Marketwire - Canada
MISSISSAUGA, ONTARIO--(Marketwire - Oct. 15, 2008) - Synergex Corporation (TSX:SYX) ("Synergex" or the "Company"), a premier provider of international logistics and distribution services, today announced a Canadian logistics and distribution deal with InComm; a company specializing in stored-value gift cards and prepaid products.
"InComm has been a rapidly growing leader in the prepaid products industry in North America, and we are thrilled that they have strategically chosen Synergex to fulfill their Canadian distribution needs," said David Aiello, President & Chief Executive Officer, Synergex Corporation. "The contract is indicative of the confidence InComm has placed in us to facilitate their growing success in Canada."
InComm is the North American leader in a rapidly growing industry of prepaid and stored-value solutions, which reached nearly $8 billion in retail sales transactions in 2007. The Company expects to distribute over 100 million units of InComm product in Canada over the next three years. Some of InComm's products include gift cards, reloadable debit cards such as MasterCard(R), digital music downloads, content, games, wireless and long distance telephone calls.
"Synergex has provided InComm with superior third party logistics services across Canada over the last few years," said Dan Kahrs, Senior Vice President, Operations of InComm. "We are confident that our continued long-term partnership with Synergex will help us maintain our industry leading position in the North American market." said Kahrs.
Synergex has been providing InComm with third party logistics services in Canada since 2005. Leading up to the execution of the agreement, Synergex' Canadian warehouse facility has been thoroughly inspected and approved by MasterCard as a secured and authorized third party storage facility for their brand of products. The Company anticipates that its security clearance designation by MasterCard will result in an even greater volume of product distribution of InComm's extensive product line in the future.
