in-house transaction technology requirements.
Tarique Al-Ansari, President of Zomaron commented, "Our team is very
excited to join Posera-HDX and bring our vast selection of payment
processing solutions to HDX's clients. The synergies are apparent as
HDX, a leader in the restaurant & hospitality industry; combined with
our expertise forms a team that will accelerate the growth we've
experienced over the past couple of years."
Electronic payment processing technologies are evolving rapidly. The
increasing requirement for secure digital payment options that protect
shoppers, merchants, and banks from fraudulent activity is creating
significant market disruption which provides increased business
opportunities for Posera-HDX's solutions and services. For example,
EMV Chip and PIN technology, as required in Canada, has not been a
payment processing requirement in the United States to date. However in
March 2012 Visa, MasterCard, American Express, and Discover announced
their migration plans to EMV for the United States. The liability for
fraudulent credit card transactions will shift from the credit card
company to the merchant on October 2015 necessitating solution upgrades
and / or entire system changes at millions of merchant locations
throughout the United States. All of Posera-HDX's solutions have been
EMV chip and PIN enabled and certified since 2012.
A further competitive advantage for the company is the fact that
Posera-HDX is able to bundle its solutions and offer financing and
leasing for combinations of its products. This creates very attractive
and affordable business transaction management packages for merchants
for over long term contracts.
The total purchase price paid for the Zomaron acquisition was $3.0
million. The purchase price was satisfied through the issuance of 4,000,000
common shares of the Company and the payment of $1.8 million in cash.
The common shares being issued pursuant to the acquisition of Zomaron
have been conditionally approved for listing on the Toronto Stock
Additional information on Posera- HDX is available in the financial
reports filed by the Company with SEDAR at www.sedar.com and posted to the Investor Relations section of the Company's website
About the Company
Posera-HDX is in the business of managing merchant transactions with
consumers and facilitating payment. The Company develops and deploys
touch screen POS system software and associated enterprise management
tools and has developed and deployed numerous POS applications.
Posera-HDX also provides system hardware integration services, merchant
staff training, system installation services, and post sale software
and hardware support services.
Posera-HDX leading edge technology also includes prepaid stored value
payments solutions, customer self serve kiosks and "line buster" mobile
point of sale terminals. These products have been designed to
dramatically enhance customer throughput and drastically reduce
customer queues. These technologies are especially effective in high
foot traffic environments that have limited cash register counter
space, limited retail square footage, and the absence of a drive
Posera-HDX Limited develops, deploys, and supports a restaurant
point-of-sale and enterprise management software known as "Maitre'D"
which has been deployed in over 20,000 locations worldwide in eight
different languages. The Company sells and services its clients
directly, as well as through a network of approximately 96 value added
reseller partners in 25 countries with approximately 550
representatives selling, supporting & installing its software.
Posera-HDX employs approximately 135 people in offices in Toronto,
London, Brantford, Mississauga, Seattle, Montreal, Glasgow (U.K.) and
This press release includes certain forward-looking statements that are
based upon current expectations, which involve risks and uncertainties
associated with our business and the environment in which the business
operates. Any statements contained herein that are not statements of
historical facts may be deemed to be forward-looking, including those
identified by the expressions "anticipate", "believe", "plan",
"estimate", "expect", "intend", and similar expressions to the extent
they relate to the Company or its management. The forward-looking
statements are not historical facts, but reflect Posera-HDX's current
expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
expectations, including the matters discussed under "Risks and
Uncertainties" in the Annual Information Form filed on March 28th, 2013 with the regulatory authorities. Posera-HDX assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those reflected in the
For further information:
Chief Executive Officer
Posera-HDX Limited (HDX)
350 Bay Street, Suite 700
Toronto, Ontario M5H 2S6
(416) 703-6462 ext. 2263