E-Debit Global Corporation Continues its Corporate Re-Organization with the Sale of Card Product Subsidiary E-Debit Internati...
01 Oktober 2013 - 2:15PM
Access Wire
Calgary, Alberta, Canada (ACCESSWIRE) 10/1/2013 8:00:00 AM
- E-Debit Global Corporation (the "Corporation)") (OTCQB:
WSHE) has announced an Agreement of Purchase and Sales Agreements
with Toronto based electronic payment and card product system
developer Winsoft Technology Solutions, Inc., including an
associated investment group 2361514 Ontario Inc. and Edmonton based
investment group CPM Networks Inc. to collectively purchase ninety
(90%) percent of the issued and outstanding shares of all classes
of E-Debit International Inc., currently held by E-Debit Global
Corporation.
Overview:
"As previously announced on November 9, 2012 and May 31, 2013 the
Corporation has continued with its efforts to maximize the value of
its current subsidiary assets in order to further the substantial
business and corporate platforms which has been developed over the
past seven years", advises Doug Mac Donald, the Corporation's
President and CEO.
"With the introduction of electronic payment and card product
systems developer, Winsoft we now have the technology partner
necessary to build on the payment platform which E-Debit
International Inc. has been developing and allows for the expansion
of the E-Debit card product program and our other gift platforms we
have held in development during the past several years. Combined
with the two investment partners, E-Debit International can now
move forward and quickly.
Terms and conditions of the sale, leave E-Debit with a Perpetual
Royalty Grant of three and two thirds (3.66%) percent of E-Debit
International Inc. net sales as well as a Perpetual Group Link
share position of 10% with Board of Director appointment of a
minimum of twenty (20%) percent. Winsoft will take an Initial
Royalty Grant of seven and a quarter (7.25%) percent of E- Debit
International Inc. net sales until receipt of $550,000Cdn at which
time Winsoft will receive a Perpetual Royalty Grant of three and
two thirds (3.66%) percent of E-Debit International Inc. net sales
as well as a Perpetual Group Link share position of ten (10%) of
the issued and outstanding shares of all classes of E-Debit
International Inc.
The two investment partners 2361515 Ontario Inc. and CPM Networks
Inc. will hold collectively 80% of the issued and outstanding
shares of all classes of E-Debit International Inc., and will
immediately repay $287,500Cdn (approximately 50%) of the
outstanding shareholder loans held by the Corporation. 2361515
Ontario and CPM Networks have agreed to supply further financial
support to E-Debit International Inc. of an additional $287,500 for
further development and business operations with agreement that the
Corporation will carry the balance of its shareholder loan of
approximately $287,500 until repayment of the two Investment
partners additional funding is made. Further agreements between
current shareholder partners retain the current management of
E-Debit for the next 12 months to ensure continuity of the E-Debit
International Inc. business operations and plan.
This is the second stage of our financial and operational
partnering effort to allow for the expansion and growth of our
subsidiary business operations and we are moving back to our
originating business model which was and will now continue to be
the supplying of value added investment and management support
needed to build and grow the great opportunities which we believe
meet or will exceed our expectations within the financial services
business segment.
Our strength is in our ability to supply or bring this support to
our current subsidiaries and then hand over the ongoing daily
business operations to a motivated ownership and management group
while retaining a continual equity and revenue position for the
Corporation's participation in the development of the business
operations. " added Mr. Mac Donald.
About E-Debit Global Corporation
E-Debit Global Corporation (WSHE) is a financial holding company in
Canada. The Company through subsidiary development has established
a significant presence in the privately owned Canadian banking
sector including Automated Banking Machines (ABM), Point of Sale
Machines (POS), Online Computer Banking (OCB) and E-Commerce
Transaction security and payment. E-Debit maintains and services a
national ABM network across Canada and is a full participating
member of the Canadian INTERAC Banking System
CONTACT:
For further information, please contact
E-Debit Global Corporation
e-mail: ir@edebitglobal.com
Telephone: 403.290-0264
http://www.edebitglobal.com/
SOURCE: E-Debit Global Corporation
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