Uncertain Revenues Blamed for Closure of Actrade Subsidiary

Actrade Financial Technologies, a provider of financing, payment and processing solutions, has terminated the operations of Actrade Resources, Inc, one of its foreign subsidiaries. Nonetheless, Actrade says it remains ‘committed’ to growing its domestic ETAD business, its international E-DRAFT Program, and the payment processing technology of its newly formed subsidiary, E-TAD Clearing Center, Inc. The company said that the revenue derived from Resources was unlikely to be repeated in subsequent quarters and management is now evaluating its alternatives regarding the future direction of the former Resources business. Chief Executive Officer and President, Alexander C. Stonkus, commented, ‘There is still tremendous opportunity that we see in both the domestic and international arena for the expansion of our products.’

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