8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549



                                    FORM 8-K



                CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



    Date of Report (Date of earliest event reported):      APRIL 29, 2002



                  SINGLE SOURCE FINANCIAL SERVICES CORPORATION
             (Exact name of registrant as specified in its charter)



          NEW YORK                  000-33229             16-1576984
      (State or other              (Commission         (I.R.S. Employer
jurisdiction of incorporation)     File Number)       Identification No.)


                   121 NORTH SAN VICENTE BOULEVARD
                      BEVERLY HILLS, CALIFORNIA           90211
              (Address of principal executive offices)  (zip code)


                                 (888) 262-1600
              (Registrant's telephone number, including area code)


          (Former name or former address, if changed since last report.)




ITEM  1.          CHANGES  IN  CONTROL  OF  REGISTRANT

     Not  applicable.

ITEM  2.          ACQUISITION  OR  DISPOSITION  OF  ASSETS

     Not  applicable.

ITEM  3.          BANKRUPTCY  OR  RECEIVERSHIP

     Not  applicable.

ITEM  4.          CHANGES  IN  REGISTRANT'S  CERTIFYING  ACCOUNTANT

     Not  applicable.

ITEM  5.          OTHER  EVENTS

     On  November 29, 2001, Single Source Financial Services Corporation ("SSFS"
or  the  "Company") signed a binding letter of intent (the "LOI") with MBBRAMAR,
INC., a California corporation ("MBB") which included an irrevocable option (the
"Option")  to  acquire from MBB all of MBB's shares of common stock of CardReady
International,  Inc.,  a California corporation ("CardReady"), owned at the time
of  exercise  of  the Option (the "CardReady Shares").  Currently, MBB owns over
96%  of  the  outstanding  common  stock  of  CardReady.

     On  April  29, 2002, SSFS, MBB, and CardReady entered into a First Restated
Letter  of  Intent (the  "Restated LOI") which modified the terms and conditions
of  the  original  LOI.

     Under  the  terms  of the Restated LOI, the Company may, at any time during
the  18  months  following the date of execution (the "Option Period"), and upon
thirty  (30) days written notice (unless extended because of the requirements of
the Securities and Exchange Commission or the corporate laws of the State of New
York,  including  the  need  to obtain shareholder approval), acquire all of the
CardReady Shares from MBB.  The purchase price to be paid by the Company for the
CardReady Shares will be four million (4,000,000) shares of common stock of SSFS
(the  "SSFS  Shares").  As additional consideration for the grant of the Option,
SSFS  agreed  to  loan to CardReady the sum of $500,000, payable in traunches as
agreed  between  the  parties,  bearing  no  interest and repayable in a balloon
payment  at  the  end  of  three  (3)  years  from the date of the Restated LOI.

     The  Restated  LOI  contains certain unwinding provisions.  For a period of
three (3) years from the closing of the acquisition, if the closing bid price of
SSFS common stock as quoted on its primary exchange is less than $1.00 per share
for  thirty (30) consecutive trading days, or if SSFS common stock is not listed
for  trading  on  any  public  exchange  for a period of thirty (30) consecutive
trading  days,  or  if  the  trading  volume of SSFS common stock on its primary
exchange  is  less  than  250,000  shares  per  month  for three (3) consecutive
full-calendar  months, then MBB shall have the right, but not the obligation, to
purchase the CardReady Shares back from SSFS for consideration equal to the SSFS
Shares  (as  adjusted for any stock splits or recapitalizations).  Additionally,
for  a  period  of  three  (3)  years  from  the  closing of the acquisition, if
CardReady  fails  for  a  period  of  thirty  (30)  consecutive business days to
maintain  a  relationship  with a back-end processor and a bank, then SSFS shall
have  the  right,  but not the obligation, to "put" the CardReady Shares back to
MBB for consideration equal to the SSFS Shares (as adjusted for any stock splits
or  recapitalizations).

                                        2


     MBB  is owned and controlled by Brandon Becker, who is a former director of
SSFS,  and  Martin  Becker  and Sid Rosenblatt, each of which is the spouse of a
director  of  SSFS.

     Also  on  April  29,  2002,  SSFS  exercised its rights under the Option to
purchase  all of MBB's interest in CardReady in exchange for the issuance of the
SSFS  Shares.  The transaction is anticipated to close within one hundred twenty
(120)  days.

ITEM  6.          RESIGNATIONS  OF  DIRECTORS  AND  EXECUTIVE  OFFICERS

     Not  applicable.

ITEM  7.          FINANCIAL  STATEMENTS

     Not  applicable.

ITEM  8.          CHANGE  IN  FISCAL  YEAR

     Not  applicable.

EXHIBITS

     10.1  Restated Letter of  Intent dated April 29, 2002 by and between Single
           Source Financial Services Corporation, MBBRAMAR, INC., and  CardReady
           International,  Inc.

     10.2  Notice  of  Exercise  of  Option  dated  April  29,  2002.

                                        3

                                   SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.

Dated:  May  7, 2002               Single Source Financial Services Corporation,
                                   a New  York  corporation,  by  its  President

                                   /s/ Arnold F. Sock
                                   ________________________________
                                   Arnold  F.  Sock,  President

                                        4

EX-10.1

Sid  Rosenblatt
MBBRAMAR,  INC.
April  29,  2002
Page  5

                         FIRST RESTATED LETTER OF INTENT



                                 April 29, 2002


MBBRAMAR,  INC.
10780  Santa  Monica  Boulevard,  Suite  240
Los  Angeles,  CA  90025
Attn:  Sid  Rosenblatt

Dear  Mr.  Rosenblatt:

     WHEREAS,  CardReady,  MBB,  and  SSFS are parties to that certain Letter of
Intent  dated  November  29,  2001  (the  "Original  LOI");

     WHEREAS,  the parties have agreed to re-negotiate the terms of the Original
LOI,  as  reflected  in  this  First  Restated  Letter  of  Intent;

     NOW, THEREFORE, for mutual consideration, of the receipt and sufficiency of
which  is  hereby  acknowledged,  the  parties  agree to the terms of this First
Restated  Letter  of  Intent  as  follows:

     This  will confirm our understanding concerning the proposed acquisition of
CardReady  International,  Inc.,  a  California  corporation  ("CardReady")  and
majority-owned subsidiary of MBBRAMAR, INC., a California corporation ("MBB") by
Single  Source  Financial  Services Corporation, a New York Corporation ("SSFS")
(the  "Transaction").  This  letter  does not contain all terms of the agreement
that  must  be  reached  in  order for the Transaction to be consummated, but is
intended  as  an  outline  of  certain  material  provisions  and  to  create an
irrevocable  option  in  favor  of  SSFS.  The terms of our understanding are as
follows:

     A.     MBB owns over 96% of the issued and outstanding voting securities of
CardReady,  including  options, warrants, and other instruments convertible into
voting  securities  (the  "CardReady  Shares").

     B.     MBB  is  controlled  by  certain individuals who are shareholders of
SSFS.

     C.     MBB  hereby  grants  to  SSFS  an  exclusive irrevocable option (the
"Option"),  exercisable  at  any time on thirty (30) days written notice (unless
extended  because of the requirements of the Securities and Exchange Commission,
SSFS'  principal exchange, or the corporate laws of the State of New York) for a
period  of  eighteen  (18) months from the date hereof (the "Option Period"), to
acquire  all  of the CardReady Shares, including any CardReady securities issued
to  MBB  between  the  date  hereof and the date of exercise of said option.  As
consideration  for  MBB  granting  SSFS  the  Option,  SSFS  agrees that if SSFS
exercises  the  Option  during the Option Period, the purchase price it will pay
for  the  CardReady Shares, plus any additional CardReady securities as outlined
above,  will be equal to four million (4,000,000) shares of common stock of SSFS
(the  "SSFS  Shares").



     D.     The  SSFS Shares shall be restricted in accordance with Rule 144 and
will  carry  an  appropriate  restrictive legend, and will be further subject to
transfer  and  pledge  restrictions  as  set  forth  in  this  agreement.

     E.     The  SSFS  Shares  will  not  contain  registration  rights.
                                     ---

     F.     As  a material term of the Transaction, SSFS will acquire all of the
assets  of  CardReady  and  will  assume  all  of  the  debts and obligations of
CardReady  and  any  agreed-upon  debts  of  MBB.

     G.     For a period of three (3) years from the closing of the Transaction,
if  (i)  the  closing  bid  price  of SSFS common stock as quoted on its primary
exchange  is less than $1.00 per share for thirty (30) consecutive trading days,
or  (ii)  if  SSFS common stock is not listed for trading on any public exchange
for  a  period  of thirty (30) consecutive trading days, or (iii) if the trading
volume  of SSFS common stock on its primary exchange is less than 250,000 shares
per  month  for  three (3) consecutive full-calendar months, then MBB shall have
the  right,  but  not the obligation, to purchase the CardReady Shares back from
SSFS  for  consideration  equal  to  the  SSFS Shares (as adjusted for any stock
splits  or  recapitalizations).

     H.     For a period of three (3) years from the closing of the Transaction,
if  CardReady  fails  for  a  period of thirty (30) consecutive business days to
maintain  a  relationship  with a back-end processor and a bank, then SSFS shall
have  the  right,  but not the obligation, to "put" the CardReady Shares back to
MBB for consideration equal to the SSFS Shares (as adjusted for any stock splits
or  recapitalizations).  MBB  agrees  that  it  will  not  assign,  transfer,
hypothecate, pledge, or otherwise encumber the SSFS Shares during this three (3)
year  period.

     I.     SSFS  will  maintain  from  the  date hereof until this agreement is
terminated  or  the end of the Option Period, out of its authorized but unissued
shares of common stock, that number of shares of common stock represented by the
SSFS  Shares.

     J.     As  additional  consideration  for  the  grant  of this option, SSFS
agrees  to,  loan to CardReady up to $500,000.00 (Five Hundred Thousand Dollars)
payable  in  traunches  as  agreed  between the parties, bearing no interest and
payable  in  a  balloon  payment  at  the  end  of three (3) years from the date
thereof.

     K.     At its next meeting of shareholders, SSFS agrees to seek shareholder
ratification  of  the Transactions contemplated hereby.  The parties acknowledge
and  agree  that  approval  of the SSFS shareholders is not required in order to
consummate  the  transaction.

     Following  the date of exercise of the Option, the parties will cause their
respective  officers,  employees,  counsel,  agents,  investment  bankers,
accountants,  and  other representatives working on the Transaction to cooperate
with  each  other  with  respect  to  the  Transaction  until the Transaction is
consummated  or negotiations with respect thereto are terminated.  If MBB and/or
CardReady  do  not  conduct  the  business  and  operations  of CardReady in the
ordinary  course,  unless  consented  to  by  SSFS, then SSFS may terminate this
option  agreement  immediately,  in  its  sole  discretion.



     Following  the  date  hereof,  MBB  and  CardReady  agree  that  until  the
Transaction  is consummated, or until termination of the Option, whichever shall
occur first, to conduct the business and operations of CardReady in all respects
only  in  the  ordinary course unless otherwise consented to in writing by SSFS.

     Following  the date hereof, the parties agree that until the Transaction is
consummated,  or  until  termination of the Option, whichever shall occur first,
each  party  will afford to the officers, employees, counsel, agents, investment
bankers,  accountants,  and  other representatives of the other party working on
the Transaction and lenders, investors, and prospective lenders and investors of
SSFS  free  and  full access to its plants, properties, books, and records, will
permit them to make extracts from and copies of such books and records, and will
from time to time furnish them with such additional financial and operating data
and  other  information  as  to  its financial condition, results of operations,
business, properties, assets, liabilities, or future prospects as they from time
to  time  may  request.  Each  party will cause its independent certified public
accountants  to  make available to the other party and its independent certified
public  accountant,  the  work  papers  relating  to  any audit of its financial
statements  in  the  last  five  years.

     Each  party shall insure that all confidential information which such party
or  any  of  its  respective  officers,  directors,  employees, counsel, agents,
investment  bankers,  or  accountants  and,  in  the  case of SSFS, its lenders,
investors,  or prospective lenders or investors may now possess or may hereafter
create  or  obtain  relating  to the financial condition, results of operations,
business,  properties,  assets,  liabilities,  or  future prospects of the other
party,  any  affiliate  of  the other party, or any customer of supplier of such
other  party  or  any  such affiliate shall not be published, disclosed, or made
accessible  by  any of them to any other person or entity at any time or used by
any  of them, in each case without the prior written consent of the other party;
provided, however, that the restrictions of this sentence shall not apply (a) as
may  otherwise  be  required  by  law, (b) as may be necessary or appropriate in
connection  with  the  enforcement  of  this  Agreement,  (c) to the extent such
information  shall  have otherwise become publicly available, or (d) as to SSFS,
to disclose by or on its behalf to lenders, investors, or prospective lenders or
investors  or to others whose consent may be required or desirable in connection
with  obtaining  the  financing  or  consents which are required or desirable to
consummate the Transaction.  Each party shall, and shall cause all of such other
persons  and  entities who received confidential data from it to, deliver to the
other  party all tangible evidence of such confidential information to which the
restrictions  of  the foregoing sentence apply at such time as negotiations with
respect  to  the  Transaction  are  terminated before the parties enter into any
formal  agreement  as  contemplated  by  this  letter  of  intent.

