Business
Advantex Signs Exclusive Sales and Marketing Agreement for Canada with RapidAdvance
- Advantex to provide sales and marketing to offer RapidAdvance's working-capital financing to sm...
About this update from Advantex Marketing International Inc.
[{"type":"text","content":"\n\n\n\n- Advantex to provide sales and marketing to offer RapidAdvance's\n working-capital financing to small and medium-sized businesses across\n Canada\n- Improved operations, strengthened financial health, enhanced core\n product offerings position Advantex for growth in revenue and\n profits, CEO tells shareholders\n\n\nADX: TSX\n\n\nTORONTO, Dec. 6 /CNW/ - Advantex Marketing International Inc. (TSX: ADX),\na leading specialist in merchant funding and loyalty marketing programs, is\nbetter positioned today than it has been for years to achieve revenue growth\nand improved profitability, Kelly E. Ambrose, President and Chief Executive\nOfficer today told shareholders attending the company's Annual and Special\nMeeting.\n\n\n"During the past two years, we have made considerable progress on\nexecuting our plan to create a sustainable, profitable company," said\nMr. Ambrose. "We have been focused on improving our financial strength,\nenhancing our core product offerings, working with CIBC to implement new\nprograms to benefit cardholders, strengthening our organization and management\nteam, and improving our systems and infrastructure. The progress that we have\nmade in each of these areas positions us to build on our improved financial\nperformance of the past fiscal year. We expect this will result in further\nrevenue growth and future profitability.\n\n\n"A part of our growth strategy is to consider opportunities that are\ncomplementary to our core business and that we expect will contribute to our\nfinancial performance. As a result, we have just signed a multi-year agreement\nwith RapidAdvance, LLC whereby we will act as its exclusive Canadian-based\nagent across Canada to sell and market its working-capital financing programs\nto small and mid-sized businesses. In return, Advantex will earn fees for each\nnew merchant funded by RapidAdvance with the opportunity to earn residual fees\non renewals. In the U.S., RapidAdvance has achieved a renewal rate for\nqualified customers of 85 percent," Mr. Ambrose reported.\n\n\nRapidAdvance, based in Bethesda, Maryland, has established itself in the\nUnited States as a leading direct provider of cash advance services to small\nand mid-sized businesses. The company provides financing based on merchants'\npurchasing credit card receivables. Merchants' needs for...