Toronto, Ontario, December 2003 — (BUSINESS
WIRE)— Combining years of electronic cash management experience,
Jonathan Pasternak and Randy Waxman announced today the formation
of EFT Canada Inc., a provider of electronic transaction processing
solutions. The company will focus on small and medium sized business
owners in Canada and the United Sates, and will be fully operational
during the first quarter of 2004.
EFT Canada’s offering will be a flexible means of processing
recurring and one-time transactions through an innovative web-based
electronic transaction platform. Initially, EFT Canada’s solution
will be compatible with Canadian and US based bank accounts.
Jonathan Pasternak, EFT Canada's President states, "this breakthrough
platform increases the ease-of-payment for customers, while slashing
processing fees, and improving collection ratios and cash flow of
the business". "Businesses with transactions on a recurring
or one-time basis will be able to benefit from EFT Canada's solution,
including but not limited to property managers, health clubs, car
leasing firms, and subscription services.
Randy Waxman, Executive Vice President, commented, "electronic
transaction processing is a young technology, especially in Canada,
that has many marketing and operational uses before its maturity.
By processing transactions through the United States Automated Clearing
House (ACH) system and Canada's payment system, using our partner
relationships, EFT Canada is able to offer a superior product and
service to business owners across North America".
About EFT Canada Inc.
EFT Canada Inc., headquartered in Toronto, Ontario, offers a complete
solution to the electronic transaction needs of merchants, banks,
credit unions, and other financial firms in Canada and the United
States. The Company develops, maintains and delivers innovative
cash management technologies, such as customized electronic transaction
processing solutions, by drawing on its operational and applications
Certain statements in this news release are not historical and may
constitute forward-looking statements reflecting EFT Canada Inc.'s
current expectations in the banking and payment solutions businesses.
Investors are cautioned that all forward-looking statements involve
risks and uncertainties, including, without limitation, changes
in market and competition, technological and competitive developments,
cooperation and performance of strategic partners, and potential
downturns in economic conditions generally. Forward-looking statements
are based on management's estimates, beliefs and opinions on the
date the statements are made. EFT Canada assumes no obligation to
update forward-looking statements if circumstances of management's
estimates, beliefs or opinions should change.