E-Debit Global wraps $1.25 million private placement with 27 investors

Offering's proceeds to fund expansion of merchant acquiring platform

By Devika Patel

Knoxville, Tenn., Dec. 1 - E-Debit Global Corp. said it raised $1.25 million in a private placement with 27 investors.

The company said the Regulation D confidential private offering was fully subscribed.

"We are pleased with the results of our closed private financing which has allowed us to continue the expansion of our merchant acquiring platform and to allow for the development of our Card Issuing Services and Payment Services business segments," E- Debit's president and chief executive officer Doug Mac Donald stated.

"With the Canadian card product marketplace transitioning over to Chip card security (identified as EMV standards) E-Debit's switching operations has successfully implemented its Interac certification enabling all Canadian Interac card products with the chip embedded security to be utilized in all bank machines processed through E-Debit.

"Our successful financing has enabled the company to meet the capital costs required to enhance our world class state-of-the-art technology platform and to move into our fully integrated card product issuance service without any associated outstanding debt requirements," Mac Donald said.

The operational and administrative support provider is based in Calgary, Alta.

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