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Cash Technologies Majority Owned Subsidiary Completes Sale Of Certain Assets For Up To $10.4 Million |
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| DDL Consulting, Inc. Immediately Delivers Two Sales Contracts | |||||||||||||
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LOS ANGELES – Los Angeles, CA – November 8, 2006 –Cash Technologies, Inc. (AMEX: TQ) announced today that its majority owned subsidiary, TAP Holdings, LLC, has completed the previously announced sale of certain of its assets to Champion Parts, Inc. (OTCBB:CREB) for $1.3 million in cash and up to $9.1 million in future payments, represented by a secured promissory note, to be paid over a maximum of 11 years based on a percentage of combined carburetor sales by Champion. The sale included a transfer of all carburetor related inventory, trademarks, patents and sales contracts. |
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| After Cash Tech's investment in TAP has been fully repaid (approximately $1.1 million), TAP will pay approximately 37% of the proceeds from the Champion note to Tibrand Capital Ventures, LLC, Cash Tech's former partner in TAP, with the remainder paid to Cash Tech. | |||||||||||||
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TAP has shut its Los Angeles factory and terminated any remaining employees. |
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Bruce Korman, CEO of Cash Technologies, Inc. stated that "The Tomco investment realized greater than a 4-fold increase in value since its acquisition approximately 2 years ago. With this transaction behind us we can focus our attention on our software and financial services businesses." |
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About Cash Technologies Cash Technologies, Inc. develops and markets innovative data processing solutions in the healthcare and financial services industries. Its CashTechCard Systems, Inc. subsidiary establishes and manages debit card programs and issues prepaid debit cards that require no bank account but can be used at millions of merchant and ATM locations around the world - learn more at www.CashTechCard.com. Cash Tech's ClaimRemedi Services, Inc. subsidiary creates and markets healthcare and employee benefits data processing solutions. For more information, visit www.Claim-Remedi.com or www.cashtech.com. |
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Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include technical barriers that prevent the implementation or success of Cash Tech's technologies and products, competition within the debit card, employee benefits and healthcare industries, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC. # # # |
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