TORONTO, ONTARIO — (Marketwired) — 02/10/15 — EFT Canada Inc. (“EFT Canada” or the “Company”) (TSX VENTURE: EFT), today announced that on February 3, 2015, it received notice that one of its United States partners would no longer allow processing of transactions for certain merchant industries.
As a result of the change, the Company is currently unable to service some of its US processing client base and therefore expects a material decrease in US processing revenues. The Company is looking for a new processing partner, but no assurance of success can be made at this time. For the year ended June 30, 2014, U.S. processing accounted for 36% of the Company–s gross revenues and 49% of gross profit. The Company is currently unable to precisely quantify the financial impact of this development.
EFT CANADA INC.
EFT Canada, founded in 2003, is a financial processing company that offers a complete solution to the collection and payment processing needs of small and medium sized business merchants, banks, credit unions, and other financial firms in Canada and the United States. The Company develops, maintains and delivers innovative electronic transaction processing technologies, such as customized electronic payment and collection processing solutions and gift and loyalty card services, by drawing on its operational and applications expertise. For more information, please visit .
This press release contains forward-looking statements which reflect the Company–s current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
EFT Canada Inc.
Jonathan Pasternak
President
(416) 781-0666
jpasternak(at)eftcanada.com
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