Management of BankCard USA Merchant Services, Inc. and third parties entered into a stock purchase agreement to acquire BankCard USA Merchant Services, Inc. from Quisitive Technology Solutions, Inc. (TSXV:QUIS) for $76 million on March 27, 2024. Pursuant to the terms of transaction, buyers will pay $40 million in cash and issue 133 million common shares. The amount of the earn-out of $10 million payable in a combination of cash. The TSXV has conditionally approved the Transaction. William Blair & Company, L.L.C. acted as financial advisor and Bass, Berry & Sims PLC and Cassels Brock & Blackwell LLP acted as legal counsel to Quisitive Technology Solutions, Inc. (TSXV:QUIS). Stikeman Elliott LLP and Shearman & Sterling LLP acted as legal counsel to the Acquirors. McDermott Will & Emery LLP acted as legal counsel to the Lenders. BankCard will continue to be led by Shawn Skelton as CEO, Scott Hardy as President, and Jason Hardy as COO, with Felix Danciu joining as CFO. William Hui-Chung Chang will also join as Chairman and both Vijay Jog and Gary Prioste as board members, pursuant to the terms of which the Lenders will provide the Acquiror with up to an aggregate of US$49 million of senior secured debt financing. The BUSA Credit Facilities consist of a US$44 million senior secured term loan (the ?BUSA Term Loan?), a portion of which will be advanced to fund the cash portion payable in connection with Transaction, in addition to the four executives as board members. Completion of the Transaction is expected to occur on or before April 30, 2024.

Management of BankCard USA Merchant Services, Inc. and third parties completed the acquisition of BankCard USA Merchant Services, Inc. from Quisitive Technology Solutions, Inc. (TSXV:QUIS) on April 4, 2024.