PAYBOX CORP (OTCMKTS:PBOX) Files An 8-K Termination of a Material Definitive AgreementItem 1.02 Termination of a Material Definitive Agreement.
PAYBOX CORP (OTCMKTS:PBOX) Files An 8-K Termination of a Material Definitive Agreement
On February 27, 2017, Paybox Corp (the “Company”) was informed by International Business Machine Corporation (“IBM”) that IBM was terminating the larger of two agreements with the Company, whereby the Company provides e-invoice services to IBM’s operating units, effective September 1, 2017. The agreement had been scheduled to expire on December 31, 2017, and IBM exercised its right under the agreement to terminate on 180 days advance notice.
Approximately 35.1% of the Company’s revenues were attributable to this agreement with IBM in the year ended December 31, 2016. It is possible that the Company may continue to provide certain services relating to this agreement on a month-to-month basis following termination.
About PAYBOX CORP (OTCMKTS:PBOX)
Paybox Corp., formerly Direct Insite Corp., is a software as a service provider (SaaS) that provides a unified working capital management platform. The Company’s component of its unified working capital management platform is PAYBOX, an order to cash process that provides a receivables automation solution, which combines electronic invoicing, online approvals and adjustments, Payment Card Industry (PCI) compliant electronic payments and integration with various legacy accountings, enterprise resource planning (ERP) or lockbox system. Banks and corporations use PAYBOX to manage day’s sales outstanding and manage straight-through accounts receivables (AR) posting. Its unified working capital management platform also provides a component that transforms procure to pay processes. The Company provides a working capital management platform for order to cash and procure to pay processes that facilitates transactions annually between over 375,000 companies across the world. PAYBOX CORP (OTCMKTS:PBOX) Recent Trading Information
PAYBOX CORP (OTCMKTS:PBOX) closed its last trading session down -0.038 at 0.500 with shares trading hands.
Paybox Corp., formerly Direct Insite Corp., is a software as a service provider (SaaS) that provides a unified working capital management platform. The Company’s component of its unified working capital management platform is PAYBOX, an order to cash process that provides a receivables automation solution, which combines electronic invoicing, online approvals and adjustments, Payment Card Industry (PCI) compliant electronic payments and integration with various legacy accountings, enterprise resource planning (ERP) or lockbox system. Banks and corporations use PAYBOX to manage day’s sales outstanding and manage straight-through accounts receivables (AR) posting. Its unified working capital management platform also provides a component that transforms procure to pay processes. The Company provides a working capital management platform for order to cash and procure to pay processes that facilitates transactions annually between over 375,000 companies across the world. PAYBOX CORP (OTCMKTS:PBOX) Recent Trading Information
PAYBOX CORP (OTCMKTS:PBOX) closed its last trading session down -0.038 at 0.500 with shares trading hands.
