MONTREAL, April 15, 2005 (PRIMEZONE) -- DM2 Technology a wholly owned subsidiary of Financial Access Solutions Technology, Inc. (Pink Sheets:FLST) has signed an agreement with Open Solutions Canada, formerly Datawest. This agreement allows for DM2 Technology to deploy ATMs utilizing Open Solutions Canada's banking switch. The revenue stream for DM2 will be derived from the surcharge per ATM transaction. The first deployment of the ATMs begins the week of April 18, 2005. The company plans for 100 ATMs in the first phase of deployment.
About Open Solutions Canada
Open Solutions Canada, formerly Datawest, is a key provider of outsourced banking technology to Canadian credit unions, integrated with advanced phone and Internet banking solutions, loans origination solutions and customer relationship management (CRM) systems.
The Payment Solutions Group manages Canada's largest ATM network, and develops and delivers electronic payment products and services, including fast, secure ATM and POS systems and electronic funds transfer transaction processing, device management and monitoring.
About Financial Access Solutions Technology, Inc.
Financial Access Solutions Technology, Inc. through its wholly owned subsidiary DM2 Technology is a provider of specialized POS equipment and software, which provides greater flexibility and reliability for debit and credit card financial payments. The company currently sells its products and services through traditional retailers, online retailers, taxis and courier companies. At present the company has 1,500 installed terminals throughout Canada. It has another 4,000 terminals under contract to be installed which are presently being rolled out.
DM2 Technology specializes in the sale of POS (point of sale) equipment and software to handle bankcard and credit card payments. DM2 Technology has been in the business of handling Interac and Credit Card transaction payments since the government of Canada deregulated this market. At present, DM2 has terminals in retail outlets in every province except for Newfoundland and PEI. DM2 has growing list of corporate clients and strategic partners such as Rogers Communication, Lipman, Datawest, CIT, EasyHome, and Teleplus.
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production, pricing levels or other factors pertaining to the manufacturing and retail operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in the Company's most recent SEC filings.