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Altair Financial Services Bought out of Administration

09 March 2009, London - A leading provider of prepaid card business solutions, Altair Financial Services Limited and International Plc, was bought out of administration by newly formed Altair Technologies Limited.

Terence Mitchell, Director of Altair Technologies Limited said Altair Financial Services was "a pioneer of prepaid cards in the UK, and is regarded as one of the most innovative prepaid companies in Europe, winning numerous industry awards for innovation and technology. Since the company was incorporated in 2005, it has built over 40 prepaid card programmes in the UK, Europe and USA. We will provide the necessary backing to support Altair’s future development in the UK and internationally."

The newly formed company, Altair Technologies Limited, inherits the business and assets of Altair Financial Services, but will not inherit the company's debt. Mitchell said the new company has sufficient capital to meet its needs for the foreseeable future, and would achieve profitability this year. The deal is expected to save approximately 40 jobs in the London based office.

According to Mitchell, “This is the start of a positive new chapter for Altair. It is very much business as usual and we are keen to build our relationships with both existing and future clients and suppliers. We will be honouring all our existing commitments and will continue to maintain the highest possible standard of delivery moving forward with Altair Technologies Limited.

“Overall economic conditions have been challenging, however we believe we are now well poised with an excellent product, experienced workforce and the ability to agree deals.”

For further information please contact:
Altair Technologies Limited - Steven Phillips: 0207 659 1178

About Altair Technologies Limited
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