CALGARY, ALBERTA--(Marketwire - April 27, 2012) - On April 1, 2012, DirectCash Payments Inc. (TSX:DCI.TO - News) ("DirectCash") announced it had entered into an agreement (the "Scheme Implementation Deed" or "SID") with Customers Limited (ASX:CUS.AX - News) ("Customers") whereby DirectCash agreed to acquire all of the outstanding shares of Customers for A$1.27 per share in cash.
Pursuant to the SID, the transaction is conditional on DirectCash delivering by April 27, 2012 a binding financing commitment from a financial institution to provide sufficient funding with respect to its obligations under the SID (the "Binding Commitment"). DirectCash is pleased to announce that it has delivered a Binding Commitment from the Bank of Montreal to Customers' Board of Directors and therefore has satisfied the financing condition in the SID.
For additional transaction details, next steps and an indicative transaction timetable please refer to the DirectCash press release dated April 1, 2012 and the full text of the SID which can be found under the DirectCash profile on SEDAR at www.sedar.com.
DirectCash is a leading provider of ATMs, debit terminals and prepaid products in Canada. DirectCash also offers ATM services and prepaid cards in the United States, ATM services in Mexico, prepaid cards in Australia, and prepaid cards in the United Kingdom. DirectCash is a full-service operator and transaction processor in each of these business units and has been in the ATM business since 1997 and the debit terminal and prepaid products businesses since 2002.
Based upon information obtained from competitors and information publicly available regarding the number of ATMs deployed by each Canadian chartered bank as at October 31, 2011, DirectCash ranks as the largest branded ATM operator in Canada.
Additional information about DirectCash, including DirectCash's Annual Information Form and other public filings is available on SEDAR (www.sedar.com) and on the DirectCash's website (www.directcash.net).
Customers is listed on the Australian Securities Exchange (ASX:CUS.AX - News) and operates Australia's largest fleet of ATMs, which are contracted to merchants. The company operates ATMs for Bank of Queensland and Coles Express, whilst also carrying a range of bank brands on selected terminals, including Citibank, Bendigo and Adelaide Bank, and Arab Bank of Australia, as well as its own convenience brands. The Company is also the majority shareholder of New Zealand ATM Services Ltd.
Customers prides itself on achieving industry leading network uptime, providing advanced hardware from leading global manufactures and ensuring best practice in service provision. The company is quality certified to ISO 9001: 2008.
For further information, please visit www.customersatm.com.au.
Jeffrey J. Smith
DirectCash Payments Inc.
President, CEO & Director