21st Jun 2005 07:00
XN Checkout Holdings PLC21 June 2005 Press Release 21 June 2005 XN Checkout Holdings Plc ("XNC" or "the Company") XN Checkout acquires EpoS Computing Services Ltd (ECS) XN Checkout Holdings Plc (AIM:XNC), a market leader of Electronic Point of Sale("EPOS") solutions to the leisure, retail and hospitality markets, announces theacquisition of EpoS Computing Services Ltd. The consideration for theacquisition is substantially calculated on an earn-out basis on ECS's 2005 and2006 figures, will be satisfied in a mixture of cash and shares, and is notexpected to exceed £4 million. For the year ended 30 September 2004, ECS reported a turnover of £3.2 millionand a gross profit of £1.0 million. It had net assets at this date of £142,000. Following the acquisition, ECS will continue to be managed independently fromXNC. Milton Keynes based ECS is the largest independent EPOS service deliveryprovider in the UK, and has coverage throughout the UK and Europe. ECS managesthe roll out of EPOS systems including installation, managing system changeover, testing and training The acquisition allows XNC to consolidate andstrengthen its EPOS service delivery offering, which has previously been partlyoutsourced to subcontractors. Founded in 1996 by Nigel Friery, ECS operates in both the Hospitality and Retailsectors and provides EPOS services to a large portfolio of high-street namessuch as Asda, BP Oil, Compass Catering, Sainsburys, Tesco, Vodafone andWhitbread Restaurants among others. In addition, and of particular interest toXNC, ECS has significant experience in integrating wireless POS systems withinthe UK Hospitality sector. Commenting on the acquisition, Nigel Friery, Managing Director of ECS, said: "There are many synergies between the two organizations and I look forward tocontinuing in my role of Managing Director of ECS as we continue to exploit theopportunities available with both XN Checkout and other companies." Ed Dayan, Chief Executive of XN Checkout, added: "The knowledge, huge breadthof services and experience of large POS roll outs in the UK brought by ECS willadd immense value to XN Checkout at a time when it is embarking upon a number ofsystem roll-outs to new and existing customers." The Directors would like to draw shareholders' attention to the announcementthat was issued on 10 June 2005 which referred to a Recommended Offer byEvolution Securities Limited on behalf of Torex Retail Plc for the entire sharecapital of XN Checkout Holdings Plc. For further information:XN Checkout Holdings PlcEd Dayan, Chief Executive +44 (0) 1582 869 [email protected] www.xncheckout.com Daniel Stewart & Co.Ruari McGirr Tel: +44 (0) 20 7374 [email protected] www.danielstewart.co.uk Media enquiries:AbchurchAriane Comstive / Henry Harrison-Topham Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to editors XN Checkout Holdings Plc XN Checkout is the market leader for EPOS hardware and software solutions intothe UK managed pub and bar sector, with over 4,000 systems installed. TheCompany has been successful in broadening its target markets to includerestaurants, hotels, retail shops and gaming hardware and software solutions. Co-founded in 1982 by the chief executive Ed Dayan, the Company created thefirst touch-till system for a pub and has over 20 years' experience ofmanufacturing hardware and developing software solutions for the EPOS market,resulting in XN Checkout technology remaining at the forefront of the industry.The Company's technology is now being used in the hotel, gaming, retail and thefast-growing SME hospitality sectors. As an innovator of web-based EPOS systems, XN Checkout benefits fromlong-standing client relationships with leading leisure and hospitalitybusinesses including Mitchells & Butlers, Wolverhampton & Dudley, the SpiritGroup, Young's and Stena Line. More recent customers include Cafe Rouge, TheParamount Group of Hotels, Caffe Nero and Gala Group. The Company employs 190people, is based in Dunstable, Bedfordshire and has offices in Singapore,Malaysia, South Korea, Australia, South Africa, the USA and Germany. For further information please visit www.xncheckout.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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