Tampa, Fla., ov. 6, 2012 -- nFinanSe Inc. (Pink Sheets: NFSE) (www.nFinanSe.com ) today announced that it had entered into a letter of intent to be acquired by AccountNow, Inc., a leading provider of general purpose reloadable (GPR) prepaid cards in the direct-to-consumer sales channel.
The acquisition is subject to the satisfactory completion of due diligence, the preparation and approval of definitive documents, First California Bank approval and certain other customary closing conditions. The transaction is expected to close in phases, with the initial phase on November 30, 2012, after which nFinanSe Inc. will become a wholly-owned subsidiary of AccountNow, Inc.
“We are very excited about the proposed acquisition of nFinanSe. We believe that combining our direct-to-consumer expertise and nFinanSe’s knowledge of the retail store channel, we will become a truly integrated, multi-channel provider of GPR cards,” said Jim Jones, Chief Executive Officer of AccountNow, Inc.
As currently contemplated, only holders of nFinanSe Inc. Series F Convertible Preferred Stock will participate in any proceeds from the acquisition, and no proceeds are expected to be available to holders of any other series of nFinanSe’s Convertible Preferred Stock or its Common Stock.
About nFinanSe Inc.
nFinanSe Inc. is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Tampa, Florida. nFinanSe has developed the nFinanSe Network™, a secure, reliable value load and activation platform that connects with retail merchants and other value load stations located throughout the United States. For more information, visit www.nFinanSe.com .
About AccountNow, Inc.
AccountNow, Inc. (www.accountnow.com) headquartered in San Ramon, California, is a leading provider of solutions for consumers who choose not to have traditional banking relationships. AccountNow’s innovative, money saving prepaid cards give consumers an alternative to traditional checking accounts, access to the financial and payments systems and FDIC insured deposits.
The nFinanSe Visa® Reloadable Prepaid Card is issued by First California Bank, Rancho Mirage, CA, Member FDIC, pursuant to a license from Visa Inc. The nFinanSe Discover® Reloadable Prepaid Card is issued by First California Bank, Rancho Mirage, CA, Member FDIC, pursuant to a license from Discover® Network. Discover® and the Discover acceptance mark are service marks used by First California Bank under license from Discover Financial Services. All cards funds are insured by the FDIC in accordance with the FDIC's applicable terms and conditions.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .
Source: Company press release.
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