Payment solutions company 3Pea International recently issued an update reflecting a recent pick-up in business and changes to the company’s capital structure.
3Pea recently certified its proprietary card processing platform, which is currently undergoing PCI-DSS certification. The company anticipates launching the product in the fourth quarter as it pursues opportunities to enter into new market segments.
By adding processing services for 16 blood/plasma donation centers, 3Pea said it has increased its presence in the prepaid, reloadable segment of the debit card market.
In May, the company signed an agreement with two creditors, under which 3Pea issued 3,335,500 shares of common stock and 3,335,500 Class A Warrants in full settlement and satisfaction of indebtedness to the creditors in the aggregate amount of $1,667,750. Each warrant entitles the holder to purchase one share of 3Pea common stock at $0.50 per share any time on or before May 31, 2015.
3Pea also filed and was cleared for Bulletin Board Electronic Quotation System trading by FINRA.
To guide an efficient, comprehensive corporate communications program, 3Pea also highlighted its appointment of Brian Polan as vice president of the company’s investor relations.
Based on these developments, 3Pea said it expects that 2012 will be a “milestone” year for the company.
For more information visit www.3pea.com
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