Orion Technologies Announces Intent to Acquire Two German Companies.RICHMOND, B.C.--(BUSINESS WIRE)--April 7, 1998-- Company Continues to Position Itself as a Global Leader In Electronic Information Systems for Industry and Finance Orion Technologies Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ORTG)(BERLIN:ORI) announced Tuesday the signing of a letter of intent to acquire two German companies, EZ Electronic Payment Systems (Elektronische Zahlungssysteme GmbH) and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. Electronic Processing GmbH, both providers of retail -point of sale- verification systems, equipment, and processing. EZ Electronic Payment Systems provide multi-functional, electronic processing terminals, to small- and mid-size retail and service providers, which will utilize the processing services of EPS Electronic Processing GmbH. These terminals provide access to the potential market of over 49 million eurocheque cardholders as well as the over 15 million bank clients carrying debit cards in Germany. In addition, these user friendly terminals accept credit cards, bank customer cards (ATM), chip cards (cash cards), and private label cards. "Orion continues to expand its' role as a leading provider of global information technology processing in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. area. We believe these two German companies offer Orion a unique opportunity for growth in a relatively untapped market. These acquisitions extend the reach of Orion into the lucrative European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community market segment," stated Keith Cowan, president 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 Orion. Dr. Ron Hendrikson, co-founder of the two German companies added, "In Germany only eight percent of all merchants currently utilize any electronic point-of-sale equipment. We believe that we can provide both the equipment and the processing systems to capture a significant portion of this market in a relatively short time span." He added, "Current plans call for the companies to install some 5000 EFTPOS EFTPOS - Electronic Funds Transfer Point of Sale terminals by November, with a total of 30,000 terminals installed and operating in Germany within a 2 - 3 year time frame." The acquisition will be a stock transaction valued at $5.5 million (U.S.). As a result of this transaction, Hendrickson has been named to the Board of Directors of Orion. Orion Technologies Inc. delivers high quality electronic commerce and financial services to financial institutions and other enterprises. Orion has developed GlobalDEN (Global Development Enterprise Network), a secure global network that provides the infrastructure for the delivery of a range of secure, integrated services In computer networking, IntServ or integrated services is an architecture that specifies the elements to guarantee quality of service (QoS) on networks. IntServ can for example be used to allow video and sound to reach the receiver without interruption. , including electronic commerce, transaction processing and card services, remote banking, secure electronic messaging, electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. and electronic trading. CONTACT: Martin E. Janis & Co., Chicago Hal Schweig, 312/943-1100 |
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