22 May PAX Announces Subscription of Quota Equal to 70% Corporate Capital of Pax Italia S.R.L.
Shenzhen (China), 22 May 2015 – PAX Technology Limited, a leading global provider of secure electronic payment terminals, is pleased to announce that it entered into the Subscription Agreement, in which PAX will subscribe for the Subscription Quota which will be allotted and issued by Pax Italia S.r.l. (“Pax Italia”) at the consideration of Euro Dollar 4,670,000.
Upon Completion, PAX shall hold 70% of the corporate capital in Pax Italia as enlarged by the Subscription Quota.
The Italian traditional market, being one of the biggest markets for Point-of-sale(“POS”) terminal in Europe, as per Management estimation is composed by 1.2 million units of installed POS terminal and approximately 200 thousand units of shipment to Italy per year. By acquiring Pax Italia, PAX expects to stand great opportunity to fasten the market expansion in Italy and the rest of Europe.
About PAX (www.pax.com.cn)
PAX Technology Limited (“PAX”) is an innovative global provider of electronic payment solutions, offering world-class, cost-effective and superior quality products. Building on its cutting edge technology and service excellence, PAX is considered one of the fastest growing payment industry suppliers with state-of-the-art manufacturing facilities, excellent R&D capabilities, and a worldwide network of sales and channel partners. PAX is listed on the Hong Kong stock exchange as PAX Global Technology Ltd. (0327.HK).