Innuity Sells Website Promotion Division Assets
Transaction signals increased focus on payment processing operations
Redmond, Wash. (March 2, 2010) – Innuity, Inc. (OTC BB: INNU, http://www.innuity.com), a Payment Processing Service Company that provides integrated payment solutions to businesses worldwide, announced that it completed the sale of its assets used in their Promotional Division to Web.com (Nasdaq: WWWW) for $1.5 million.
The benefits Innuity expects to achieve as a result of this transaction are:
- Singular focus on payment processing services
- Improved balance sheet
- Improved gross margins
- Expedited execution on existing revenue opportunities
This transaction will allow Innuity to focus on growing its payment processing business by leveraging its payment gateway technology. The company creates integrated payment processing solutions directly with businesses and in conjunction with independent software vendors. The company sells its services through a network of Independent Sales Organizations (ISOs), Independent Sales Agents (ISAs), Independent Software Vendors (ISVs) and Strategic Partners.
“The sale of our Promotion business provides us the ability to expand our capabilities and leverage our technical expertise in the payment processing arena. We have opportunities before us that we can now focus on implementing that have the potential to provide the company with growth in both revenue and earnings. This transaction clears the way for us to expedite the execution on our pipeline of opportunities.” said John Wall, Innuity Chairman and CEO.
Headquartered in Redmond, WA, Innuity is a leading provider of payment processing services both in the U.S. and internationally. Innuity provides secure, reliable, Internet Protocol (IP)-based payment gateway solutions that enable businesses to authorize, settle and manage electronic payment transactions anytime, anywhere. Innuity operates under two brands. Merchant Partners, which provides gateway services to businesses and Acquirint, which offers merchant services to businesses. Our services offer businesses the operational capability for processing, managing and supporting commerce transactions between businesses, their online and offline customers, vendors and business partners. Applications include; PCI compliant payment processing services for credit cards, automated clearinghouse transactions (ACH), Check 21 and bill presentment and payment. Innuity also offers value-adding products designed to help merchants manage their business, fight fraud, and improve profitability. Innuity services are sold through Independent Sales Organizations (ISOs), Independent Sales Agents (ISAs), Independent Software Vendors (ISVs) and Strategic Partners. For more information on Innuity, go to www.innuity.com.
This press release contains forward-looking statements and information (within the meaning of the Private Securities Litigation Reform Act of 1995), about our financial results and estimates, business prospects, new products, and products under development, all of which involve substantial risk and uncertainties. For example, our business depends in part on the market's adoption of our new product offerings, and our ability to increase our selection of value-added Internet technology applications and solutions, through either internal development or agreements with third parties. Our business will be harmed if our new product offerings are slow to be adopted, or if we are unable to develop or offer additional Internet technology applications and solutions in a timely and cost-effective manner. To expand our Internet technology solutions offerings, we may need to license or acquire other technologies or businesses. We may find that it is difficult to identify or conclude such acquisitions on favorable terms, or to integrate future technology or business acquisitions, which could limit our growth, disrupt our business and adversely affect our operating results. Other factors include, but are not limited to, risks and uncertainties associated with our financial condition, our ability to sell our products and services, our ability to compete with competitors, and those included in our annual report on Form 10-KSB, as well as other documents we periodically file with the Securities and Exchange Commission.
Contact: Linden Barney
CFO Innuity Inc.