Digital Payment Technologies Corp. Announces $2 Million Funding from ENSIS Growth Fund
Digital Payment Technologies Corp., a leading supplier of revenue management solutions for the global parking industry, is pleased to announce an investment of $2,000,000 from ENSIS Growth Fund, a venture capital fund.
“We are very pleased to have received this funding from ENSIS,” said Andrew Scott, Chief Executive Officer and Director of Digital Payment. “This is yet another validation of what the team at Digital has been able to accomplish and of the potential that exists for us in the market.”
“We are enthusiastic about the opportunity that Digital Payment sees in their market,” stated William Watchorn, President and Chief Executive Officer of ENSIS. “Digital Payment has built a solid foundation and is poised for significant growth in revenue from both their manufactured products and the associated ongoing services.” Bill Robertson of ENSIS commented, “Digital Payment has built a very strong management team and we are pleased to support them as they continue their exceptional growth.”
The investment was structured as $2 million of subordinated debt plus warrants to purchase common shares, with principal payments beginning August 2006. Part of the proceeds of the investment were used to retire $750,000 of existing subordinated debt held by BC Medical Innovation Fund.
“We are enthusiastic about the opportunity that Digital Payment sees in their market,” stated William Watchorn, President and Chief Executive Officer of ENSIS. “Digital Payment has built a solid foundation and is poised for significant growth in revenue from both their manufactured products and the associated ongoing services.” Bill Robertson of ENSIS commented, “Digital Payment has built a very strong management team and we are pleased to support them as they continue their exceptional growth.”
The investment was structured as $2 million of subordinated debt plus warrants to purchase common shares, with principal payments beginning August 2006. Part of the proceeds of the investment were used to retire $750,000 of existing subordinated debt held by BC Medical Innovation Fund.
About Digital Payment Technologies Corp.:
Digital Payment (formerly Digital Pioneer) is an innovative leader in the design, manufacture and distribution of leading-edge revenue-management hardware, software and wireless solutions for the multi-billion-dollar parking industry. The company’s products provide complete financial tracking, control and reporting on parking revenue collected by cities, municipalities, parking management companies, private operators and national parks, from customer payment through to bank deposit. In September 2004, Digital Payment was ranked as the second fastest growing technology company in British Columbia by the Business in Vancouver newspaper.www.digitalpaytech.com
About ENSIS Growth Fund Inc.
ENSIS Growth Fund is a $104 million, venture capital fund. ENSIS focuses on providing value to its shareholders through its strategy of identifying and partnering with entrepreneurs in globally competitive, high growth businesses. For more information, visit its website at www.ensis.ca.
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