Excel Corporation Announces Signing of Acquisition Agreement With Securus Payments
27 Fevereiro 2014 - 11:54AM
Excel Corporation (OTC:EXCC), announced that it has signed a
securities exchange agreement for the acquisition of Payprotec
Oregon, LLC d/b/a Securus Payments, a leading west coast based
credit card terminal seller and lessor. The closing of this
strategic acquisition will accelerate Excel's broader strategy in
the financial services and distribution market with immediate
revenue and profitability.
With locations in Portland, San Diego, and West Palm Beach,
Securus is a financial services company that sells credit card
transaction terminals to approximately 10,000 merchants across the
United States. Utilizing its approximately 150 employees and 150
independent sales representatives, Securus has historically
averaged approximately 500 new terminals per month, with the
average terminal processing approximately $100,000 per year. While
based on the West coast, Securus processes credit card transactions
through its terminals for merchants in every state in the United
States. Securus was recently named one of Portland Business
Journal's 2012 and 2013 Fastest growing companies and its CEO,
Steven Lemma, was also named in the Business Journal's 40 under 40
class. In 2013, Securus Payments won the Best of Portland Award for
Merchant Services as well as the elite Inc. 500 award being ranked
#372 on the list. Additionally, for three straight years, Securus
Payments has been named to the exclusive President's Club Award
from First Data, the largest processor in the world.
Cofounder and President of Securus, Mychol Robirds, has been
instrumental in growing the company into a multimillion-dollar
business. Mr. Robirds is also a veteran of Operation Iraqi Freedom
and has since achieved success in sales and business in related
consumer and non-profit sectors. Mr. Robirds has also been a major
supporter for the Purple Heart Call Center; a service staffed
entirely by disabled and combat-wounded U.S. veterans where he
helped the firm triple its sales volume and provided advanced sales
training to staff members.
With the acquisition of Securus, Excel gains an established
company with proven success in leadership and sales that provides
the immediate ability to market and sell its broad range of
merchant services/products, including merchant processing, cash
advance purchases of receivables, and terminal leasing. Securus
will operate as a subsidiary of Excel, under the leadership of
Steven Lemma and Mychol Robirds. While Securus is expected to
continue its already strong growth trend, Excel will have access to
a fluid sales operation, helping to facilitate its expansion into
other areas of merchant distribution, sales avenues and
products.
Excel Corporation is purchasing 90% of the membership interests
of Securus Payments for a total of 20,400,000 shares of Excel's
common stock and two shares of Excel's Series A Preferred Stock.
Mychol Robirds and Steven Lemma, current owners of Securus, will
also enter into three-year employment agreements. The securities
exchange agreement is subject to a number of conditions, including
without limitation, the delivery of audited financial statements,
consents of third parties, the filing of the certificate of
designation for the Series A Preferred Stock and the execution of
the Employment Agreements.
"This acquisition is a clear game changer for both Securus and
Excel. It not only adds instant revenue but also bolsters our sales
platform and enables us to confidently enter into new markets and
distribution channels," stated Ruben Azrak, Interim CEO of Excel.
Furthermore, this strategic growth engine also brings along top
tier management in the industry with a clear track record of
success in building growing sales and distribution platforms. We
look forward to closing this transaction in short order and are
excited by the tremendous opportunity this growth platform
represents.
Steven Lemma, CEO of Securus, stated, "We are pleased to join
forces with the Excel team and believe that our combined entities
present an enormous growth opportunity for all of our current
stakeholders. The key relationships and partners we have developed
and nurtured will continue to add significant value in the combined
entity, especially as we further implement the growth strategy with
new business and product lines."
About Excel Corporation:
Excel Corporation is primarily a credit card merchant processing
and acquiring company, which provides credit and debit card
processing services for merchants in a variety of industries. In
addition, Excel remains in the licensing, merchandising, and
distribution business focused on bringing national and
international brands to the retail marketplace through licensing
opportunities, including the representation of brands, trademarks,
designers, events, and personalities of high standing in the
industry. Excel's key executives have over 30 years of licensing
experience and have established programs at retail which have
generated cumulative sales of over one billion dollars.
Forward-Looking Statements:
In accordance with the Private Securities Litigation Reform Act
of 1995, we caution you that, whether or not expressly stated,
certain statements made in this news release that reflect
management's expectations regarding future events and economic
performance are forward-looking in nature and, accordingly, are
subject to risks and uncertainties. This information is qualified
in its entirety by cautionary statements and risk factor
disclosures contained in the Company's Securities and Exchange
Commission filings, which are available at www.sec.gov. We caution
readers that certain important factors may have affected and could
in the future affect the Company's actual results and could cause
the Company's actual results for subsequent periods to differ
materially from those expressed in any forward-looking statement
made by or on behalf of the Company.
CONTACT: Investor Contact:
Kirin Smith
ProActive Capital
ksmith@proactivecapital.com
646-863-6519
www.ProActiveCapital.com
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