"ECS plans to deploy up to 60 kiosks and hybrid ATMs offering the TIO
services in Convenience stores across California"
BURNABY, BC, March 29 /CNW/ - TIO Networks Corp., (TVX-TNC), North
America's leading automated bill payment and financial services network, today
announced that it has entered into a licensing agreement with Electronic Cash
Systems (ECS). ECS will become an independent sales organization (ISO)
offering TIO's bill payment and financial service products to cash-preferred
By spring 2007, ECS plans to deploy up to a total of sixty Tranax TK1000
cash accepting kiosks and X4000 hybrid ATMs that accept and dispense cash in
convenience stores across California. These self-service Internet connected
devices enable cash preferred customers to easily access their accounts with a
number of key billers and be able to view balances and make time-sensitive
bill payments without the need to have an account number present. The
terminals are manufactured by Tranax Technologies of Fremont California.
TIO services can be performed in either English or Spanish and patrons
can print or email their receipt to an email address of their choice. TIO and
ECS will share transactional revenues.
"When we set out to find a partner for self-service bill payment, we
wanted to partner with the market leader; this invariably led us to TIO" said
Fadi Cheikha, President & CEO of ECS, "We feel bill pay is one of the ATM
industry's best bets for new service revenues"
"Independent Service Organizations are an important component of TIO's
growth strategy" said Hamed Shahbazi, Chairman and CEO of TIO Networks. "We
are very pleased to partner with ECS given its exceptional track record and
strong demonstrated execution in the ATM and electronic payments industry"
Bill payment kiosks have emerged as a vehicle for service providers to
reach the cash-preferred market to collect payments and serve both the
cash-preferred and banked consumer markets. According to the Center for
Financial Services Innovation, as many as 22 million U.S. households are
unbanked. The unbanked or cash-preferred market is made up largely of
minorities and low-income families, who avoid traditional financial
institutions for a variety of reasons, from a lack of trust in the
institutions to a lack of sufficient funds to maintain an account.
The Retail Financial Services Initiative (RFSI), a study organized by the
National Community Investment Fund, places the combined market of unbanked and
sub-prime borrowers between 30 million and 40 million. Those numbers, fuelled
by the growing Latino population in the United States, are expected to
About Electronic Cash Systems (ECS)
Electronic Cash Systems founded in 1997 by President & CEO, Fadi Cheikha,
has been a leader in the electronic payments industry since 1989. ECS provides
turnkey bankcard solutions, ATM services and other value added products to
merchants both locally and nationwide. ECS ranks No.55 in Inc. Magazine's 23rd
annual Inc. 500 ranking of the fastest-growing private companies in the
country. For more information please visit www.ecsatm.com
About TIO Networks Corp.
TIO Networks Corp. is North America's largest multi-retailer network of
non bank financial services for the 'cash preferred' consumer marketplace. The
Company operates in more than 2000 locations and provides safe secure access
to bill payment and other key financial services. For more information, please
The TSX Venture Exchange has not reviewed this news release and does not
accept responsibility for its adequacy and accuracy.
For further information:
For further information: Behshad Hastibakhsh, Media Relations - TIO
Networks, Tel: (604) 298-4636, Ext. 250, Toll Free: 888-679-3322, Email:
pr@TIOnetworks.com; John Lewis, Business Development - TIO Networks, Tel:
(416) 364-2266, Toll Free: 877-600-6001, Email: jrlewis@TIOnetworks.com; Patti
VanCleve - Electronic Cash Sytems, Inc., Tel: 888-327-2860 ext. 309, Email: