Equitex Agrees to Acquire Key/Nova

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Equitex Inc., Englewood, CO, yesterday said it has agreed to acquire Key/Nova Financial Systems Inc., Clearwater, FL, which processes and services credit cards marketed through the Internet, direct mail and telemarketing for several financial institutions. The price of the cash-and-stock acquisition was not disclosed.


Equitex, Edwood, CO, markets credit card products through its subsidiary, First TeleServices Corp., Atlanta. The company said the acquisition would help position it to become an "online financial solutions provider to consumers."


In addition to providing processing and call center support for other companies' credit card products, Key/Nova Financial Systems also markets credit cards to consumers who have little or no credit history. Its Pay As You Go card works like a debit card -- consumers must have money in an account to be able to use it. After two years, consumers can switch to a traditional credit card.


Equitex said that as part of the acquisition agreement, it would spin off some of its non-financial-services assets. It also has a previously announced agreement to merge with First TeleBanc Corp., Boca Raton, FL.
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