ATM Contract

London, UK: (Oct-23-07) Hanco ATM systems brought charges against Cashbox, a UK based ATM provider, over contractual problems. As part of a settlement agreement reached by the parties, sources confirmed that Cashbox agreed to pay around £1.8 million and conclude the litigation brought by Hanco. The deal stipulated that Hanco will receive £1.8 million together with interest accruing daily if payment is deferred. Under the agreement, Cashbox has the option of deferring payment for up to 2 years on the basis that interest will be accrued at 5% per annum for the first year and 20% thereafter. Payment of any interest may also be deferred for up to 2 years. [SHARECAST: ATM CONTRACT]

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Published on Oct-24-07