Excel Corporation Announces Formation of Medical Marijuana Merchant Processing Subsidiary — 420 Solutions, Corp
Medical Marijuana Dispensary Merchant Systems to Go Online April 1, 2014
NEW YORK, NY–(Mar 26, 2014) – Excel Corporation (OTCBB: EXCC) — a leading innovator and provider of merchant payment processing and merchant cash advance services that delivers credit/debit/prepaid card processing, mobile commerce, and related business solutions, today announced that it has created a new wholly-owned subsidiary called 420 Solutions, Corp. The primary focus of the new company is to develop and deploy advanced ways of providing payment processing services and ancillary products and services to the growing medical marijuana dispensary industry.
The announcement comes on the heels of major breakthroughs that Excel’s various subsidiary companies have had with regards to their its terminal hardware and software card processing protocols that will enable customers of medical marijuana dispensaries to use their debit cards at such locations. The new merchant services system, which is yet to be named, complies with the federal laws that have previously prevented electronic payment processers from participating in the explosive growth of the Medical Marijuana dispensary retail sector. Excel and 420 Solutions, Corp. expect to soon announce the details of a pilot program in the upcoming days once 420 Solutions, Corp. has finalized its exclusive hardware deal that will handle the new method of debit transactions at medical marijuana dispensaries.
Ruby Azrak, Excel Corp’s acting CEO and Chairman of the Board was quoted saying, “We have created a new way of allowing customers of over 2,100 Medical Marijuana dispensaries to use their debit cards at the dispensaries. This merchant segment generated over $2 billion in revenues last year, virtually none of which was done through electronic payment devices such as credit and debit cards. The market is expected to reach over $50 billion in annual sales by 2020. Excel’s 420 Solutions Processing subsidiary is committed to being the first to market with a real merchant solution for Medical Marijuana dispensaries that complies with the current federal legislation.”
About Excel Payment Systems
Excel Corporation (OTCBB: EXCC) is a leading New York City-based innovator and provider of electronic payment processing for merchants, including merchant cash advance products and services, credit/debit/prepaid card processing, mobile commerce, and related business solutions for small to medium size businesses. Excel is focused on developing innovative ways to service market segments that do not currently utilize, or which underutilize, merchant processing services.
In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that, whether or not expressly stated, certain statements made in this news release that reflect management’s expectations regarding future events and economic performance are forward-looking in nature and, accordingly, are subject to risks and uncertainties. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, which are available at www.sec.gov. We caution readers that certain important factors may have affected and could in the future affect the Company’s actual results and could cause the Company’s actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company.
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