Money Centers of America, Inc. Announces Settlement of Available Money Lawsuit.KING OF PRUSSIA, Pa., April 25 /PRNewswire-FirstCall/ -- Money Centers of America, Inc. (BULLETIN BOARD: MCAM MCAM Mechanical Contractors Association of Manitoba (Canada) ) today announced it has settled its lawsuit with the former stockholders of Available Money, Inc.
The settlement agreement provides that all lawsuits between the parties shall be dismissed. Additionally the agreement provides that Money Centers and the former Available Money shareholders agree to a final purchase price for the Available Money stock of $3,850,000, affirming the cancellation of 1,470,590 shares of stock originally issued under the original stock purchase agreement and the hold-back by Money Centers of the cash portion of the purchase price. The former Available Money shareholders also agreed to pay consideration to Money Centers of America totaling $177,892.99. Both parties have agreed to a modified non-compete agreement from the original stock purchase agreement in addition to other provisions that are standard to settlement agreements of this nature.
"We are pleased with the outcome of this case and happy to put this matter behind us so we can focus on future growth," said Christopher Wolfington, 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 Money Centers of America. "We want to stay focused on our business plan, which is what ultimately will add value for our shareholders," further stated Wolfington.
About Money Centers of America
Money Centers of America, Inc. provides cash access services and transaction management systems for the Gaming Industry. The company has combined state-of-the-art technology with personalized customer services to deliver ATM, credit card advance, POS (1) See point of sale and packet over SONET.
(2) "Parent over shoulder." See digispeak.
POS - point of sale debit, check cashing services, CreditPlus outsourced marker services and merchant card processing.
Our products and services allow casino customers to access cash through ATMs, credit card advances, debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. advances and check cashing. Our proprietary CreitPlus, cash services host programs and transaction management system provide casinos with unique methods to make cash available to gaming customers. For a complete corporate profile on Money Centers of America, Inc., please visit our corporate website at http://www.moneycenters.com/ .
Safe Harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Notice: Certain matters discussed in this news release are forward-looking statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties, including, but not limited to, statements concerning Money Centers of America's commencement of a new business plan, the ability to close pending transactions and other risks detailed from time to time in Money Centers of America's filings with the Securities and Exchange Commission. Actual results may differ materially from those expressed in any forward-looking statements made by or on behalf of Money Centers of America, Inc.
CONTACT: Christopher Wolfington, CEO of Money Centers of America, Inc., +1-610-354-8888
Web site: http://www.moneycenters.com/