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Equitex and Chex Services Close Merger with Seven Ventures, Inc.
Business Editors
ENGLEWOOD, Colo. & WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 8, 2004
Equitex, Inc. (Nasdaq:EQTX) (the "Company") announced today that the transaction to merge its wholly-owned subsidiary, Chex Services, Inc., into a wholly-owned subsidiary of with Seven Ventures, Inc. (OTCBB:SVVI) has closed. As previously announced, Equitex exchanged 100% of its equity ownership in Chex Services for 7,700,000 shares representing 93% of Seven Ventures' outstanding common stock following the transaction. As a result, Chex Services has become a wholly-owned subsidiary of Seven Ventures.
Equitex, Inc. is a holding company operating through its majority-wholly owned subsidiary, Seven Ventures, Inc., which operates Chex Services of Minnetonka, Minnesota. Chex Services provides comprehensive cash access services to casinos and other gaming facilities under the trademark name "FastFunds" (www.fastfundsonline.com). The Company also operates its majority owned subsidiary, Denaris Corporation, which was formed to provide stored value card services.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ ...
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Source: HighBeam Research, Equitex and Chex Services Close Merger with Seven Ventures, Inc.