News

Euronet acquires Texas prepaid provider

July 21, 2004

LEAWOOD, Kan. - PaySpot, Inc., a subsidiary of Euronet Worldwide, Inc. (Nasdaq: EEFT) that provides prepaid services in the United States, has acquired Call Processing, Inc. (CPI), a Texas corporation which sells prepaid services under the brand name TeleBuck$ via point-of-sale terminals. 

CPI, which was established in 1992 as a provider of prepaid long distance calling cards, provides prepaid processing services for 30 c-store chains at some 1,500 retail locations in 21 states.

CPI provides several types of prepaid products, including prepaid wireless, prepaid long distance, prepaid giftcards, age verification and other services.  CPI distributes prepaid airtime for all the major U.S. wireless carriers, including ALLTEL, AT&T, Cingular, T-Mobile, Tracfone and Verizon, as well as several regional carriers. 

"We believe that our extensive experience working with convenience store chains complemented by Euronet's transaction processing expertise creates an ideal long-term partner for our convenience store customers," said Charlie Stimson, CPI president.

"The acquisition of CPI adds to PaySpot's strong management team two individuals, each with over 10 years of experience servicing convenience store chains with reliable prepaid products and services," said Daniel Henry, PaySpot president and Euronet Worldwide president and COO. "The growth potential in the U.S. market is accelerating as the shift to electronic methods of prepaid airtime distribution continues, and PaySpot is positioned to benefit from this trend."

The entire purchase price for the shares of CPI will be paid by PaySpot through the issuance of Euronet stock.  With this acquisition, PaySpot and its affiliates have obtained rights under CPI's licenses to U.S. Patents 5,511,114; 5,577,109; 5,721,768; and 6,502,745 for the provision of POS activation and recharge of stored value cards and accounts. The first of these patents was filed in 1994.