November 4, 2008, Vancouver, BC — Digital Payment Technologies Corp. (DPT), a leading supplier of advanced multi-space parking meters and revenue-management solutions for the global parking industry, is pleased to announce a $3,000,000 investment and conditional commitment for an additional $3,000,000 into the company by C.A. Bancorp Inc. (TSX: BKP) (“C.A. Bancorp”)
C.A. Bancorp advanced $3,000,000 on November 3, 2008 and it is expected that an additional $3,000,000 will be advanced over the next six months to finance the company’s growth. The proceeds of C.A. Bancorp’s investment will provide DPT with the necessary working capital to capitalize on DPT’s backlog of new business and the tremendous market demand for new parking system installations while enhancing DPT’s ability to meet customer delivery expectations.
“There is a significant market opportunity that Digital is well positioned to benefit from as municipalities, universities and private operators look to maximize parking revenues and drive efficiencies throughout their entire parking operations. We are excited about the opportunities in front of Digital and its strong management team” said Mark MacDonald, Managing Director, Private Investments of C.A. Bancorp. “This growth capital investment will provide C.A. Bancorp with exposure to a market leading company in a high growth industry with substantial market demand. Digital’s earnings profile includes revenues from new parking systems sales as well as recurring revenues from servicing and transaction fees on existing installed systems. We are confident that Digital’s management team can execute on its business plan which should generate a strong return potential in the future on our investment.”
“Digital takes great satisfaction in completing this latest round of financing with C.A. Bancorp, particularly in today’s volatile financial markets. We view this financing as a testament to the strength of our new partner C.A. Bancorp, our people, customers, suppliers, technology partners and investors, and our vision for the parking industry,” said Andrew Scott, Chief Executive Officer of DPT. “C.A. Bancorp’s investment will enable Digital to meet our short and long term strategic and tactical objectives including working capital for rapid sales growth, increased market development in North America and internationally, new product development and expansion of services and support for our customers.”
About Digital Payment Technologies Corp.
Digital Payment Technologies is an innovative leader in the design, manufacture, and distribution of electronic parking meters, management software, and online services for the multi-billion-dollar parking industry. The Company’s products provide complete financial tracking, control, and reporting on parking revenue collected by cities, municipalities, universities, parking management companies, private operators and parks, from customer payment through to bank deposit. In 2007, the British Columbia Technology Industry Association named DPT Emerging Company of the Year. In the same year, DPT placed on Deloitte’s Technology Fast 50 and Fast 500 lists for the second consecutive year as one of the fastest growing high technology companies in Canada and North America. For more information about DPT, please visit www.digitalpaytech.com.
About C.A. Bancorp Inc.
C.A. Bancorp is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors. For more information, visit www.cabancorp.com
.digitalpaytech.com
For more information, please contact:
Chris Chettle, Vice President Marketing
Digital Payment Technologies Corp.
(604) 688-1959 extension 240
chris.chettle@digitalpaytech.com
or
Mark MacDonald, Managing Director
or Kurt Brands, Vice-President
CA Bancorp
Tel: 1-866-388-5985
Fax: 416-861-8166
info@cabancorp.com
or
Steve Campbell
Campbell & Company Strategies
(604) 888-5267
scampbell@campbellpr.bc.ca