20th Oct 2006 07:01
Cardpoint PLC20 October 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN 20 October 2006 Cardpoint plc ("Cardpoint" or the "Company") Announcement of sale of G2 Integrated Solutions Limited Cardpoint, the market leader in the independent cash machine sector, todayannounces that it has agreed the sale of its G2 Integrated Solutions cashlesspayment and access control business ("G2IS") to Group 4 Technology Ltd("G4Tec"), a member of the Group 4 Securicor plc group of companies. Cardpoint acquired G2IS in August 2005, as part of the acquisition of Moneyboxplc. The business of G2IS does not complement the cash machine business and hastherefore been regarded as a non core activity since the acquisition ofMoneybox. Part of Cardpoint's strategy in acquiring Moneybox has therefore beento seek a purchaser for G2IS who would represent a more suitable partner to takethe business forward. The acquisition of G2IS by G4Tec provides the business ofG2IS with on-going stability and continued strong support for future activitiesand developments, backed by one of the strongest security companies in theworld. Proceeds from the sale of £3.2m will be used to reduce the net borrowings ofCardpoint. Bob Thian, Chairman of Cardpoint, commented: "The sale of G2IS will enable theCompany to focus on its cash machine business and continue to drive theoperating performance of its existing cash machine estates. I am delighted thatMark Mills and the Cardpoint team found such an excellent partner to buy G2ISand take it forward." Enquiries: Cardpoint plc Telephone: 01253 361300Bob Thian, ChairmanRobin Gregson Finance Director Financial Dynamics Telephone: 020 7269 7132Ed Gascoigne-Pees This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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