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MyATM makes tactical withdrawal

10 August 2011 4:34PM
Customers Limited will take over 120 automatic teller machine sites operated by MyATM, with the operator of the largest ATM fleet taking advantage of the fragile position of one of the smallest.MyATM will remove its ATMs from the sites and Customers will install its machines, and also enter into new contracts with the merchants.The sites surrendered by MyATM are ones operated under the Aussie ATM brand and, in most cases, apply to machines in which independent investors have an interest under the firm's unusual business model.MyATM has removed the machines where the contracts with its investors allow them to do so. The firm hopes to find more profitable locations for these ATMs.The quarterly cash flow report for MyATM, released to the ASX two weeks ago, stated that the Aussie ATM business was incurring losses, though the main subsidiary was profitable.Investors in MyATM have doubted its prospects almost since the firm listed on the ASX in January at 20 cents. The shares were down to two cents at yesterday's close.

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