Message #21 From:
Stock News Bot Date: July 13, 2006 05:56:00 AM
PPDA News Pipeline Data Completes Acquisition of Paynet Systems, Inc.; Surpasses 40,000 Merchant Accounts
QUINCY, Mass.--(BUSINESS WIRE)--July 13, 2006--Pipeline Data Inc. (OTCBB:PPDA) ("Pipeline") announced today that it has completed the acquisition of Paynet Systems, Inc., an e-commerce and retail merchant credit card processing provider. The purchase of Paynet Systems, Inc. along with the recent acquisition of Valadata, Inc. will provide an additional $390,000 in monthly cash flow to Pipeline. Pipeline Data's merchant portfolio now exceeds 40,000 accounts, and new merchant applications are expected to surpass 1,500 monthly.
Commenting on the announcement, Pipeline's Chief Executive Officer, MacAllister Smith stated, "I am very pleased to recognize the significant gains in both the size of our merchant portfolio and in new monthly account formation. In our evolution as a premiere provider of credit card processing services for merchants, these indicators serve as tangible benchmarks of our success in developing shareholder value through our organic growth and acquisition efforts."
Pipeline Data Inc. provides integrated credit card transaction processing services for merchants in three key areas: wireless mobile payment, e-commerce solutions and retail merchant payment. Pipeline Data services more than 40,000 accounts.
Safe Harbor Statement:
The information provided for in this Press Release contains forward-looking statements that involve risks and uncertainties more fully set forth in the Company's filing. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to uncertainties that could affect performance and results of the Company in the future and, accordingly, such performance and results may materially differ from those expressed or implied in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to those relating to the Company's growth strategy, customer concentration, outstanding indebtedness, seasonality, expansion and other activities of competitors, changes in federal or state laws and the administration of such laws, protection of the securities markets and other risks detailed in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Statements made in this Press Release that are not historical facts are forward-looking statements that are subject to the "safe harbor" created by the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ significantly from those discussed and/or implied herein.
