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PHOENIX, Oct 04, 2005 /PRNewswire-FirstCall via COMTEX/ -- Hypercom Corporation (NYSE: HYC) today announced a restructuring of its Latin American operations with the establishment of two new regional headquarters in Mexico City and Brazil designed to bring the company closer to customers and prospects for its innovative electronic payment technologies. The two offices replace Hypercom's former Latin American regional headquarters in Miami, positioning the company to strengthen its market penetration throughout the region.
The Mexico City headquarters will serve not only Mexico but Central America and the Andean countries of South America (Colombia, Venezuela, Ecuador, Peru, Bolivia, and Guyana), extending the strong presence in Mexico that has been created since the establishment of Hypercom de Mexico in 1990. Managing director for the new regional operation is Juan Suayfeta, who previously served Hypercom de Mexico in the same capacity.
The new Brazil headquarters will cover the South Cone region of South America, which includes Brazil, Chile, Argentina, Paraguay and Uruguay. Reinaldo Assis, formerly general manager of Hypercom de Brasil, has been promoted to managing director of the South Cone region.
"Latin America has played a significant role in Hypercom's business over the years, particularly in Mexico, Brazil and Argentina. This reorganization will enable us to use our existing infrastructure and customer relationships as a springboard to expanding our business in those areas as well as extend our reach to other countries in the region," said Guilherme Blumenthal, Executive Vice President, Sales & Operations, Hypercom Corporation. "We are dedicating additional resources to the area because we believe there are substantial business opportunities for our payment terminals and related services."
In Mexico, for example, the Association of Mexican Banks recently announced plans to spend up to $300 million over the next three years on the expansion of the point-of-sale network, in a combined effort with the Mexican government to encourage the use of debit and credit cards in Mexico. Card payments today account for only 2% of Mexican purchases, making that country a largely untapped market. The banks plan to install POS terminals in small businesses with fewer than five employees at no charge to the merchant in an effort to increase the number of terminals from 175,000 today to 475,000 by 2010.
"Hypercom already has a solid sales and support organization in Mexico, and we intend to leverage that to take full advantage of the terrific market opportunities here as well as in the nearby countries served by our new Mexico City headquarters," said Suayfeta. "We expect our broad product portfolio and our reputation for dependability to serve us well in our efforts to increase our regional market penetration."
"Creating a separate headquarters for the South Cone region is a logical step, both geographically and as a means of building on our established operations in Brazil and Chile," said Assis. "With ongoing business in those two countries and new developments such as the recovery of Argentina's economy, we believe that this area holds great promise as a source of new revenues for Hypercom."
About Hypercom (www.hypercom.com)
Widely recognized as the global payment technology innovator, Hypercom delivers complete card payment terminal, network access device, server and transaction networking solutions that help merchants and financial institutions generate revenues and increase profits. Hypercom's card payment terminal, network and server solutions are leading the transformation of electronic payments in more than 100 countries. The company is headquartered in Phoenix, Arizona.
Hypercom is a registered trademark of Hypercom Corporation. All other products or services mentioned in this document are trademarks, service marks, registered trademarks or registered service marks of their respective owners. This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding market acceptance of new products, product performance, product sales, revenues and profits. These forward- looking statements are based on management's current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward-looking statements include, industry, competitive and technological changes; the loss of, and failure to replace any significant customers; the composition, timing and size of orders from and shipments to major customers; inventory obsolescence; market acceptance of new products and services; the performance of suppliers and subcontractors; risks associated with international operations and foreign currency fluctuations; the state of the U.S. and global economies in general and other risks detailed in our filings with the Securities and Exchange Commission , including the Company's most recent 10-K and subsequent 10-Qs. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. HYCP
Contacts:
Pete Schuddekopf Tony Keller
Hypercom Corporation S&S Public Relations
602.504.5383 719.634.8279
pschuddekopf@hypercom.com tony@sspr.com
SOURCE Hypercom Corporation
Pete Schuddekopf of Hypercom Corporation, +1-602-504-5383, pschuddekopf@hypercom.com; or Tony Keller of S&S Public Relations, +1-719-634-8279, tony@sspr.com, for Hypercom Corporation
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