GlobeNewswire
2012-02-01
Acquisition Expands Identive's Position in Cashless Payment
Systems in Europe
SANTA ANA, Calif., MUNICH and HAMBURG, Germany, Feb. 1, 2012 (GLOBE
NEWSWIRE) -- Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV), a
provider of products, services and solutions for the identification,
security and RFID industries, today announced that it has agreed to
acquire a majority stake in payment solution AG, a German-based
provider of integrated cashless payment solutions for sports stadiums,
arenas, theme parks and other venues for leisure and entertainment
throughout Europe.
payment solution's systems enable consumers at sporting and similar
events to make quick, cashless payments for food, beverages and
merchandise using contactless smart card technology. The systems
consist of comprehensive payment management software, smart cards, and
reader and communication infrastructure, all supplied and implemented
by payment solution. The company offers its customers the option of
purchasing of a turnkey solution or entering into a multi-year contract
under which payment solution continues to operate and maintain
responsibility for the cashless payment system over a set period, in
return for sharing in the revenue generated at various events held in
the stadium or other venue.
"The acquisition of payment solution enhances our direct connection to
consumers and extends our ability to deliver payment systems in
Europe," said Ayman S. Ashour, chairman and chief executive officer of
Identive Group. "payment solution has proven that they can help stadium
operators and merchants increase their revenues through faster
transactions in the limited time available for retail at sporting
events and concerts. We are also impressed with the company's success
in penetrating the Eastern European cashless payment markets and highly
value their long-term operations and revenue share agreements."
Hemjö Klein, Chairman of payment solution, stated, "Joining forces
with Identive is the right next step for both companies and the market.
We have built a strong installed base particularly in the German Soccer
Leagues and are convinced the combination with Identive will allow us
to expand further into other markets and internationally."
Achim Hirz, CEO of payment solution, commented, "We have worked with
Identive as our supplier of cashless payment readers and contactless
cards for many years and this partnership has expanded as we have
collaborated to develop integrated solutions for various smart city
projects. We look forward to deepening our relationship with Identive,
which provides us the opportunity to leverage the company's worldwide
presence and to further expand our offerings beyond our current base in
Germany."
On January 30, 2012, Identive's Swiss-based subsidiary, Bluehill ID AG,
entered into agreements with 18 shareholders of payment solution,
representing approximately 58.8% of the outstanding share capital of
that company. The transaction values 100% of the shares of payment
solution at approximately EURO4.0 million (or approximately $5.3
million). Additionally, the company has outstanding debt of
approximately EURO4.5 million (or approximately $5.9 million). Under
the terms of the agreements, Identive will issue 1,357,758 shares of
its common stock to the selling shareholders, representing
approximately 2.4% of Identive's outstanding common stock, in exchange
for the payment solution shares. The Identive common stock has not been
and will not be registered under the U.S. Securities Act of 1933, as
amended, and will be issued in reliance upon the safe harbor exemption
provided by Regulation S and, therefore, subject to restrictions upon
transfer.
About Identive Group
Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV) is focused on
building the world's signature company in Secure ID. The company's
products, software, systems and services address the markets for
identity management, physical and logical access control, NFC and a
host of RFID-enabled applications for customers in the government,
enterprise, consumer, education, healthcare and transportation sectors.
Identive's mission is to build a lasting business of scale and
technology based on a combination of strong technology-driven organic
growth and disciplined acquisitive expansion. For additional info
visit: www.identive-group.com.
The Identive Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8072
About payment solution
payment solution provides complete and truly integrated payment
solutions for stadiums, arenas, theme parks and other venues for
leisure and entertainment. Using multi-functional customer cards based
on RFID contact-less chip technology and comprehensive management
software, the system ensures the seamless interaction of all relevant
components such as ticketing, access, point-of-sale, parking, etc.
Through increased convenience for guests and visitors, faster
transactions and enhanced marketing options, operating companies will
enjoy higher revenue and profit.
CONTACT: Identive
Darby Dye
+1 949 553 4251
ddye@identive-group.com
Lennart Streibel
+49 89 95 95 5195
lstreibel@identive-group.com
payment solution
Frederik Herr
+ 49 (0) 40 24 42 41 3-14
Frederik.Herr@paymentsolution.biz