Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

FINDI LIMITED Capital/Financing Update 2013

Mar 6, 2013

64934_rns_2013-03-06_1d28a174-e8b6-47cb-9559-2b863313b662.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

Transaction Solutions International

Limited

==> picture [96 x 55] intentionally omitted <==

TSI INDIA WINS NEW ATM CONTRACT

WORKING TOWARDS CLOSURE OF $22 MILLION CAPITAL INVESTMENT IN TSI INDIA

Highlights

  • New Tamilnad Mercantile Bank (“TMB”) ATM contract – up to 400 ATMs

  • 9 Year contract terms - 4[th] concurrent agreement signed with TMB

  • TSI retains its position of being the preferred deployer for TMB

  • CX Partners and TSI continue to work towards closure on $22 million deal

The Directors of Transaction Solutions International Ltd (“TSI”) are pleased to announce that TSI India has signed a fourth, 9 year agreement with Tamilnad Mercantile Bank (“TMB”), one of India’s fastest growing banks.

TSI appointed for 4[th] consecutive contract

Due to the ongoing success from the first 3 rollout programs, TMB has again appointed TSI India to deploy, manage and operate an additional 200 ATMs with the ability for up to 400 ATMs under this new agreement.

TMB is a fast growing bank which originated in the Indian state of Tamilnadu and which now has over 300 branches around India. Due to high customer acquisition, it is expected that the Bank’s ATM network will continue to grow, with TSI continuing to participate in that growth.

Managing Director of TSI, Gary Foster stated that, “this one agreement gives us the opportunity to increase our total ATM network by over 35%. The demand from Indian banks for independent ATM companies to deploy ATMs on the banks’ behalf remains very strong, and given available capital, TSI India will be in a position to continue to take advantage of our strong position within this market.”

ABN 98 057 335 672 41-47 Colin Street, West Perth, WA 6005 TEL: (08) 6500 0226, FAX: (08) 9226 2235

Update on Discussions with CX Partners

Discussions have progressed significantly since the completion of the Term Sheet offer between CX Partners and the TSI Group. Definitive Agreements have been discussed in depth and are being finalized. TSI is completing its due diligence on its tax and legal position for the multiple jurisdictions within its corporate structure, which is critical to its final position. However, this increases the time to deal completion due to the reliance on third parties reverting to TSI.

TSI is working expediently in an attempt to close out the final outstanding matters within the Definitive Agreements which have been prepared to an advanced stage.

The terms of the final agreement shall be subject to shareholder approval.

For further enquiries please contact:

Gary Foster

Managing Director

[email protected] 0417170240

About TSI

Founded in 2005, TSI’s business is a rapidly growing bank ATM deployment and E-transaction financial services business based in India. Operational in India since 2006 the company now has in excess of 1000 ATMs fully operational and generating revenue. It has further contracts to allow deployment for up to a further 400 ATMs.

The company’s business model is to build recurring revenue through the deployment of ATMs as well as service the financial payments sector through automation of bill payment processes, in a market that is migrating from paper based to electronic transactions.

TSI owns, manages and operates its financial hardware and systems, in return for a fee per transaction. This recurring revenue model assists TSI in producing a business model that is highly scalable.

TSI has agreements with a large number of national companies including major banks, utilities and corporates. It is these corporations (not consumers) who form TSI’s customer base, and from who TSI receives its revenues.

Supported by the strong infrastructure and business platform built over the last 6 years, and a leading market reputation the business is now scalable by the installation of new ATM’s and building on the recently introduced bill payments capability. Barriers to entry in the sector are high with regulatory and banking approvals required. TSI has successfully overcome those barriers, as reflected in its growth profile and the increasing demand for its ATM outsourced business.

ABN 98 057 335 672 41-47 Colin Street, West Perth, WA 6005 TEL: (08) 6500 0226, FAX: (08) 9226 2235