Cashing Business Acquired in Management Buy Out
HERNDON, VA (March 5, 2008) Phoenix Check Cashing, Inc. announced that it has completed the purchase of the BioPay Paycheck Secure business from Solidus Networks / dba Pay By Touch. Pay by Touch experienced severe financial problems after acquiring Pay By Touch in 2006 and decided to sell several businesses including BioPay Paycheck Secure. Phoenix Check Cashing, Inc. is a company formed by the management team and investors to acquire the BioPay Paycheck Secure business.

The financing for the acquisition was provide by WWC Capital Group, of Reston, Virginia and Woodbrook Capital of Baltimore, Maryland. The Paycheck Secure product offers retailers and banks MSB compliance features and embedded Check 21 processing.

“We are very excited about re-energizing this business,” said Jon Dorsey, CEO of BioPay Paycheck Secure. “We look forward to leveraging the product’s legacy as the market-leader in finger print authentication of check cashing transactions. This is a great product that now has the resources to deliver on its full potential.”

Source: BioPay Paycheck Secure