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Tangarine Payment Solutions Corp.: Tangarine Payment Solutions Corp. Issues Notice of Default

^{Published on 2009-03-16 06:32:21, Last Modified on 2009-03-16 06:33:03 - Market Wire}
 

ST. CATHARINES, ONTARIO--(Marketwire - March 16, 2009) - Tangarine Payment Solutions Corp. ("Tangarine") (TSX VENTURE:TAN) announced today that the transaction contemplated by the acquisition agreement dated December 23, 2008, (the "Agreement") with 4491157 Canada Inc. ("4491157"), an affiliate of Pivotal Payments Corporation ("Pivotal"), pursuant to which 4491157 is to acquire all of the outstanding common shares of Tangarine at a price of $0.22 per common share in cash for a total purchase price of approximately $9,338,941 and purchase all of the outstanding Series 1 preferred shares of Tangarine for an aggregate purchase price of $3,839,000 under a plan of arrangement (the "Plan of Arrangement") on February 27, 2009 and which date was subsequently extended to March 13, 2009, did not close on March 13, 2009.

In accordance with the terms of the Agreement, Tangarine has provided 4491157 with a Notice of Default from which date 4491157 shall have 10 calendar days to complete the Plan of Arrangement. Both the management of Tangarine and Pivotal are working closely to complete the Plan of Arrangement within the prescribed 10 day period which entails a closing prior to or on March 23, 2009.

Further details are contained in the Agreement, a copy of which has been filed on SEDAR at [ www.sedar.com ].

About Tangarine Payment Solutions Corp.

Tangarine's wholly-owned subsidiary, Tangarine Concepts Corporation, markets consumer-initiated electronic financial payment solutions to small and medium sized retail businesses, such as convenience stores, small specialty stores, bars, restaurants and gas stations. Tangarine currently manages over 8,100 POS terminals across Canada divided between wired (78%) and wireless (22%) terminals. The majority of the wireless terminals is marketed under the brand name "fleetX" and is located primarily in taxis operating in Ontario and Quebec.

About Pivotal Payments Corporation

Pivotal is a leading merchant services provider in both the United States and Canada. Pivotal provides a full suite of payment processing services to retail businesses, mail order/telephone order merchants and e-commerce merchants. Pivotal's services include credit & debit card processing, gateway services, terminal management solutions, loyalty/gift card programs and cash advance solutions. Pivotal is a privately held company. Company and product information are available at [ www.pivotalpayments.ca ].

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