Money Centers of America, Inc. Announces Settlement of Available Money Lawsuit.
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 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 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 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 Notice: Certain matters discussed in this news release are forward-looking statements, as defined in the Private Securities Litigation Reform Act 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/
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|Date:||Apr 25, 2005|
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