Checkmate Electronics, Inc.announced yesterday that Checkmate’s shareholders voted in favor of a merger with Toronto-based International Verifact Inc. by a majority of 65.7%, voting at a special meeting of shareholders convened in Atlanta today. At the same time, International Verifact Inc. announced their shareholders had also voted in favor of the merger with Checkmate by a majority of 99.9%. The combined company becomes the third largest in the electronic payment solutions industry in North America. Its combined revenues approach those of the current second largest company in the industry. IVI Checkmate Corp. has a leadership position in providing end to end electronic transaction solutions including check reading, credit and debit card processing, signature capture and Smart Cards.
! As provided in the Combination Agreement and Plan of Arrangement, Checkmate (based in Roswell, Georgia) will be renamed IVI Checkmate, Inc. IVI (based in Toronto, Canada) will be renamed IVI Checkmate, Ltd. Both Companies become wholly-owned subsidiaries of a Delaware corporation, `IVI Checkmate Corp.’ (“IVI Checkmate”) which will be based in Roswell, Georgia, north of Atlanta. The new securities are expected to begin trading on or about June 26, 1998.
The IVI Checkmate common stock will trade on the NASDAQ NMS under the symbol: “CMIV”, and also on The Toronto Stock Exchange under the symbol: “CIVI”. IVI’s exchangeable shares will trade only on The Toronto Stock Exchange under the symbol: “IVI”. Checkmate shareholders will receive 1.2775 shares of IVI Checkmate common stock for each Checkmate common share.
J. Stanford Spence, currently Chairman and CEO of Checkmate, who becomes Chairman of IVI Checkmate Corp., says: “Gregory A. Lewis will lead the US operations, now known as IVI Checkmate, Inc., as its new President and COO. L. Barry Thomson, currently President and CEO of IVI, will become CEO of IVI Checkmate Corp., and will also be responsible for the day to day operations of Toronto-based IVI Checkmate, Ltd.”
Mr. Spence says, “IVI Checkmate Corp. will implement a strategy to progressively grow beyond being a terminal manufacturer to delivering end to end transaction solutions for the large retail, middle retail and small retailer markets, while penetrating the bank automation, hospitality, healthcare, insurance and transport market segments.”
IVI Checkmate is a full-service solution provider in the United States, Canada and Latin America. Its innovative automation payment solutions are capable of handling electronic payment transactions such as check, debit, credit, smart card, and electronic benefits transfer, together with interactive touch screen applications in such industries as retail, banking, healthcare, hospitality and transportation. With offices in the United States and Canada, and strategic alliances and partnerships worldwide, IVI Checkmate is poised to deliver leading products and global technology to its customers. Additional information is available on the Internet at [http://www.ivicheckmate.com ]