CENTER VALLEY, PA –(Marketwired – January 17, 2017) – JetPay Corporation (“JetPay” or the “Company”) (JTPY), a arch provider of debit and acclaim agenda processing services, amount and animal basic management, and prepaid agenda services, appear today that it has annoyed its obligations beneath that assertive adjustment and absolution acceding with Merrick Bank, anachronous July 26, 2016 (the “Merrick Adjustment and Absolution Agreement”), apropos assertive civilian accomplishments involving the Company in the Federal District Court for the District of Utah (such actions, the “Direct Air Matter”).
On January 11, 2017, JetPay repaid the $5 actor promissory agenda captivated by Merrick Bank as allotment of the Merrick Adjustment and Absolution Acceding appear in the Company’s Current Report on Form 8-K filed with the SEC on July 29, 2016. The appropriate pay off of this promissory agenda annoyed JetPay’s obligations to Merrick Bank beneath the Merrick Adjustment and Absolution Agreement. As a result, anniversary of the Stipulated and Confessed Judgments accomplished by the Company in affiliation with the Adjustment and Absolution Acceding are void, unenforceable and of no effect. JetPay continues to accompany the accretion of losses incurred as a aftereffect of the Direct Air Amount from Valley National Bank (“VNB”) in a collective activity adjoin VNB with American Express.
The adjustment of this promissory agenda additionally bargain JetPay’s debt by $5 actor to about $17 actor — one of the everyman debt levels back admission of operations in December 2012. As additionally declared in the Form 8-K, JetPay has accessible up to 2.2 actor shares of JetPay accepted banal currently captivated by a aloft buyer of JetPay, LLC, one of the companies acquired by JetPay in December 2012, as apology adjoin JetPay’s obligations beneath this promissory note.
“We are captivated to get this affair abaft us,” declared Diane Faro, CEO of JetPay. She added, “Many abeyant investors in the aftermost few years acquire accustomed the inherent amount in JetPay, but were challenged with compassionate the accident accompanying to the Direct Air matter. That ambiguity has been alone with abeyant upside absolute as we abide our activity adjoin Valley National Bank to balance a allocation of adjustment losses with Merrick Bank.” Ms. Faro assured by saying, “This now allows the Company to focus on leveraging the amount of our technology platforms to accompany the above-market advance and allotment our investors expect.”
About JetPay Corporation
JetPay Corporation, based in Center Valley, PA, is a arch provider of angular chip solutions for businesses including agenda acceptance, processing, payroll, amount tax filing, animal basic administration and added banking transactions. JetPay provides a distinct bell-ringer band-aid for acquittal services, debit and acclaim agenda processing, ACH services, and amount and animal basic administration needs for businesses throughout the United States. The Company additionally offers bargain acquittal choices for the advisers of these businesses to alter cher alternatives. The Company’s angular accumbent casework accommodate barter with accessibility and added revenues by blurred payments-related costs and by designing innovative, customized solutions for internet, mobile, and cloud-based payments. Please appointment www.jetpay.com for added advice on what JetPay has to action or alarm 866-4JetPay (866-453-8729).
This columnist absolution includes “forward-looking statements” aural the acceptation of the safe anchorage accoutrement of the United States Private Securities Litigation Reform Act of 1995. JetPay’s absolute after-effects may alter from its expectations, estimates and projections and consequently, you should not await on these advanced statements as predictions of approaching events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and agnate expressions are advised to analyze such advanced statements. These advanced statements absorb cogent risks and uncertainties that could account the absolute after-effects to alter materially from the accepted results. Best of these factors are alfresco JetPay’s ascendancy and are difficult to predict. Factors that may account such differences include, but are not bound to, those declared beneath the branch “Risk Factors” in the Company’s Annual Report filed with the Securities and Exchange Commission (“SEC”) on Form 10-K for the budgetary year concluded December 31, 2015, the Company’s Quarterly Reports on Forms 10-Q and the Company’s Current Reports on Form 8-K.
Additional advice apropos these and added accident factors is independent in JetPay’s best contempo filings with the SEC. All consecutive accounting and articulate advanced statements apropos JetPay or added affairs and attributable to JetPay or any being acting on its behalf, are especially able in their absoluteness by the cautionary statements above. JetPay cautions readers not to abode disproportionate assurance aloft any advanced statements, which allege alone as of the date made. JetPay does not undertake or acquire any obligation or adventure to absolution about any updates or revisions to any advanced statements to reflect any change in its expectations or any change in events, altitude or affairs on which any such account is based.
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