TORONTO, Nov. 15, 2004 (PRIMEZONE) -- Bach-Hauser (Pink Sheets:BHSR) announced today DM2 Technology Inc. has entered into an Agreement with Taxi Diamond of Quebec to equip all of their taxis with the DM2 wireless POS (point of sale) equipment and software to handle bankcard and credit card payments. On Nov. 11, 2004, Bach-Hauser announced it had acquired DM2 Technology. This means an additional 700 terminals in the field for DM2 Technology, which near-term is expected to result in a total of 1,750 active terminals in its installed base. This does not include another 4,050 terminals already under contract by four other companies for installation by year's end.
This Agreement effectively positions Bach-Hauser to leverage the rapidly growing wireless point of sale market. Each of these units in service continues to generate revenues on each transaction in addition to the revenues generated by the sale or lease of the unit. These Agreements enable Bach-Hauser to establish a solid base of on-going, repetitive, revenues on which to grow.
About DM2 Technology, Inc.
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 to traditional retailers, online retailers, taxis and courier companies. Some of its clients include EasyHome stores (with over 140 units) and Teleplus stores (with over 100 units).
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.
As a result of this Agreement Taxi Diamond of Quebec joins other taxis, supermarkets, gas stations, convenience stores, subway fare machines and other places where transactions often involve the swipe of a card instead of the rustle of cash.
To date, less than 1% of taxi and limousine services nationally (USA) accept credit cards, though the number of such transactions is growing rapidly, according to MasterCard International. Last year, passengers spent roughly $550 million using credit cards in taxis, says David Robertson, publisher of The Nilson Report, a payment industry newsletter. That statistic is rapidly changing however; Chicago is requiring all of its 7,900 cabs to install credit card machines by June, and about half have the equipment so far.
"Every other business takes credit cards," says Caroline Shoenberger, commissioner of Chicago's Department of Consumer Services, which regulates taxis. "There's a reason. This is just an easy way to accommodate your customers who may not have cash, who may not want to spend cash, and/or who may want a record of that transaction."
New York hopes to have credit card machines in all its taxis by November 2005. Cab owners will have to pay about $1,500 to install a credit card machine with a monitor showing the cab's location and a scratch-proof Plexiglas divider between the front seat and the back.
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.