22 Dec 2009 07:00
22 December 2009
Earthport plc ("Earthport") or (the "Company")
Franchise Fee
Earthport, the global payments utility, announced on 23 November 2009 that a non-refundable first-year franchise fee of £3.25 million from Zink Financial SA ("Zink") was to be received by 21 December 2009.
Earthport today announces that funds have been received by Zink's bank for onwards transmission to Earthport. Once internal procedures at Zink's bank have been addressed, Zink's bank will execute this onwards transmission to Earthport.
As these procedures may take a number of business days, Zink has requested that its bank issues a standby letter of credit to Zink with the intention of assigning this in favour of Earthport to guarantee matters.
Further announcements will be made as appropriate.
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For further details, please contact:
| Earthport plc James Bergman, Chief Executive Officer Peter Chappell, Executive Director Corporate Affairs | +44 (0)20 7220 9700 |
| Panmure Gordon Dominic Morley | +44 (0)20 7459 3600 |
| Financial Dynamics Jonathon Brill / Alex Beagley | +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.