MONTREAL, May 26, 2005 (PRIMEZONE) -- Financial Access Solutions Technology, Inc.'s (Pink Sheets:FLST) wholly owned subsidiary DM2 Technology signs agreement with the Quebec Provincial Committee of The Taxi Industry (Comite provincial de concertation et de development de l'indutrie du taxi )(C.P.C.D.I.T.)
CPCDIT has over 6,000 taxis under their membership. There are 3,000 of these taxis that are not equipped with a wireless POS terminal at the present time. Under this agreement the membership will contract with DM2 for their wireless POS terminals and to process their credit card, debit card, bank card transactions for these remaining taxis. CPCDIT is a Quebec Provincial body which oversees the entire taxi industry in the province. This is a huge vote of confidence from CPCDIT of our technology, reliability and security of our terminals, our software system and of our in house technical and customer support staff in processing their credit card and bank card transactions for their customers.
These taxis will now join Taxi Diamond, Taxi Ste-Foy and Taxi Champlain who are already using DM2 to process their credit card and bank card transactions for their wireless POS terminals.
Historically, a wireless terminal in a taxi has averaged 200 transactions per month. This agreement will translate to DM2 processing 600,000 transactions a month and 7,200,000 transactions a year from these wireless terminals alone.
About Financial Access Solutions Technology, Inc.
Financial Access Solutions Technology, Inc., through its wholly owned subsidiary DM2 Technology, is a leading provider of specialized Point of Sale (POS) terminals and software that allows merchants to accept as payment debit card and credit cards for purchases made by their customers. These POS terminals are standard countertop models and handheld wireless models operating on a cellular network. DM2 leases or sells these terminals to retailers through their network of sales agents. DM2 handles the processing of these transactions for a fee per transaction. DM2 is also the first independent sales organization to sell prepaid MasterCard credit cards.
The debit card and credit card processing industry is a multi-billion dollar worldwide market. Billions of dollars of electronic debit card and credit card transactions occur on a daily basis in more and more locations worldwide. With the advent of the handheld wireless models taxis, airplanes, delivery trucks, and many more mobile locations as well as locations without access to a hardwired line are now able to process credit card and debit cards for purchases as well as transactions being done in line, in your seat at the stadium or theater. Financial Access Solutions Technology is positioning itself to be a global leader in the debit card and credit card processing industry through its aggressive growth strategy and by continuing to pursue alliances and partnerships with other leading companies that share its corporate vision. DM2 has concluded various agreements with several industry leaders and retailers such as Rogers, MasterCard International, Open Solutions, Teleplus and EasyHome.
Financial Access Solutions Technology's continued growth and rapid expansion are fueled by its growing reputation as an industry leader and by the rising choice of consumers to use debit cards and credit cards versus cash for all their purchases. Financial Access Solutions Technology sees further expansion not only in Canada, but throughout North America.
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.