23 Nov 2009 07:00
23 November 2009
Earthport plc ("Earthport") or (the "Company")
Agreement in Relation to Central, South American and Caribbean Franchise
Earthport, the global payments utility, is pleased to announce that, following its expansion into South America, it has entered into an agreement with Zink Financial SA which forms an important cornerstone of Earthport's global rollout strategy, enabling more rapid expansion at lower cost.
The agreement, signed on 20 November 2009, provides for the payment by Zink to Earthport of a non-refundable first-year franchise fee of £3.25 million for the territories of Central America, South America and the Caribbean. The first year franchise fee is to be received by Earthport by 21 December 2009.
Under the terms of the agreement, a detailed franchise operating contract between the two parties will be signed by early 2010, providing definitive terms to operate a franchise of Earthport's business in the region for a period of five years. These terms will also provide for Earthport to receive professional service and monthly maintenance fees.
Zink will represent the interests of a number of financial institutions in the region, such as existing Earthport customer, Hatfield Oak International.
- ENDS -
For further details, please contact:
| Earthport plc James Bergman, Chief Executive Officer | +44 (0)20 7220 9700 |
| Panmure Gordon Dominic Morley | +44 (0)20 7459 3600 |
| Financial Dynamics Jonathon Brill | +44 (0)20 7831 3113 |
About Earthport
Earthport (www.earthport.com) specialises in the international transactional marketplace by providing a highly secure, high volume global collection and payment capability. It has been making national and international payments and collections since 1998.
Earthport owns, provides and hosts an international money movement platform called the Universal Payments Network. Using this platform, Earthport makes secure, low cost international bank payments and collections worldwide.