Hypercom and The McDonnell Group to Create Data Communications Venture
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| Scottsdale, AZ and Mclean, VA
12/17/2009 |
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| Hypercom and The McDonnell Group to Create Data Communications Venture | |
| Phoenix Managed Networks will Deliver Alternative High Speed Transaction Transport Services | |
| SCOTTSDALE, AZ and MCLEAN, VA, December 17, 2009 – Hypercom Corporation (NYSE: HYC) and The McDonnell Group today announced they have signed a Letter of Intent to form a joint venture that will equip payment processors, banks and retailers worldwide with highly reliable and cost-effective data communications services for transaction-based applications. The joint venture will be called Phoenix Managed Networks LLC, and will acquire and operate Hypercom’s HBNet secure transaction transport business. Industry veteran John (Jack) McDonnell, Jr. will serve as CEO of Phoenix Managed Networks.
“We believe that the combination of Hypercom’s HBNet business and Jack McDonnell’s in-depth knowledge and expertise in data communications will significantly enhance our ability to expand market share and deliver strong returns for Hypercom’s shareholders and business partners. Jack McDonnell is an expert and seasoned operator in the payments industry, and I am confident that Jack and his team will be great partners,” said Philippe Tartavull, Chief Executive Officer and President, Hypercom Corporation. “Phoenix Managed Networks is expected to bring state-of-the art, reliable and cost-effective transaction communications services to the payments industry and aggressively expand the global business Hypercom established with HBNet,” said Jack McDonnell, Managing Member of The McDonnell Group. Mr. McDonnell is the founder and former Chairman and CEO of Transaction Network Services, Inc. (NYSE:TNS). “I am also delighted to announce that former TNS executives Matthew Mudd and Trevor Fall will be joining the management team for this venture. At TNS, Trevor was SVP of sales for the POS division and Matt was EVP, with expertise in network operations, engineering and product development.” Phoenix Managed Networks will utilize Hypercom’s HBNet network to speed the authorization and processing of electronic transactions for retail point-of-sale, financial, government, health care and other customers in dial, wireless and IP POS markets. In addition, the company will utilize Hypercom’s SmartPay gateway technology to support wireless and IP-initiated transactions. HBNet is powered by robust, ultra high-density Hypercom technology strategically positioned within the North American Public Switching Telephone Network (PSTN) and at processor data centers. It supports all POS terminal protocols, provides uninterrupted service with no single point of failure, seamless load balancing, state-of-the-art Web-based reporting, and simple all-inclusive pricing. About The McDonnell Group About Hypercom (www.hypercom.com) |
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| Hypercom and HBNet are registered trademarks of Hypercom Corporation. All other products or services mentioned in this document are trademarks, service marks, registered trademarks or registered service marks of their respective owners. This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding market acceptance of new products, product capability and performance, product competitiveness, product sales, revenues and profits, market share, and expected joint venture results and benefits. These forward-looking statements are based on management’s current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include: industry, competitive and technological changes; the loss of, and failure to replace any significant customers; the composition, timing and size of orders from and shipments to major customers; inventory obsolescence; market acceptance of new products and services; compliance with industry standards, certifications and government regulations; the performance of suppliers, contract manufacturers and subcontractors; the ability to successfully integrate the technologies, operations and personnel of the joint venture in a timely manner; the ability to obtain the expected strategic and financial benefits from joint ventures; risks associated with international operations and foreign currency fluctuations, the state of the U.S. and global economies in general and other risks detailed in our filings with the Securities and Exchange Commission, including the Company’s most recent 10-K and subsequent 10-Qs and 8-Ks. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. |
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The joint venture will be called Phoenix Managed Networks LLC, and will acquire and operate Hypercom’s HBNet secure transaction transport business…..
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