Australis Capital Inc (CSE: AUSA) has successfully entered into a letter of intent to purchase the entirety of Paytron LLC. The LOI is non-binding, and the finalization of the sale is dependent on closing conditions.
Paytron is a private merchant service company, offering such payment processes as card terminals, point of sale hardware, debit and credit card processing, business loans, and secure gateway processing. Currently, the company operates as an independent sale organization, and will continue to do so after the acquisition.
The acquisition of Paytron will see that the merchant services company operates as a wholly-owned subsidiary of Australis, and will take over as the main payment affiliate for Cocoon Technology- which is another subsidiary of Australis. In the event of a successful procurement, Cocoon Technology will be able to offer payment processing technology, self-service technology, as well a independent sale organization referral networks in North America.
In addition to the acquisition of Paytron, Marc Ruben will join the executive team as the Vice President of Payments for Cocoon Technology, and will overlook all payment processes for the subsidiary. Marc has a substantial background in merchant services, holding previous employment at First Data Canada, Bank of America Merchant Services, and Sun Trust Merchant Services.
Details on the price to be paid for Paytron were not provided.
Australis Capital Inc is focused on developing and operating cannabis companies in the United States, and is currently trading at $0.45 on the CSE.
Information for this briefing was found via Sedar and Australis Capital Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.