     It  is  understood  that this is a binding letter of intent which creates a
legal obligation on behalf of the parties (including those obligations contained
in  this  paragraph  and  the  preceding  paragraph  of  this  letter,  and  the
obligations  contained  in the preceding paragraph and the last sentence of this
paragraph  shall  continue  to apply after the Option has expired).  This letter
may  not  be  assigned  by either of the parties hereto.  Neither party shall be
responsible for any of the other's expenses in connection with the negotiations,
documents,  or  transactions  contemplated  hereby.



     This  writing  constitutes the entire agreement between the parties.  There
are no covenants, conditions, or promises relating to the subject matter of this
agreement  which  are not contained herein.  This Agreement shall be governed by
and  construed  and  enforced  in  accordance  with  the  laws  of  the State of
California  (regardless  of that jurisdiction or any other jurisdiction's choice
of  law  principles).  To  the extent permitted by law, the parties hereto agree
that  all  actions  or  proceedings  arising  in  connection  herewith, shall be
litigated  in the state and federal courts located in the County of Los Angeles,
State  of  California,  and  each  party  hereby waives any right it may have to
assert  the doctrine of Forum Non Conveniens or to object to venue.  The parties
each hereby stipulate that the state and federal courts located in the County of
Los  Angeles,  State  of  California, shall have personal jurisdiction and venue
over  each  party for the purpose of litigating any such dispute, controversy or
proceeding  arising  out  of  or  related  to  this  Agreement.

     This  Agreement  shall  be  binding  upon  and  inure to the benefit of the
parties  and  their  respective  successors,  heirs and permitted assigns.  This
Agreement  may not be altered, modified, changed or discharged except in writing
signed  by  all  the parties.  If any one or more of the provisions (or any part
thereof) of this Agreement shall be held to be invalid, illegal or unenforceable
in  any  respect,  the  validity,  legality  and enforceability of the remaining
provisions  (or  any  part thereof) shall not in any way be affected or impaired
thereby.  Time  is  of  the essence in the performance of the obligations of the
parties in connection with this Agreement.  All parties shall cooperate fully in
carrying out the terms of this Agreement and shall prepare, execute, and deliver
all  documents  reasonably  necessary  to carry out the terms of this Agreement.

     If this letter accurately reflects our understanding, please so indicate by
signing  the  original  and  duplicate  of  this  letter,  and returning a fully
executed  copy  to  me.


                         Very  truly  yours,

                         Single  Source  Financial  Services  Corporation
                         a  New  York  corporation

                         /s/  Arnold  F.  Sock
                         _________________________________
                         By:     Arnold  F.  Sock
                         Its:     President


Accepted  and  agreed  to:                    Accepted  and  agreed  to:


MBBRAMAR,  INC.,                              CardReady  International,  Inc.,
a  California  corporation                    a  California  corporation

/s/  Sid  Rosenblatt                          /s/  Jim  Berland
_________________________________             ______________________________
By:     Sid  Rosenblatt                       By:     Jim  Berland
Its:    President                             Its:    President
Dated:  4/29/2002                             Dated:  4/29/2002

EX-10.2

                          NOTICE OF EXERCISE OF OPTION


     The  undersigned,  Single Source Financial Services Corporation, a New York
corporation  ("SSFS"),  the  holder  of an option pursuant to that certain First
Restated  Letter  of  Intent  dated  April  29, 2002 (the "Restated LOI") by and
between  SSFS,  CardReady  International,  Inc.,  a  California  corporation
("CardReady")  and  MBBRAMAR,  INC.,  a  California  corporation ("MBB"), hereby
irrevocably elects to exercise its rights under the Restated LOI to purchase all
of  MBB's  interest  in  CardReady  in exchange for the issuance of four million
(4,000,000)  shares  of  common  stock  of  SSFS.

     SSFS  will  cause  to be prepared a Purchase Agreement which will set forth
all  of  the  terms  and conditions of the acquisition, and which will, upon its
execution,  replace  the Restated LOI. SSFS anticipates that a formal closing of
the acquisition will take place approximately one hundred twenty (120) days from
the  date  hereof.

     Executed  this  29th  day  of  April,  2002,  at Beverly Hills, California.


                              Single  Source  Financial  Services  Corporation,
                              a  New  York  corporation

                              /s/  Arnold  F.  Sock
                              ______________________________________
                              By:     Arnold  F.  Sock
                              Its:     President