Wireless transaction processor US Wireless Data has filed for Chapter 11 protection and has agreed to sell off its assets. The company said it has sold its POS gateway business to NBS Synapse for US$5M in cash and transaction credits and has sold its vending operations to Sani for $1.6M in cash. The company said that although it had activated 3400 terminals on its network it could not ramp revenues fast enough to reach profitability and it had failed to find additional sources of funding.
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