Epoint Payment Corp. entered into a membership interest purchase agreement to acquire SmartPay Leasing, LLC Corp for $48.5 million on February 15, 2018. The consideration will be paid in cash and will include assumption of certain liability of Smartpay Leasing. Under the terms of the agreement, SmartPay Leasing is permitted to assign to Genesis Financial, all of its rights under the agreement. The transaction is subject to customary closing conditions, including the raising by Genesis Financial of approximately $60 million to cover the purchase price, related costs and continuing operations. Epoint assigned all of its rights under the agreement to Genesis Financial, Inc. (OTCPK:GFNL) on March 7, 2018. Genesis entered into an membership interest purchase agreement to acquire Epoint on May 10, 2018. The transaction is subject to government approval and other conditions. The transaction will be terminated if closing does not occur or before May 15, 2018. The outside termination date was extended to July 15, 2018. Gerald Brounstein of Pearl Cohen Zedek Latzer Baratz LLP acted as legal advisor to Epoint. Timothy L. Coyle of Squire Patton Boggs (US) LLP acted as legal advisor to the seller.