Cadmus to Take EFTPOS-at-Home Software Overseas
FOR IMMEDIATE RELEASE
Cadmus to Take EFTPOS-at-Home Software to International Markets
AUCKLAND, Tuesday July 08, 2003 - Cadmus Technology Limited (CTL) and TrustPower Limited (TPW) have reached an agreement, conditional on any necessary approvals, which will see Cadmus acquire 100 per cent of the assets of their joint venture metering and bill payment company, POS Power Limited.
POS Power Limited, developed the world's first in-home payment terminal for utility services, via a system linked to the electricity meter, which utilises standard bank debit (EFTPOS) or credit cards for payment. It successfully completed these initial trials, receiving ETSL certification in July 2001, and has subsequently completed successful in-home trials with selected TrustPower customers in the Ashburton and Blenhiem areas.
In addition to electricity payments and meter monitoring, the technology can be extended to accept payments for Internet access and subscription content, telephone, gas, pay TV and general bill payment.
As consideration for the transaction - including settlement of inter-company loans - Cadmus will issue 6.9 million shares, provide interest bearing notes to the value of $450,000 and pay $50,000 to TrustPower.
The acquisition will enable Cadmus to better market the innovative, patented technology into its distribution base in Australia and Asia Pacific, as well as to other electricity retailers in the local market. TrustPower, for its part, will continue to operate the system as a cornerstone customer and will also offer marketing, operational support and continued access to the
TrustPower Gentrack system.
"Purchasing POS Power's business will enhance Cadmus' ability to capture new business in both the Asia Pacific and domestic markets," says Cadmus Managing Director, Ian Bailey.
"Not only does it extend our product range, and open up new distribution opportunities, it also gives us a flagship product that clearly demonstrates our innovative approach to payment solutions. Significantly, the transaction also enables Cadmus and TrustPower to maintain their association."
"Cadmus and TrustPower both recognise the commercial value of POS Power's world-leading patented technologies. We also recognise that opportunities exist in both national and international markets, which Cadmus is better positioned to access," says TrustPower CEO Keith Tempest. "Accordingly, we have agreed to sell the assets to Cadmus, which we believe will allow the market for the product to be expanded."
"TrustPower is very pleased with the operation of the system and end use prepaid customer response has been good. TrustPower will continue to utilise the Pos Power solution to be provided by Cadmus on an ongoing basis."
Cadmus Technology Limited (NZSE: CTL) designs, develops and implements innovative point-of-sale payment solutions for merchant businesses worldwide. The Company is New Zealand's largest manufacturer and exporter of payment terminals, which it sells into rapidly growing markets internationally. Cadmus offers payment and data management solutions, including EFTPOS and data capture terminals, loyalty programs and customer relationship management solutions. It also provides end-to-end payment solution and data management services for retail, business payment and transactional processing requirements.
Clients include Bank of New Zealand, TAB, Wellington Combined Taxis, Bartercard Australia Pty Ltd, OnQ Business Systems Pty Ltd, eScience Systems Malaysia and Paysys (M) SDN BHD.
For more information, please visit www.cadmustechnology.com