LODI, Calif., May 15, 2008 (PRIME NEWSWIRE) -- Pacific Financial Solutions, Inc. (Pink Sheets:PCFN), a leader in providing cashless ATM kiosks, Point-of-Banking (PBT) terminal technology and Affinity "Gift to Give" prepaid gift and stored value cards, announces the completion of the merger with EZ CARD & KIOSK, LLC (EZ) of Denver, CO, with regional offices in Fresno, CA.
This merger between EZ CARD & KIOSK, LLC brings PCFN a series of unique and proprietary management solutions for City and County Jail facilities and alternative payment solutions along with Bail payment procedures that are allowing the facilities to process more efficiently inmate admission and release, all as a result of EZ's Exit Debit card, fund loading and booking room proprietary Kiosk technology.
"EZ provides financial products and services to a growing jail facility industry. Our pin based Exit debit card allows the facility to instantly load inmate trust funds onto the card instead of issuing the inmate a check. EZ also provides for the loading of funds to an inmate's account over the internet or through a kiosk placed in the facility lobby. Facilities can utilize this kiosk or an additional kiosk in the booking room for the inmate to use to provide bail," stated Ronald Hodge, President of EZ CARD & KIOSK, LLC. Mr. Hodge continued, " We are excited about the opportunity to merge with PCFN and look forward to maximizing both companies' expertise in Debit card technology and Kiosk operations."
"EZ is enjoying rapid success and growth, and PCFN is pleased to attract this fine company and its President, Ron Hodge to our company," stated Clifford Goehring, CEO and Chairman of PCFN. Mr. Goehring continued, "Mr. Hodge will become President and CEO of the renamed entity which will be known as Continental Prison Systems, Inc. (CPSI), and Ron will Chair the new board. Ron will bring his success at leading and building world-class Debit card and Kiosk sales as well as a highly skilled and trained management and marketing team that is expanding Jail debit card and kiosk management systems nationwide."
This merger is a result of the completion of due diligence by both companies, was approved by both boards, and became effective May 1, 2008. CPSI revenues are projected to exceed $2.0 million in 2008. EZ Card, Inc. and EZ Kiosk, Inc. and staff will remain in its Denver, CO. Corporate Headquarters. PCFN's name will soon change and CPSI will be the surviving entity and have two divisions: EZ Card, Inc. and EZ Kiosk, Inc. The Corporate name and CUSIP changes have been initiated and will be effective soon. PFUO recently changed its Symbol to PCFN as a result of this merger.
About Pacific Financial (www.PFUO.com)
Pacific Financial Solutions, Inc. is a premier global distributor of financial services and products providing its customers with a wide array of prepaid stored-value and kiosk enabling devices. Pacific is comprised of fully integrated divisions: Pacific Banking Services (Point-of-Banking terminals) and Pacific Card Services. Pacific is a location services provider (LSP) for national and regional retail merchants. Pacific's continued success is driven by corporate sales, ISO's sales, Affinity sales as well as mergers & acquisitions. Pacific's global strategy centers on deploying both single and multi-use debit banking products and services along with stored-value debit card services worldwide.
About EZ CARD & KIOSK, LLC (www.ezcardandkiosk.com)
EZ offers financial products and kiosk technology to streamline the inmate release process and provides for the cost-reducing process of loading of funds to an inmate's account over the internet or through a kiosk. Bail can also be processed through a kiosk placed in the booking room.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to", "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.