E-Debit Global Corporation Continues its Corporate Re-Organization with the Sale of Card Product Subsidiary E-Debit International Inc.
Calgary, Alberta, Canada (ACCESSWIRE) 10/1/2013 8:00:00 AM - E-Debit Global Corporation (the "Corporation)") (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
SOURCE: E-Debit Global Corporation
