TORONTO, May 2, 2016 /CNW/ - Posera Ltd. (TSX : PAY) ("Posera" or the "Company"), a leading provider of software solutions for the hospitality industry, today announced it has completed the sale of all issued and outstanding shares in the capital of its wholly owned subsidiary Zomaron Inc., to a company established by Zomaron's current operating management team.
Consideration for the Zomaron sale is comprised of cash, repayment of intercompany debt and the assumption of negative working capital by the purchaser, resulting in Posera's working capital improving by approximately $4.5 million.
Posera's CEO Loudon Owen said, "The disposition of this non-core asset is a very positive step. Not only does it fortify our balance sheet, but it also enables us to concentrate on growing our core business. Posera will use the proceeds to accelerate its program of SecureTablePay middleware partnerships in the USA, along with the continued expansion of its Point-of-Sale ("POS") platforms, MaitreD' and Fingerprints."
For more than 30 years, Posera has been supporting merchant business success in the hospitality industry. Posera manages merchant transactions with consumers and facilitates all aspects of payment transactions. Posera's Maitre 'D™ and FingerPrints™ Point-of-Sale ("POS") 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, SecureTablePay which is an EMV compliant Pay-At-The-Table application, 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 is driven by the Company's unwavering commitment to 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.
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, [email protected], www.posera.com; Investor Relations Contact: Caleb Jefferies, 1.604.684.6730