Acquisition Creates First Integrated International "Recovery Service" for
the Financial Industry.
ATLANTA, Georgia, Jan. 23 /CNW/ - Universal VAT Services (UVS), a global
provider of foreign tax reclaim services for corporations and academic
institutions, today announced that Currencies Direct Limited, the leading
payment technology solutions company, has acquired UVS for an undisclosed sum.
Under the terms of the agreement, Currencies Direct will have a 70% stake in
the US company. Raj Shah will remain as President of UVS and continue to
oversee day-to-day operations. The agreement was approved by the Currencies
Direct Board of Directors.
"With this acquisition, Currencies Direct will become one of the most
comprehensive currency and international trade facilitators in the industry,
with a scalable, global reach that is unmatched," said Mayank B. Patel,
chairman and CEO of Azibo Group, the parent company of Currencies Direct.
Yogesh Shetty, Group Managing Director and President of Currencies Direct
Americas, said, "This acquisition fits perfectly with our market entry
strategy for the Americas. The two companies offerings and business models are
complementary and strengthen the services they currently provide their
clients". The customer base includes world recognized consumer product
manufacturers, retail chains, colleges, universities and individuals who
conduct transactions where foreign currency is exchanged and/or a VAT refund
can be claimed. "This union creates a unique financial service for companies
that conduct business internationally. Such an offering has never before been
available in this single solution format."
"What matters most to our clients around the world, especially the large
corporations and academic institutions, is that when conducting business
abroad leaving tax money unclaimed is never an option," said Raj Shah,
president and founder of UVS. "This consolidation expands the tax recovery
service we provide by allowing us to convert recovered tax into our clients
chosen currency at the best possible rate, all in house."
It was also announced that UVS will be embarking upon an agency and
franchise network for corporate recovery services across America, Europe and
the Far East in 2008.
About Universal VAT Services
Universal VAT Services is a leading provider of VAT recovery services for
companies and academic institutions around the world. They are headquartered
in Atlanta, GA with office locations in several countries. Their innovative
team comprises of financial experts whose primary goal is to seamlessly
navigate the various VAT laws of countries around the world, to provide
effortless solutions and consistent results to all of their clients. For more
information visit: http://www.universalvatservices.com
About Currencies Direct
Currencies Direct is one of Europe's first independent foreign exchange
specialists who recognized the need in the market for an expert secondary
Foreign Exchange provider to traditional banks. Its innovative approach is
based on dealing directly with the currency markets and matching buyers with
sellers thus eliminating intermediaries and giving it a competitive edge in
pricing foreign exchange. Currencies Direct's head office and global trading
centre is based in the City of London. It has offices across 5 continents,
with a 1500 strong franchise network of business partners and affiliates.
For further information:
For further information: For UVS: Judi Durand, Universal VAT Services,
Tel (703) 725-6017, e-mail: firstname.lastname@example.org; For
Currencies Direct: Thomas Flisher, Octopus Communications, Tel.
+44-(0)-8453-700-655, e-mail: email@example.com