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Wright Express Completes Acquisition of Financial Automation Limited
New Zealand-based Software Provider Will Enable Wright Express To Offer Fleet Card Solutions To Major Oil Companies In International Markets
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Aug. 29, 2008--Wright Express Corporation (NYSE: WXS) today announced that it has completed the previously announced acquisition of Financial Automation Limited (FAL), a New Zealand-based international provider of fuel card processing software solutions. With a total value of approximately US$9 million, the transaction was financed through the Company's existing credit facility. With the closing of the transaction, Wright Express will launch its new Wright Express international division, which will be powered by FAL.
Wright Express also announced that Joe Czternastek has been appointed as the Company's general manager of international operations. Mr. Czternastek has more than 25 years of senior management and consulting experience in the European corporate and consumer card markets, and specifically working with oil companies and service providers in the fuel card market.
"Wright Express International offers compelling benefits in the area of international fleet card management, and will broaden Wright Express' global footprint while bringing on board experienced staff members committed to service excellence," said Wright Express President and Chief Executive Officer Michael Dubyak. "Our goal is to expand beyond North America and offer fleet card solutions to major oil companies around the world. Acquiring FAL will dramatically accelerate our time-to-market as we pursue this opportunity, making it an outstanding strategic addition to our core business."
About Wright Express
Wright Express is a leading provider of payment processing and information management services to the U.S. commercial and government vehicle fleet industry. Wright Express provides these services for approximately 300,000 commercial and government fleets containing 4.5 million vehicles. The Company markets its payment processing services directly and is an outsourcing provider for more than 125 strategic relationships, and offers a MasterCard-branded corporate card. The Company employs more than 700 people and maintains its headquarters in South Portland, Maine. For more information about Wright Express, please visit wrightexpress.com.
This press release contains forward-looking statements, including statements regarding: expectations concerning the benefits that will accrue to the Company as a result of the acquisition of Financial Automation Limited; the Company's plans to launch its new Wright Express international division and offer fleet card solutions to major oil companies around the world; and the impact of the acquisition on those plans. These forward-looking statements include a number of risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: any unexpected challenges in integrating Financial Automation Limited or achieving the expected benefits of the acquisition of; international demand for the Company's products and services; volatility in fuel prices; third-quarter and full-year 2008 fueling patterns; the potential loss of key strategic relationships; decreased demand for fuel and other vehicle products and services and the effects of general economic conditions on the commercial activity of fleets; the Company's ability to rapidly implement new technology and systems; potential corporate transactions including alliances, mergers, acquisitions and divestitures; changes in interest rates and the other risks and uncertainties included from time to time in the Company's filings with the Securities and Exchange Commission, including the annual report on Form 10-K filed on February 28, 2008, and the Company's other periodic and current reports. Wright Express Corporation undertakes no obligation to update these forward-looking statements at any future date or dates.CONTACT: News media contact:
Jessica Roy, 207-523-6763
Steve Elder, 207-523-7769
SOURCE: Wright Express