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Pacific Financial Signs M&A LOI With Media Group Feb 8, 2007 12:28:00 PM 2007 *********wire, Inc.
LODI, Calif., Feb. 8, 2007 (PRIME NEWSWIRE) -- Pacific Financial Solutions, Inc. (Pink Sheets:PFUO), a leader in providing cashless ATM kiosks, Point-of-Banking (PBT) terminal technology and Affinity "Gift to Give" prepaid gift and stored value cards, announces the signing of an LOI to merge with Pacific Media Group, Inc. (PMGI) of Salt Lake City, UT. The merger will bring print, radio and TV media creative and placement capabilities to PFUO.
This merger between Pacific Financial Solutions, Inc. and Pacific Media Group, Inc. when completed will bring PFUO a full service direct response media and advertising agency. PMGI has radio, TV and print divisions that offer complete turn-key as well as, a la carte solutions for creative, creation, media buying and sales fulfillment.
"PMGI offers an aggressive approach in presenting our clients with a complete advertising solution to direct response any advertising needs based upon their specific business strategy," said Bruce Grogg, CEO of PMGI. Mr. Grogg added, "Not only does PMGI pride itself in our vast knowledge and experience in direct response marketing but we have the entrepreneurial drive and hands-on knowledge which helps our customers succeed."
"PMGI is enjoying sustained growth and PFUO is pleased to attract this fine Media business and its CEO, Bruce Grogg to our expanding company," stated Clifford Goehring, CEO and Chairman of PFUO. Mr. Goehring continued, "upon completion of this merger, Mr. Grogg will replace John Cutillo as President of PFUO. Mr. Cutillo has resigned to pursue other business interests."
This merger upon completion of due diligence by both companies is expected to be finalized by the end of February. PFGI revenues exceeded $2 million in 2006 and are projected to surpass $3.5 million in 2007.
About Pacific Financial (www.PFUO.com)
Pacific Financial Solutions, Inc. is a premier global distributor of financial services and products providing its customers with a wide array of prepaid stored-value and kiosk enabling devices. Pacific is comprised of fully integrated divisions: Pacific Banking Services (Point-of-Banking terminals) and Pacific Card Services. Pacific is a location services provider (LSP) for national and regional retail merchants. Pacific's continued success is driven by corporate sales, ISO's sales, Affinity sales as well as mergers & acquisitions. Pacific's global strategy centers on deploying both single and multi-use debit banking products and services along with stored-value debit card services worldwide.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
CONTACT: Pacific Financial Solutions, Inc. Barbara Thomas bthomas*pfuo.com
Posts: 2473 | Registered: May 2006
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