Verifone Systems, Inc. (NYSE: PAY) and Black Horse Taxi Finance today announced they are offering drivers of London's famed, but high-emission, black taxis with a £3,000 financial incentive to trade in their old models for newer vehicles that comply with age limits announced as part of the mayor of London's air quality strategy.
In December 2010, the mayor of London launched an air quality strategy that outlined a range of measures to improve air quality and reduce transport related emissions, including a 15-year age limit for licensed London taxis. Verifone and Black Horse Taxi Finance are offering the incentive to reduce the financial impact for drivers who trade up to newer, less polluting vehicles through the Islington retail outlet of The London Taxi Company, the UK's top retailer of London's iconic black taxi and an agent and installer of Verifone's card payment solution.
"Verifone has been working closely with The London Taxi Company to make advanced electronic payments systems freely available to London's licensed taxi trade," said Mark Roberts, vice president and general manager, Verifone Taxi and Media Solutions. "With this new initiative, we want to encourage affected drivers to modernise their vehicles. By doing so we can help London's taxis evolve into a greener world class fleet."
Mark Brown, general manager, The London Taxi Company (London), said: "Verifone and Black Horse Taxi Finance have come up with a fantastic offer to help owners trade up. We're keen to get these older vehicles off the road to help make London cleaner, as well as provide passengers with a more enjoyable taxi experience."
As part of this offer, owners will receive a Verifone-branded livery on their new vehicle and a pre-installed Verifone card payment system. The Verifone system accepts all types of card payments, including credit, debit, Chip & PIN, magnetic stripe and contactless. Drivers must also successfully apply for financing via Black Horse Taxi Finance.
John Mason, director, London Taxi and Private Hire, with Transport for London (TfL) said: "The age limits announced by the Mayor in December last year are absolutely vital to improve air quality in London. Since this announcement we have been in constant dialogue with the taxi manufacturers about what they can do to ease the burden on those cabbies impacted by the limits and we are very pleased to see Verifone, Black Horse Taxi Finance and The London Taxi Company working together to come up with this deal."
On a first come, first serviced basis, drivers will be able to secure a £3,000 finance allowance on the first 200 sales of new Euro 4 - TX4 Style or Elegance London Taxis, when a Fairway, TX1 or Metrocab is offered in part exchange that is "S-reg" or older. The older models will be scrapped.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc.
This press release includes certain forward-looking statements related to Verifone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Verifone management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of Verifone Systems, Inc. These risks and uncertainties include: the successful rollout of our incentive program for reduced emission vehicles in London, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Verifone Systems, Inc. (www.verifone.com)
Verifone Systems, Inc. ("Verifone") (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.