NEW YORK - American Banknote Corp. has acquired 5.5% of the shares of International Verifact Inc.
"We think International Verifact is in a strategic and fast-growing business," said Morris Weissman, chairman and chief executive officer of American Banknote. "With the dynamics occurring in the electronic funds transfer industry, Verifact is well positioned to take advantage of its reputation and experience in point of sale hardware and systems integration.
"We believe that this expertise can be exported to the U.S. market as well as to many international markets. We intend to ask for a meeting with International Verifact's management in the next few weeks so that we can explore strategic alliances.
In a related move, American Banknote announced that it has completed the acquisition of the business of Grafica Bradesco from Banco Bradesco, in Brazil.
American Banknote's Brazilian subsidiary is that country's largest security printer, with manufacturing facilities in Rio de Janeiro and Sao Paulo.