FinTech Acquisition Corp. II (NASDAQ:FNTE) ("FNTE") today announced
that it completed the previously announced merger transaction with
Intermex Holdings II, Inc. (the “Merger”), the parent company of
Intermex® Wire Transfer, LLC, a technology enabled wire transfer
and financial processing solutions provider. The transaction was
approved by a vote of FNTE’s stockholders on July 20, 2018. FNTE’s
Board of Directors had previously approved the Merger and
recommended that FNTE’s stockholders vote in favor of the Merger.
Intermex’s Board of Directors and stockholders had also previously
approved the Merger.
The merged company will be renamed International Money Express,
Inc. and will be listed on the Nasdaq Stock Market. Its common
stock and warrants will begin trading on July 27, 2018 on the
NASDAQ Stock Market under the symbols “IMXI” and “IMXIW,”
respectively.
Bob Lisy, President, Chairman and Chief Executive Officer stated
“We are extremely excited to be a public company. This merger
creates additional opportunities for continued growth through our
core business as well as new products and acquisitions. We expect
our retail agent network in the US to continue to deliver
exceptional growth, augmented by the further development of our
online services, loyalty cards and scalable proprietary processing
capacity. Following our strong performance through the second
quarter, we are pleased to increase our Adjusted EBITDA projections
to a range of $42 million to $44 million for 2018.”
Betsy Cohen, previously the chairman of the board of FNTE,
commented, “We are delighted to partner with Bob and his team at
Intermex, a leading provider of money transfer services to the
Latin America corridor. The Intermex team has driven both
growth and profitability, with remittance transaction growth of 71%
from 2015 to 2017, and delivered compounded annual growth of
Adjusted EBITDA of approximately 38.5% from 2013 to 2017. As
a public company, Intermex has the ability to reduce its cost of
capital, create a currency for acquisitions, and increase
visibility with customers and agents.”
Mr. Lisy leads an experienced Intermex management team, many of
whom have extensive backgrounds in the remittance industry,
including Randy Nilsen, Chief Sales and Marketing Officer, Jose
Perez-Villarreal, Chief Administrative and Compliance Officer,
Eduardo Azcarate, Chief Business Development Officer, William
Velez, Chief Information Officer and Tony Lauro II, Chief Financial
Officer, who recently joined the company from Cognical, Inc. and
was previously Chief Financial Officer of the Merchant Services
division of JP Morgan Chase. For more information on the Intermex
management team, visit investors.intermexonline.com.
Advisors
Cantor Fitzgerald & Co., JMP Securities and Northland
Securities, Inc. acted as Capital Markets Advisors to FTNE; JMP
Securities also acted as Financial Advisor to FNTE; and Ledgewood
acted as legal counsel to FNTE. Fried, Frank, Harris, Shriver &
Jacobson LLP acted as legal counsel to Intermex in this
transaction. Brenner Kaprosy Mitchell, LLP is acting as legal
counsel to Intermex's management in this transaction.
About International Money Express
At International Money Express (NASDAQ:IMXI), the customer is at
the center of everything we do. We use a proprietary
financial technology that enables consumers to send money from the
United States to 17 countries in Latin America and the Caribbean,
including Mexico and Guatemala. We offer wire transfer and
other processing services to our customers through our network of
85,000 sending and paying agents located in all 50 states, the
District of Columbia and Puerto Rico, and throughout Latin
America. Our services are also available digitally through
intermexonline.com. We were founded in 1994 and are
headquartered in Miami, Florida with offices in Puebla, Mexico, and
Guatemala City, Guatemala.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”,
“may”, “plan”, “outlook”, “future” and “project” and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These statements,
which involve risks and uncertainties, relate to analyses and other
information that are based on forecasts of future results and
estimates of amounts not yet determinable and may also relate to
our future prospects, developments and business strategies. In
particular, such forward-looking statements include statements
concerning the business plans, objectives, expectations and
intentions of the public company after the completion of the
Merger, and Intermex’s estimated and future results of operations,
business strategies, competitive position, industry environment and
potential growth opportunities. These statements are based on
Intermex’s management’s current expectations and beliefs, as well
as a number of assumptions concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside Intermex’s control that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. Additional factors that could cause
actual results to differ materially from those expressed or implied
in forward-looking statements can be found in FNTE’s most recent
annual report on Form 10-K and subsequently filed quarterly reports
on Form 10-Q and current reports on Form 8-K, which are available,
free of charge, at the SEC’s website at www.sec.gov., and in the
registration statement on Form S-4 and FNTE’s proxy
statement/prospectus. New risks and uncertainties arise from time
to time, and it is impossible for us to predict these events or how
they may affect us. You are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made, and Intermex undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Relations:Sloan Bohlen, Solebury
Troutinvestors@intermexonline.com 305-671-8056
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