News

SMO Multimedia to merge with Automated Financial Services Group

August 24, 2003

BELLINGHAM, Wash. -- SMO Multimedia announced the signing of a letter of intent to merge with Automated Financial Services Group (AFSG), a Minneapolis-based technology company.

AFSG has a proprietary POS transaction platform and is preparing to deploy for the next generation ATM machines, according to a news release. SMO Multimedia will assist in the kiosk development and advertising platforms integrated into this new technology.

SMO Multimedia will also receive the necessary funding through this merger to deploy its way-finding system into target airports and malls, the release said.

The merger calls for a joint-development program with strategic integration of technologies owned by both companies. SMOC and AFSG will jointly manage the new company with both teams strategizing on expansion over the coming months.

"We are so pleased to have found the right partners," said Robert Pratt, chief executive officer of SMO Multimedia, in the release. "We have worked very hard through the grueling process of finding a partner that understands our vision, and is prepared to help us launch our products. Our shareholders will also benefit from the diversification of business models and increased income."

Mike Johnson, founder and chief executive officer of Automated Financial Services Group, said, "We are encouraged about our impending merger with SMO Multimedia. Their technical know-how and synergistic technologies are sure to decrease our development time and enhance our new product line. Our decision to merge with SMOC accomplishes for us several key needs, including the necessity of being in the public markets."

The companies anticipate closing the merger by mid-September. Terms of the deal were not disclosed.