Expands Geographic Reach and Increases Native American Presence
ST. PETERSBURG, Fla., Dec. 23 /PRNewswire-FirstCall/ -- Certegy Inc.
(NYSE: CEY), a leading global provider of payment services to financial
institutions, retailers and the gaming industry, today announced that it has
entered into a definitive agreement to acquire certain assets of FastFunds
Financial Corporation (OTC Bulletin Board: FFFC) and its wholly owned
subsidiary Chex Services, Inc. for approximately $14 million in cash.
FastFunds, through Chex Services, provides comprehensive cash access services
including check cashing, automated teller machine access, and credit and debit
card cash advance services to approximately 50 casinos and gaming
establishments in the United States, Canada and the Caribbean.
"This transaction further strengthens Certegy's position in the fast
growing gaming industry and provides new growth opportunities in the Native
American and Caribbean markets," stated Renz Nichols, senior vice president
and chief operating officer of Certegy Check Services - North America.
The acquisition, which is expected to close during the first quarter of
2006, is expected to add in excess of $15 million in annualized revenue.
About Certegy
Certegy (NYSE: CEY) provides credit and debit processing, check risk
management and cash access services, merchant processing and e-banking
services to over 6,500 financial institutions, 100,000 retailers and 100
million consumers worldwide. Headquartered in St. Petersburg, Florida, Certegy
maintains a strong global presence with operations in the United States,
United Kingdom, Ireland, France, Chile, Brazil, Australia, New Zealand,
Thailand and the Caribbean. As a leading payment services provider, Certegy
offers a comprehensive range of transaction processing services, check risk
management solutions and integrated customer support programs that facilitate
the exchange of business and consumer payments. Certegy generated over $1.0
billion in revenue in 2004. For more information on Certegy, please visit
http://www.certegy.com.
SOURCE Certegy Inc.
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Related links:
http://www.certegy.com
CONTACT:
Mary Waggoner, SVP - Investor Relations of
Certegy Inc., +1-678-867-8004
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