Company Continues Growth with Strategic Acquisition
LAS VEGAS, Jan. 15 /PRNewswire-FirstCall/ — 3PEA International, Inc. , a payment
solutions company, today announced it acquired control of Las Vegas, Nevada based
Wow Technologies, Inc. / Wow Card Services (WTI) in an all-stock transaction.
With the acquisition of WTI, 3PEA has integrated a PCI DSS certified Prepaid StoredValue
MasterCard/ATM Card Issuer Processing Platform into it payment solutions.
Additionally, 3PEA has acquired proprietary intellectual properties and internally
developed technology capable of supporting 3PEA’s growth in the prepaid card market.
With this 3PEA has also acquired a number of patents and patents pending all
pertaining to the prepaid industry in the US and other countries. It also solidly positions
the company within the value-added sector of the payments processing industry. The
acquisition was effective December 18, 2007 and Mark Newcomer has been appointed
president and CEO of WTI.
“The addition of WTI complements our in-depth capabilities in prepaid services and
payment processing, while adding a new dimension of expertise,” said Mark Newcomer,
president of 3PEA. “The acquisition of WTI represents an invaluable asset, both
strategically and operationally, expanding the range of services we can provide to our
customers in the growing prepaid marketplace.”
“Joining 3PEA gives WTI the ability to continue its prepaid technology leadership while
allowing developers to work with other talented team members within the growing 3PEA
family,” said Rick Willard former president and CEO. “Together, we can continue to
provide innovative, industry leading solutions. Our clients and shareholders will benefit
from the commitment 3PEA has made to be a leader in the prepaid market, which fits
with our philosophy.”
About 3PEA International, Inc.
3PEA International, Inc. is an experienced and trusted transaction-based solutions
provider as well as an integrated prepaid card issuing processor that has over five
million (5,000,000) prepaid debit cards in its portfolio. 3PEA designs and develops
payment solutions, prepaid card systems, and various payment services. 3PEA also
designs and develops a proprietary secure key loading system as well as the PayPad®,
a proprietary payment terminal. PINsmart®, PaySign®, 3PEA® and PayPad® are
registered trademarks of 3PEA Technologies, Inc. in the United States and/or other
Certain statements in this news release may contain forward-looking information within
the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the
Securities Exchange Act of 1934, and are subject to the safe harbor created by those
rules. All statements, other than statements of fact, included in this release, including,
without limitation, statements regarding potential future plans and objectives of the
companies, are forward-looking statements that involve risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such statements.
Technical complications that may arise could prevent the prompt implementation of any
strategically significant plan(s) outlined above. 3PEA International, Inc., undertakes no
obligation to publicly update or revise any statements in this release, whether as a result
of new information, future events, or otherwise.