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Avery Sports to Be Acquired by Cash Machine Operator Monday March 6, 12:37 pm ET
MENDOTA HEIGHTS, MN--(MARKET WIRE)--Mar 6, 2006 -- Avery Sports Turf, Inc. (OTC BB:AVST.OB - News) is pleased to announce that it has signed a binding Agreement and Plan of Reorganization to be acquired in a reverse acquisition by the shareholders of E Cash, Inc., a New Jersey corporation. ADVERTISEMENT
E Cash's primary activity is the operation of automatic teller machines ("ATMs"). E Cash's ATMs are owned and operated by E Cash, Inc. E Cash is a non-financial institution that owns stand-alone cash dispensing units. The ATM machines have been placed in various retail locations including supermarkets, convenience stores, restaurants, colleges and other locations not generally serviced by traditional and financial institutions. E Cash's ATMs can be accessed by the use of either credit or debit cards issued by a wide range of financial institutions.
E Cash revenues consist of interchange and surcharge fees which are assessed to each customer on a transaction-by-transaction basis. A surcharge fee is a charge assessed to the customer for use of the ATM. An interchange fee is the fee we receive from the cardholder's bank for processing a transaction on behalf of their customer.
Mr. Richard Schaefer, CEO and Chairman of E Cash, Inc., stated, "We are extremely excited to begin the process of becoming a publicly traded company through this transaction. We feel it gives our company a tremendous opportunity to grow organically and through acquisitions of other companies."
Gary Borglund, President of Avery Sports Turf, Inc., commented, "We have looked at numerous situations to potentially increase shareholder value and we feel the E Cash transaction provides the best prospect of fulfilling that goal. We believe that a public listing will help them become a bellwether in their industry."
The transaction is dependent upon shareholder approval from both E Cash and Avery Sports Turf, Inc. It is expected that a proxy statement will be sent to Avery shareholders in the month of March.
Posts: 46 | From: Hawaii | Registered: Feb 2005
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Opened at .0037 hitting .02 today. Staying at about .015. Almost 40 million traded so far today.
Posts: 46 | From: Hawaii | Registered: Feb 2005
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