Global Sterling Payments Systems to acquire CyBux
28 June 2006 | 2586 views | 0
Source: ActiveCore Technologies
ActiveCore Technologies, Inc. (OTCBB:ATVE), a Company that operates a group of subsidiaries and divisions in the U.S. and Canada, today announced that Global Sterling Payments Systems Limited (GSPS), the parent company of ePocket, has entered into a binding agreement to acquire CyBux Ltd., a payment solution provider based in Vancouver, British Columbia.
Earlier this month ActiveCore announced its intent to acquire all of the issued and outstanding shares of GSPS, a company in which it already owns a minority interest. The planned acquisition of the CyBux core technologies will immediately complete the payment suite of products that ePocket can provide to potential customers. CyBux also provides an established method of funding the ePocket wallet, given its relationships with thousands of Chartered Banks in North America.
With the addition of the CyBux system, ePocket will allow its customers to choose the appropriate payment technology to fit the security and technology characteristics required for many different types of payment transactions. Extending the ePocket digital coin technology with the CyBux account-based system will allow ePocket's customers to facilitate payment transactions in either open or closed payment systems, using account-based, token-based and hybrid payment models, not requiring credit card information, such as required by current popular online payment systems in use today.
Peter Hamilton, the CEO of ActiveCore, stated: "I am delighted that ePocket has identified and is working with a technology that can be used in conjunction with the ePocket digital coin offering or can be implemented immediately on a stand-alone basis to facilitate micro payments in the expanding online Youth Market. ePocket has already been realizing the benefits of the CyBux technology and their payment processing engine which has accelerated the commercialization of the combined products and the ability to deploy at a number of existing strategic sales opportunities."
Tom Lennox, the CEO of CyBux Ltd., stated: "Being part of a larger team with payment technology expertise will give the CyBux system broader exposure to the micro payment market while providing a much stronger implementation and support capability."
Neil Fishenden, the CEO of GSPS, stated: "This acquisition will provide the final element of technology required to realize the vision of the company to become a world-class Payment Technology Solution Provider." He also stated that "by combining these technologies with the ActiveLink and ActiveCast products from ActiveCore and their specialist payment consulting group, the Company will be able to speed up its go-to-market strategy and greatly enhance the implementation process for the combined entities."