Electronic Clearing House to Buy Colorado Company
Electronic Clearing House Inc. of Agoura Hills announced it has signed an agreement to acquire Rocky Mountain Retail Systems Inc.
Under terms of the agreement, Electronic Clearing House issued 1 million shares of restricted common stock. An additional 1.5 million shares of restricted stock will be placed into escrow to be issued to the Rocky Mountain selling shareholders.
Rocky Mountain Retail Systems, based in Boulder, Colo., owns and services National Check Information Systems, a provider of check-verification services to large retail chains, processors and collection agencies. The company will operate as a wholly owned subsidiary headquartered in Boulder.
Electronic Clearing House provides credit card processing, cash-advance services, check guarantees and related services to retailers and casinos.
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