PAX Announces the Appointment of Michael Mulcahy as President and C.E.O. of U.S. Operations

Atlanta, Georgia And Shenzhen, China — February 24, 2010 — PAX, the leading global provider of innovative electronic payment terminal products, today announced the appointment of Michael Mulcahy as President and Chief Executive Officer of PAX’s United States operations, effective immediately. Mr. Mulcahy is responsible for directing and driving business activities in the United States for PAX, one of the fastest growing point-of-sale (POS) solution providers in China. He replaces Ken Paull, who is leaving PAX to pursue other opportunities.

"PAX has proven successes in China’s rapidly expanding payment card market, and Michael Mulcahy has the leadership and industry experience to successfully lead us as we establish ourselves in the United States," said Thomas Xu, PAX Chairman. "We look forward to Mike’s leadership and contributions as we build on our global strength and concentrate on the U.S. electronic payment solutions market. I thank Ken for his contribution and efforts in building PAX US in the past and wish him all the best in his future endeavors."

Mr. Mulcahy previously served as Executive Vice President of Business Development for PAX. He joined PAX from ExaDigm, a provider of mobile payment terminal solutions where he served for 7 years, first as President and Chief Operating Officer then as Chief Executive Officer. Previously, Mr. Mulcahy held executive positions with Panasonic’s POS Systems Division, NBS in Canada, California Retail Data Systems and Pacific Data Systems.

About PAX Technology Limited
PAX is a global leader in providing secure electronic payment systems. The company has been serving the global payments marketplace since 2001 and is now one of the largest POS manufacturers in the world. In 2008, PAX ranked 8th in terms of annual shipments for POS vendors, according to The Nilson Report. With shipments over 264,000 units in 2008, PAX is the fastest growing POS terminal manufacturer of the top 25 worldwide. In 2009, PAX opened their North American office and offers a complete range of POS solutions including PIN pads, countertop, mobile handheld and multi-lane terminals and contactless readers.
www.pax.us

Contact Information
PAX Technology, Inc.
Carmen Paraschiv
VP of Strategic Development
marketing@pax.us

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