Concord Signs Definitive Agreement For Acquisition.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--June 23, 1998--Concord EFS EFS Encrypted File System (Microsoft Windows 2000) EFS Event Free Survival (survival rates in clinical trials) EFS Evangeliska Fosterlandsstiftelsen (Sweden) Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CEFT CEFT Czech Educational Foundation of Texas CEFT Competitive Evaluation Field Test CEFT Certified Electronic Funds Transfer ) announced today that it has signed a definitive agreement for the acquisition and merger of Digital Merchant Systems Inc. & Affiliated Companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , one of the nation's largest and most successful Independent Sales Organizations in the credit card processing industry. The merger of the companies will be completed on June 29, 1998 in a pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free stock transaction subject to certain closing conditions. Dan Palmer, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Concord EFS stated, "The completion of our second acquisition in eight months again demonstrates our ability to grow outside our normal sales channels. With our strong financial condition we continue to pursue acquisitions." Ed Labry, President of Concord EFS, stated, "This acquisition of one of the largest Independent Sales Organizations in our core business provides us with the opportunity to triple our sales force and aggressively expand our sales. This should allow usto accelerate the growth of the Company in acquiring new merchant locations." Concord EFS provides electronic transaction authorization, processing, settlement and funds transfer services in selected markets. Concord EFS' primary activity is card services, including credit, debit card and electronic benefit transfer (EBT EBT See: Earnings Before Taxes ) card transactions to supermarket chains, grocery stores, convenience store merchants and other retailers. Concord EFS also provides electronic payment, banking products and payroll services to trucking companies, truck stops, and other niche segments of the market. This release may contain statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that any such statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, and competition in the Company's markets. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future results over time.
CONTACT: Concord EFS, Memphis
Edward A. Labry, 901/371-8000
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