Frisco Bay Industries Ltd. announced that Frisco/ATMS, the joint venture between Frisco Bay Industries Ltd. and G.M. Automated Teller Machines Inc., has acquired the ATM network of Gava A.T.M. Ltd. The acquisition of 98 sites will significantly enhance Frisco Bay’s already predominant position in the White Label ATM marketplace in Canada. Terms of the acquisition were not disclosed.
The sites, located in Quebec, bring the Frisco Bay Canadian network of machines to over 600 units. Based on current volumes, Frisco Bay projects that it will process over 6 million transactions this year.
Ron Waxman, Vice-Chairman of Frisco Bay, stated, “this recent acquisition greatly increases our market share of ATMs in the province of Quebec and solidifies our goal of capturing prime real estate locations throughout Quebec and the rest of Canada”.
Frisco Bay Industries Ltd. is an international provider of automated financial transaction and integrated security systems for financial institutions, government agencies and major industrial corporations. The Company markets its products throughout Canada, the United States and Latin America where it is recognized as an integrated solutions expert.
Statements made in this press release, other than historical financial results, are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements express the current beliefs and expectations of Frisco Bay’s management group about the Company’s future results and performance. However, they are subject to a number of known and unknown risks that could cause actual results to differ materially from those projected or implied in forward-looking statements. These risks and uncertainties are described in detail from time to time in the Company’s filings with the Securities and Exchange Commission.