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Corporate Announcement
Beanstream Acquired by LML Payments Systems
VICTORIA, BRITISH COLUMBIA, CANADA - May 1st, 2007Beanstream Internet Commerce Inc., A leading Canadian payment processor, announced today that the company has successfully been acquired by LML Payments Systems based in Vancouver, BC. LML is a public company that trades on Nasdaq under the symbol LMLP.
We believe this transaction offers you important benefits. LML focuses on electronic chequing and ACH products and has an extensive portfolio of patents in the area of electronic payments. By combining our strengths, we are not only creating an industry leading suite of payment products, services, technologies and solutions, we are also enhancing them. By working together, we will be able to reduce costs and improve our operations. This in turn will enable us to provide more valuable service and support to you.
"Our two companies, with complementary business strengths and similar operating culture, fit extremely well together" said Craig Thomson, President and Chief Executive Officer of Beanstream. "By becoming part of publicly-held LML, we will enjoy greater market recognition, and access to a broader pool of resources to further execute our business model. Our combined portfolio of solutions will enable our customers to have greater flexibility, choice and cost-effectiveness for their payment processing solutions."
PricewaterhouseCoopers Corporate Finance Inc. acted as the exclusive financial advisor to Beanstream Internet Commerce Inc., and Pacific Crest Securities Inc. acted as the exclusive financial advisor to LML Payment Systems Inc. on this transaction.
About Beanstream Internet Commerce Inc.
Beanstream Internet Commerce Inc. is a leading Canadian electronic payment and authentication solutions provider. Services include merchant account enablement, credit card processing, electronic funds transfer, automated clearinghouse payment processing and credit score and authentication services for both e-commerce and traditional brick and mortar businesses. Beanstream provides a wide selection of products from simple payment gateway services to full end-to-end e-commerce solutions.
Beanstream solutions work with all Canadian and US financial institutions and have been selected by more than 5000 businesses across North America. Beanstream is headquartered in Victoria, British Columbia.
Beanstream Contact:
Chris KoideChief Operating Officer
Tel: 250-472-2326
ckoide@beanstream.com
www.beanstream.com