Zep Inc. Completes Purchase of Washtronics of America Inc. Assets

ATLANTA--(BUSINESS WIRE)-- Zep Inc. (NYSE:ZEP - News), a leading producer and marketer of a wide range of cleaning and maintenance solutions, today announced it has completed the purchase of certain assets of Nevada based Washtronics of America Inc. (“Washtronics”) a pioneer of automatic truck and fleet wash systems and products, for an undisclosed amount of cash. Washtronics, which posted 2010 sales of over $1 million, had been in bankruptcy proceedings since September 21, 2011. The acquisition was effective December 7, 2011, and is expected to be accretive to Zep, Inc. earnings during Fiscal 2012.

Washtronics will become a part of Zep Inc.’s Niagara National division. Niagara National is currently a leader in automatic truck wash systems and products, and with this transaction, extends its geographic customer access to the west coast. The addition of Washtronics brand of custom truck wash, pressure washers and maintenance chemicals also expands Zep Inc.’s overall transportation product portfolio that today consists of the Zep, EnviroEdge, Niagara, and Armor All Professional brands.

“This acquisition is another example of our strategy to expand our product portfolio and access to market by further strengthening our position in truck and fleet wash,” said John K. Morgan, Chairman, President and Chief Executive Officer of Zep Inc.

“This addition emphasizes our commitment to the truck and fleet wash segment and our desire to provide our customers with expanded, innovative product offerings,” said Ron Kirschner, Vice President and General Manager of Niagara National. “The combination of Washtronics and the Niagara National product line will further enhance Zep’s leadership position in the truck and fleet wash marketplace.”

About Zep Inc.

Zep Inc., with fiscal 2011 net sales of over $646 million, is a leading producer and marketer of a wide range of cleaning and maintenance solutions for commercial, industrial, institutional, and consumer end-markets. Zep Inc.'s product portfolio includes anti-bacterial and industrial hand care products, cleaners, degreasers, deodorizers, disinfectants, floor finishes, sanitizers, and pest and weed control products, as well as high performance products and professional grade chemical products for the automotive, fleet maintenance, industrial/MRO supply, institutional supply and motorcycle markets. We market these products and services under well recognized and established brand names, such as Zep(R), Zep Commercial(R), Zep Professional(TM), Enforcer(R), National Chemical(R), Selig(TM), Misty(R), Next Dimension(TM), Petro(R), i-Chem(R), TimeMist(R), TimeWick, MicrobeMax(TM), Country Vet(R), Konk(TM), Niagara National(TM) and a number of private labeled brands. Some of Zep's brands have been in existence since the Company's 1937 founding. Zep Inc.'s headquarters are in Atlanta, Georgia. Visit our website at www.zepinc.com.

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VeriFone Completes Acquisition of Point

SAN JOSE, Calif.--(BUSINESS WIRE)-- VeriFone Systems, Inc. (NYSE: PAY - News), today announced it has completed the acquisition of Point, Northern Europe’s largest provider of payment and gateway services and solutions for retailers.

Point, based in Stockholm, has operations in 11 European countries and serves a captive network encompassing almost 475,000 merchant contracts. Through this network, Point offers retailers a full range of multi-channel services and solutions, including point-of-sale technology and support, gateway services, card encryption services, and e-commerce processing.

“This acquisition supports our vision of offering retailers everywhere a managed service to easily accept all existing payment types, including the evolving alternative and mobile payment methods being offered by traditional card brands and new entrants such as Google, PayPal, Groupon and Isis,” said VeriFone CEO Douglas G. Bergeron. “The new entrants can take advantage of easy and accelerated access to VeriFone’s worldwide installation of more than 20 million merchant lanes.”

Point will operate as a VeriFone company. VeriFone intends to extend the Point platform throughout the region and beyond, with the aim of creating the world’s largest infrastructure for rapid deployment of alternative payments and NFC mobile commerce.

To finance the Point acquisition and refinance existing debt, VeriFone has executed a credit agreement for $1.5 billion led by J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, Barclays Capital and RBC Capital Markets. The facility provides VeriFone with long-term debt capital at economical interest rates. The debt consists of 5-year Term A Loans for $918.5 million, a 5-year revolving line of credit for $350.0 million, and 7-year Term B Loans for $231.5 million. The company’s previously arranged credit facility has been repaid in full; a portion of the proceeds will also be used to repay VeriFone’s outstanding 1.375% Convertible Notes due June 2012.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.

This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include whether the successful integration of Point with VeriFone and the anticipated benefits of the transaction can be achieved. For a further list and description of risks and uncertainties, see our periodic filings with the Securities and Exchange Commission. VeriFone and Point are under no obligation to, and expressly disclaim any obligation to, update or alter their forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

About VeriFone Systems, Inc. (www.verifone.com)

VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY - News) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.

Additional Resources:

http://ir.verifone.com

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