Tangarine Payment Solutions Corp.
TSX VENTURE : TAN

March 02, 2009 07:24 ET

Tangarine Payment Solutions Corp. Announces Extension

ST. CATHARINES, ONTARIO--(Marketwire - March 2, 2009) - Tangarine Payment Solutions Corp. ("Tangarine") (TSX VENTURE:TAN) announced today that the outside date under the acquisition agreement (the "Agreement") with 4491157 Canada Inc. ("4491157"), an affiliate of Pivotal Payments Corporation ("Pivotal"), under which 4491157 is to acquire all of the outstanding common shares of Tangarine at a price of $0.22 per common share in cash for a total purchase price of approximately $9,338,941 and to purchase all of the outstanding Series 1 preferred shares of Tangarine for an aggregate purchase price of $3,839,000 was extended to March 13, 2009.

The transaction did not close on February 27, 2009 as expected. Tangarine and Pivotal have amended the Acquisition Agreement to extend the outside date to March 13, 2009 from February 27, 2009. Both the management of Tangarine and Pivotal are working diligently to close the transaction within the prescribed period.

A copy of the amended agreement will be filed on SEDAR at www.sedar.com.

About Tangarine Payment Solutions Corp.

Tangarine's wholly-owned subsidiary, Tangarine Concepts Corporation, markets consumer-initiated electronic financial payment solutions to small and medium sized retail businesses, such as convenience stores, small specialty stores, bars, restaurants and gas stations. Tangarine currently manages over 8,100 POS terminals across Canada divided between wired (78%) and wireless (22%) terminals. The majority of the wireless terminals is marketed under the brand name "fleetX" and is located primarily in taxis operating in Ontario and Quebec.

About Pivotal Payments Corporation

Pivotal is a leading merchant services provider in both the United States and Canada. Pivotal provides a full suite of payment processing services to retail businesses, mail order/telephone order merchants and e-commerce merchants. Pivotal's services include credit & debit card processing, gateway services, terminal management solutions, loyalty/gift card programs and cash advance solutions. Pivotal is a privately held company. Company and product information are available at www.pivotalpayments.ca.

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