Dexit called together their staff this week, in one of those meetings reminiscent of the dot com days. Nearly half the staff were laid off. It seems they are serious about selling or amalgamation. Significant reductions in their terminal acquiring base.
It seems all this years revenue was from one customer – Bell Canada.
July 20, 2006 Dexit Announces Plan to Optimize Operations and Review Strategic Options
Toronto – July 20, 2006 – Dexit Inc. (TSX: DXT) announced today that it has formed a Special Committee of the Board, in response to overtures from several potential strategic investment partners. The Special Committee will review strategic options and in this regard has hired Kirchner and Company, Inc. (KCI), a US based financial advisor, to manage the review process. Options reviewed may include strategic partnerships, business combinations, and strategic investments
All in all, its too bad in the sense that at least they were trying something that was an attempt to break the mould of Canadian payments models.
Bankwatch 
When your only customer is one of your investors, that’s bad news.