SAN ANTONIO, Aug. 28, 2017 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ:PYDS), an integrated electronic payment solutions provider, is pleased to announce the pending closing of the Singular Payments, LLC acquisition. All parties have reached final terms and closing is scheduled to occur on September 1, 2017.
“We are happy this important transaction has reached the point of closing. This strategic acquisition adds deep payments industry expertise and leadership, while offering expanded distribution capabilities and a nice portfolio of credit card processing customers to Payment Data,” stated Louis Hoch, President and CEO of Payment Data Systems.
Hoch continued adding, “We believe this key acquisition will quickly accelerate the growth potential of our company while broadening our revenue streams. We intend to leverage the proven sales channel and technology platform that Vaden and his team have built to better position Payment Data for the future. We are thrilled to have the Singular Payments team join the PDS family. Our belief is that this acquisition is in alignment with our growth initiatives and strategy, and should provide enhanced value to our shareholders.”
Vaden Landers, CEO of Singular Payments, said, “Our goal has always been to deliver a simplified, revolutionary, and value-centric payment solution to the merchant community. I, along with my entire team, am excited to be joining the Payment Data organization. The combined company will leverage our collective leadership talent, technology, relationships, and market upside to scale quickly and focus on creating value for our trusted partners, the clients with whom we do business, and for our shareholders. We have had a number of significant wins recently on the integrated side of our business, and look forward to the impact each will have once fully migrated into the Payment Data environment.”
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®.
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,” “schedule”, 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