L.A. Software Firm Raises $3.4M of Capital
LOS ANGELES - Cash Technologies Inc. raised about $3,350,000 in gross proceeds from a recent private offering.The offering was of convertible notes and redeemable stock purchase warrants. The notes come due in July 2001 and bear a 10% interest rate.
Cash Technologies' proprietary Emma software enables an automated teller machine or financial kiosk to offer e-commerce services, check cashing, electronic bill payment, event ticketing, and interactive advertising.
"This financing will provide us with additional working capital needed to complete our business plan to become a leading force in e-commerce through the continued development and deployment of the company's Emma software and ATM-X machines," said Bruce Korman, chairman and chief executive officer.
Miss. Company Installing ATMs in Australia
LONG BEACH, Miss. - Triton Systems Inc. said it has completed installing 600 automated teller machines in Australia at nonbank sites and that another 170 ATMs are being shipped.The installations are Triton's entry into Australia, where full-function ATMs are almost exclusively at bank sites, according to Triton, which formed an alliance with Direct Cash Ltd. for the deployment.
Jeff Barrow, managing director of Direct Cash, said: "Our success attests to the cost-effectiveness of Triton's ATMs. We have proven that banks, distributors, and merchants alike can become more profitable through the strategic use of ATMs."
Microsoft Picks Business-Portal Processor
AGOURA HILLS, Calif. - Cardservice International Inc. has been selected to process the merchant transaction component of Microsoft Corp.'s bCentral, a new Web portal for small companies.Using the Cardservice Online Merchant Application, bCentral retailers will be able to apply for transaction processing and be approved within an hour. Cardservice is also offering its LinkPoint Secure Payment Gateway.
Associates Promotes Portfolio Risk Manager
DALLAS - Associates First Capital Corp. said it has promoted James A. Owens to senior vice president of portfolio management for credit card operations.Mr. Owens is to oversee portfolio risk management activities for the U.S. bank card and private-label divisions.
He has been vice president of risk management since joining Associates in September 1996. He previously spent three years at U.S. Bancorp, where he was responsible for credit card portfolio risk management.