SAN ANTONIO, Aug. 07, 2017 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ:PYDS) (“Payment Data” or “Company”), an integrated electronic payment solutions provider, today announced that it has amended the terms of its non-binding letter of intent (“LOI”) to acquire Singular Payments, LLC (“Singular”) to extend its expiration until August 31, 2017. The amendment was agreed upon by both Payment Data and Singular, in order to allow more time to finalize the transaction.
Louis Hoch, President and CEO of Payment Data Systems stated, “We continue to believe the acquisition of Singular is in alignment with our growth strategy, and should provide enhanced value to our shareholders. We need additional time to finalize the acquisition process now that Singular is concluding the audit of their financials. We expect to close the transaction in the near future.”
Vaden Landers, CEO of Singular Payments, stated, “Singular has continued to gain good traction following the release of its new ’PayFac-in-a-Box’ offering earlier this year, most notably, in May the company announced a new strategic partnership with PracticeSuite, a software provider serving the healthcare industry leveraging its affordable cloud-based medical office platform which includes, scheduling, billing, EHR, practice collaboration tools, and a patient portal. PracticeSuite serves over 43,000 medical professionals with a 99.1% customer retention rate. Custom payments integrations, like this latest one completed with PracticeSuite, have become a primary focus for Singular Payments. This marriage with Payment Data Systems will enhance our ability to deliver robust FinTech solutions to the developer community, further accelerating our growth as we partner with more companies like PracticeSuite.”
Mr. Hoch, added, “When consummated, we anticipate that the combination of our two companies will add thousands of new payment merchants for us and the result will be a combined company that dramatically increases our revenues and the associated operating metrics of dollars and transactions processed. We look forward to Mr. Landers and his team joining Payment Data to help us grow sales, drive revenues, and build new customer relationships.”
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (NASDAQ:PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and service to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data is headquartered in San Antonio, Texas, and has offices in New York, New York; and Long Beach, California. For additional information please visit www.paymentdata.com. Websites: www.akimbocard.com and www.ficentive.com. Find us on Facebook®.
About Singular Payments, LLC
Singular Payments is a payment technology company serving niche verticals such as healthcare, utilities and other invoice intensive industries. Through the delivery of its proprietary Electronic Bill Presentment & Payment (EBPP) platform, its library of API’s for developers, and revolutionary ‘One Flat Rate’ and Savings Guarantee programs, Singular makes electronic payment acceptance simple and affordable. Call (877) 829-7256 or visit us online at http://www.singularpayments.com to learn more.
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning the acquisition of Singular Payments, our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to the closing of the proposed Singular acquisition, the realization of the anticipated opportunities from the proposed Singular acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2016. One or more of these factors have affected, and in the future, could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.