Press Release
SOURCE: Westsphere Asset Corporation, Inc.
Monday July 12 2004
Source: Westsphere Asset Corporation
Calgary Alberta, Canada Westsphere Asset Corporation announces that it has entered into final negotiations to purchase a majority position of TRAC P.O.S. Processing Inc.
As stated in the press release of October 22, 2001, Westsphere Asset Corporation, Inc. intentions were to purchase a larger percentage of Trac P.O.S. Processing Inc. Westsphere therefore confirms today that it has expanded its present position in Trac P.O.S. Processing Inc. to 53% with the intention to further advance its holdings within TRAC P.O.S. Processing Inc. through continued negotiation with other TRAC shareholders.
Doug Mac Donald, President of Westsphere stated, "We have participated in the development of TRAC P.O.S. from the pioneering stages of alternate banking participation in "Point of Sale" in Canada and feel that the time is right to expand our continued growth and optimize our profitability through further acquisitions, particularly in new product initiatives which enhance and expand our core business activity. We perceive this acquisition to be a positive step in allowing Westsphere becoming a fully integrated company for "Point of Sale", "Automated Banking Machines", "e-commerce and shared cash solutions."
COMPANY OVERVIEW
Westsphere Asset Corporation, Inc. (WSHA) is a leading financial holding company in Canada at the forefront of point of sale and online computer banking.
Currently, the Company has established a strong presence in the privately owned Canadian banking sector including Automated Banking Machines (ABM), Point of Sale Machines (POS), Online Computer Banking (OCB) and eCommerce transaction security and payment. Westsphere maintains and services an ABM network across Canada and is a full participating member of the Canadian INTERAC Banking System.
Financial Profile:
DISCLAIMER
Forward-Looking Statements: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and WSHA does not undertake an obligation to update forward-looking statements should conditions or management's estimates or opinions change.
2140 Pegasus Way N.E.
Calgary, Alberta, Canada
T2E 8M5
Tel: +1-403-290-0264
Fax: +1-403-290-1266