Global Payment Technologies has announced that, through affiliated entities controlled by him, Andre Soussa, chief executive of Global Payment Technologies Australia, has provided the company with a finance facility pursuant to a secured term note and in addition will make an additional investment in the company.
At the close of the entire transaction, Soussa and his affiliates will be the largest shareholders of the company and, in addition, Soussa will become chairman of the board and CEO of GPT as part of an overall restructuring of the company.
At that time four of the five members of the existing board will be replaced. Richard Gerzof will remain as a director but will relinquish his role as chairman and William McMahon, previously interim president and CEO, will remain with the company as president and CFO.
Soussa has over 20 years of engineering, sales and marketing experience in high-tech corporations, including 14 years in the gaming market that included a number of years as a senior executive at Aristocrat. He is also CEO of eCash, a manufacturer and designer of electronic payment systems.
He said: "GPT was once known for its innovation and its position at the forefront of the payment systems market and our goal is to restore it to that position. Our first efforts will be to implement changes designed to bring GPT to profitability and we then intend to develop new and pioneering products.
“We will be announcing these initiatives over the next few weeks as we work quickly to stabilise and reinvigorate the business."
