TORONTO, April 18, 2016 /CNW/ - Posera Ltd. (TSX : PAY) ("Posera" or the "Company"), a leading provider of software solutions for the hospitality industry, today announced it has executed an agreement with a group representing the current management team of Zomaron Inc. ("Zomaron") for the sale of all issued and outstanding shares of its wholly-owned Zomaron subsidiary.
Pursuant to the terms of sale which is expected to close on April 29, 2016, Posera will receive cash consideration as well as the cash repayment of an intercompany debt, which is outstanding between Zomaron and Posera. Financial terms of the sale have not been disclosed.
Posera's CEO Loudon Owen said, "We have built the Zomaron merchant portfolio since it was acquired in 2013, through organic growth and a diligent sales force. This transaction enables Posera to execute on its focused strategy of growing its software business. Posera will use the proceeds to invest in its widely deployed Point-of-Sale ("POS") platforms, MaitreD' and Fingerprints, and its secure Pay-at-the-Table middleware solution. Based on our excellent working relationship, Posera and Zomaron will continue to work together in expanding each other's businesses following this management buyout."
Zomaron President Tarique Al-Ansari, said, "Zomaron will continue to service its loyal Merchant Processing customers throughout Canada. We also look forward to maintaining our close working relationship with Posera as we each focus on our core businesses."
For more than 30 years, POSERA has been supporting merchant business success in the hospitality industry. POSERA is in the business of managing merchant transactions with consumers and facilitating all aspects of the payment transaction. POSERA's Maitre 'DTM and FingerPrintsTM Point-of-Sale solutions are trusted by the top fine dining and quick-service hospitality brands around the world.
A TSX company trading under the symbol "PAY", POSERA's full service solutions include integrated and non-integrated debit and credit processing, EMV compliant Pay-At-The-Table ("PATT") applications, system hardware integration services, merchant staff training, system installation services, and post-sale software and hardware customer support.
POSERA's POS system software solutions, associated enterprise management tools and debit/credit payment terminals have been deployed in 25 countries and 8 different languages at over 30,000 merchant locations worldwide. POSERA's direct sales force is bolstered by a global dealership network of approximately 80 resellers which translates to approximately 500 representatives selling, supporting and installing its software and related products and services. Posera prides itself on its long and established track record of exceptional customer service and continued technological innovation. POSERA's success will continue to be driven by the Company's unwavering objective to ensuring the business success of its growing base of merchant clients.
Founded in 2008, Zomaron provides credit and debit card processing solutions, known as Merchant Processing, to merchants in Canada. Through its nationwide network of sales representatives and strategic partnerships, Zomaron has experienced rapid growth and has approximately doubled its merchant count since the Company's acquisition in December of 2013.
More information about POSERA can be found on the Company's website at www.posera.com or under the Company's profile on SEDAR at www.sedar.com.
This discussion 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'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 to be filed on March 30th 2016 with the regulatory authorities. Posera assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements, unless required by law.
SOURCE Posera Ltd.
For further information: Kevin Mills, Chief Financial Officer, 1.416.703.6462 ext. 2203, firstname.lastname@example.org, www.posera.com; Investor Relations Contact: Caleb Jefferies, 1.604.684.6730