Cash Technologies (TQ) Sells Majority-Owned Subsidiary
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Cash Technologies, Inc. (Amex: TQ) announced today that its majority-owned subsidiary, TAP Holdings, LLC, has entered into an agreement to sell certain of its assets to Champion Parts, Inc. (OTCBB: CREB) for up to $11 million in cash and debt.
"The sale of Tomco will permit us to focus all of our attention on our rapidly expanding software and transaction processing businesses," stated Bruce Korman, CEO of Cash Technologies, Inc. "We purchased Tomco approximately 22 months ago in order to achieve certain investment objectives and those have been met. Tomco improved Cash Tech shareholders' equity by more than $5.5 million and will generate a cash flow contribution of more than $1 million per year after the sale."
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