ASX listed ATM machine operator iCash is set to implement a major growth strategy following on from its successful merger with Perth based ATM machine operator Stargroup.
The merged company, which will soon change its name to Stargroup, will now focus on a five point plan for growth which includes further value accretive mergers and acquisitions with smaller unlisted ATM machine operators.
The company will also have exclusive rights to distribute the popular Korean manufactured ATM machine, “CashPod" in Australia and New Zealand.
Included in the CashPod range of cash payment products is a unique “re-cycler” ATM machine that allows customers to both withdraw and bank money using the same ATM machine, creating a continuous fee generating money loop.
iCash is also set to enter the EFTPOS market having secured a wholesale deal with a significant switching company.
The combined company sales figures released to the ASX recently show 6 successive record quarters for the now merged entity with the last quarter showing 441% growth over the previous corresponding period last year.
iCash raised $3m to complete the Stargroup merger at 3.5c with the stock trading at around 6c today.
By Matt Birney
