News

Info Touch Technologies, PDNB sign cash management agreement

December 1, 2004

BURNABY, British Columbia - Info Touch Technologies Corp. , a leading kiosk software and services solution company, has entered into a number of agreements with Palm Desert National Bank's Electronic Banking Solutions (PDNB-EBS) division to provide cash management services throughout its managed kiosk networks. Info Touch estimates that the outsourcing of this component of the business will reduce cash management service expenses by approximately 35 percent and is expected to have a positive impact on the company's financials, according to a news release.

Info Touch derives recurring revenues from the deployment and operation of kiosks in partnership with leading C-store retailers such as: Circle K, ExxonMobil and Mac's/ Couche-Tard. As Info Touch has grown, the complexity of the cash management component if its business has increased significantly.

This initiative ensures the scalability of Info Touch's financial services business model. PDNB-EBS will be responsible for the efficient collection of cash from Info Touch's kiosk network as well as the corresponding payments to Info Touch's service providers. Most importantly, PDNB will finance any working capital needs between optimum collections and reconciliation duties. This will enable Info Touch to focus its financial and human resources towards its core competencies namely bill payment processing and the development of its automated service offerings for the convenience retail industry.

Since 1994, PDNB-EBS has been developing customized solutions for vault cash, cash management, POS/ATM network sponsorship and ACH origination. PDNB-EBS supplies and manages more than $750 million in vault cash and cash management services to more than 13,500 ATMs and advance function kiosks nationwide.

"We are thrilled to partner with PDNB-EBS, the premier provider of cash services for the ATM and kiosk industry", said Hamed Shahbazi, chairman and CEO of Info Touch Technologies. "This agreement places our cash management requirements in the hands of a nationally chartered financial institution and enhances our financial position.

Info Touch now has an experienced partner that can service our growth requirements, assist in reducing our expenses and free up management time to pursue its core objectives of growth and profit."

"Info Touch is a known leader in the kiosk industry and we are pleased to provide our cash management services to this dynamic young company. Info Touch's dedication to providing quality products and services is consistent with PDNB's commitment to the industry. We are pleased to be a part of the team and look forward to a positive business relationship," said Sandra Hartfield, president and CEO, PDNB-Electronic Banking Solutions.

[Editor's note: Info Touch Technologies became Tio Networks in April 2006.]