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| Subject: Proton World Sale Is Near, ERG Says "at an advanced stage of negotiation" | |
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Author: Washington, D.C. area.--clearinghouse and customer service center--Northrup Grumman 6/3/03 |
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Date Posted: Saturday, March 08, 08:28:29am In reply to: Newspapers reporting result--March 7 2003 SMH 's message, "Noteholders have tickets to ride" on Thursday, March 06, 08:38:56am Proton World Sale Is Near, ERG Says ----------------------------------------------------------- ERG Group of Australia says it is "at an advanced stage of negotiation" to sell Proton World, the Belgium-based developer of electronic purse and other smart card technology. In reporting its six-month financial results this week, ERG said it expected to receive 60 million euros ($US66 million) for Proton World, close to what ERG paid when it bought Proton in March 2002. ERG did not identify the prospective buyer. Company officials said the sale of Proton would improve ERG’s balance sheet and reduce cash outflow. Under the deal, ERG would retain a license to use Proton’s e-purse system for 20 years. ERG has won contracts to provide smart card-based ticketing systems in several major cities, including Hong Kong, San Francisco and Rome, and recently joined with Northrup Grumman in winning a deal to provide a clearinghouse and customer service center for a smart card system for bus and train operators in the Washington, D.C. area. ERG has told transit operators that its license of Proton e-purse technology would allow for the development of smart cards that could be used both to pay transit fares and to make purchases at other retail locations. ----------------------------------------------------------- ( 2003-03-06 ) [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| brought to account in arriving at the PW provision in the first half. | Euro 60 million (A$110 million)excludes the Euro 22.5 million earn-out payment | Monday, March 10, 03:49:11am |