Cadmus Confirms Funding Strategy

Published: Tue 2 Apr 2002 05:15 PM
Cadmus Confirms Funding Strategy For International Market
Payment solutions company, Cadmus Technology Limited (NZSE: CTL), today announced that it had made a private placement of 12.5 million ordinary shares at $0.08 each, raising a total of $1 million, excluding costs of the placement.
The placement organised by FAR Financial Services Ltd and NZSE member brokers is to habitual and professional investors and is not subject to shareholder approval. It complements the issue of First Secured Notes by Cadmus Developments Limited, a subsidiary of the company, approved by shareholders at a special meeting held last week.
“As part of Cadmus’ focus on the international market, we need to ensure that the company continues to review and undertake strategies to fund this growth,” said Cadmus Managing Director, Ian Bailey. “The proceeds of this placement, together with funds from the issue of First Secured Notes by our subsidiary, will be used primarily for product development and funding of payment solution product export opportunities. Specific items include the development of payment terminal housings and marketing costs associated with the company’s expanding international sales programme.”
“Securing this additional funding to serve our rapidly growing base of international customers provides us with the ability to accelerate expansion into target markets within the Asia Pacific region,” adds Mr Bailey. “Significantly, merchants, banks and other corporates in the Asia Pacific region are recognising the additional functionality and advanced capabilities our payment solutions provide.”
Most recently Cadmus announced that it has signed an exclusive heads of agreement to supply Cadmus EFTPOS terminals and pinpads to Bartercard Australia Pty Ltd (Bartercard Australia). This follows an order last year for 1,000 of its new Cadmus AC4500G terminals from Australian E-commerce company, On Q Business Systems Pty Ltd (November ‘01) and a deal with PaySys International (Malaysia) Ltd to supply over 1,000 Cadmus credit card and EFTPOS terminals (June ‘01).
Company Background
Cadmus Technology Limited is an end-to-end payment solutions and data management services provider. It operates a number of unique interfaces into the NZ EFTPOS infrastructure enabling the capture and processing of information relating to customer spend, as well as the processing of in-house and private label cards.
The facilities offered includes database marketing, loyalty programmes and services, transactional processing and switching, e-Commerce solutions, ISP services, bespoke hardware and software developments, electronic marketing, data capture terminals and EFTPOS terminals. Clients include the New Zealand Warriors Rugby League, Bartercard, Stihl, TrustPower, and many of the major motor vehicle importers and distributors.
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