SLMsoft Update

Toronto-based SLMsoft has filed for protection under the “Companies’ Creditors Arrangement Act” after negotiations with Insight Venture Associates stalled. Insight has filed a petition for bankruptcy against SLM. However, SLM is commencing proceedings to seek a stay of this petition. SLMsoft Inc. provides real-time end-to-end e-banking solutions that include Internet banking, interactive voice recognition, debit and credit card issuing, automated teller machines and point-of-sale network management, retail branch management, and e-CRM enabling technology.

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Multi-Currency e-Commerce Service

CyberSource and E4X have teamed to deliver a multi-currency e-commerce service that combines E4X’s ability to eliminate currency conversion risks for both sellers and their customers, and CyberSource’s ability to provide payment and risk management solutions through a single interface. E4X’s currency conversion works two ways: merchants price products in their own operating currencies and these prices are dynamically converted into final prices in local currencies (based on a guaranteed rate), or merchants can display fixed pricing in local currencies. CyberSource is a provider of electronic payment and risk management solutions to approximately 3,000 businesses.

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CANADIAN TIRE & MONERIS

One of the country’s largest retailers has inked a seven-year agreement with Canada’s largest debit and credit card payment
processor. Canadian Tire made a decision to consolidate all of its processing with one partner, and in so doing, selected Moneris Solutions. The agreement with Canadian Tire Financial Services includes 1,000 retail stores, gas bars and car washes, as well as Canadian Tire Direct online and catalogue ordering channels. Canadian Tire has $7.2-billion in annual retail sales. Moneris provides payment card acceptance and POS technology for more than 350,000 merchant locations across North America and processed approximately 1.7 billion card
transactions last year.

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Equitex Update

CO-based Equitex and its MN-based Chex Services subsidiary has signed an agreement with FL-based Access Card Systems to issue “FastFunds” stored value cards as a private labeled card. ACS has ordered 10,000 cards for a pilot test aimed at the unbanked Hispanic community. Equitex also reported this week first quarter revenues of $4.7 million compared to $7.8 million for the first quarter of 2002. Net loss for the quarter $306,685, as compared to a net loss of $758,228 in the first quarter of 2002. In 1Q/02, Equitex produced $4.9 million in revenues from its sub-prime credit card marketing operations. The revenues ceased after the “Net 1st MasterCard” was shut-down by the regulators. FL-based Net First National Bank was closed March 1, 2002 by the OCC with the FDIC named as receiver. (CF Library 3/11/02)

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SUREFIRE 1Q/03

Montreal-based SureFire Commerce, which merged with Germany’s Electronic Billing Systems on April 1st, reported a net loss of $200,000 for the quarter ending March 31st, compared to a net loss of $5.5 million one year ago. Revenue for the quarter was $12.9 million compared to $16.3 million for the comparable period of the previous year and $12.7 million for the prior quarter. During the quarter, the Company received a net amount of $1.0 million from EBS and its parent company and relating to the closing of the merger. SureFire says it processed more than $965 million in transaction volume over the past twelve months.

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Juniper Airline Cards

Juniper Bank has launched the co-branded “Frontier Airlines MasterCard.” The new card joins Juniper’s other co-branded airline cards including the “AirTran A-Plus Platinum VISA” and the “Midwest Express Airlines MasterCard.” The new Frontier card offers free travel for as little as 15,000 miles. The card is available as a “Platinum MasterCard” or a “WorldCard MasterCard.” The no annual fee “Frontier Platinum MasterCard” enables cardholders to earn one mile for every $2 of credit card purchases. Platinum cardholders may also earn one mile per $1 in transferred balances requested in the first 30 days of account opening, up to a maximum of $5,000. The “Frontier WorldCard MasterCard,” which carries a $49 annual fee, offers one mile for every dollar spent on all credit card purchases, two miles for every dollar spent on air travel with Frontier Airlines, and a 7,500 mile bonus with the first card purchase. Both cards offer a six-month 0% interest rate on balance transfers and an on-going APR of prime +9.74% with a 13.99% minimum. The four card designs offered include Frontier’s signature wolf, rabbit, lynx or fox. Denver-based Frontier Airlines and its regional jet partner Frontier JetExpress offer service to 39 U.S. cities. (CF Library 8/8/02; 11/20/02)

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ATM CONTRACT

Bank of Communications and Agricultural Credit Union Bank have awarded NCR an ATM deal worth $6.7 million. In the two separate deals, NCR will provide the Bank of Communications in Shanghai with ATMs for the bank’s 50 branches throughout China and furnish “Personas” ATMs for Agricultural Credit Union Bank’s Dongguan city branch. The deals also include NCR’s “APTRA” software. China now has 50,000 ATMs.

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BART Upgrade

San Diego-based Cubic Transportation Systems has been awarded an additional $2.2 million by San Francisco’s BART to enable commuters to park with the same ticket they use for trains and buses whether it is a magnetic ticket or smart card. The $2.2 million parking application is the latest of a series of systems upgrade options awarded by BART to Cubic since 1999. The new parking application will installed at three of the stations set to open as part of the San Francisco International Airport Extension — Millbrae, South San Francisco, and San Bruno — and the existing Daly City and Colma stations.

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eMac NewPOS

McDonald’s, which divested its stake in eMac Digital this week, announced yesterday it has signed a long-term agreement with eMac to develop its next generation point-of-sale software system worldwide, as well as to continue its existing “NewPOS” software license. The newly independent eMac said yesterday it will now expand the “NewPOS” software to more foodservice retailers in addition to being marketed within the McDonald’s worldwide system. eMac provides its services to over 2,700 restaurant locations in the USA across 30 restaurant brands including Pizza Hut, KFC, Applebee’s, Domino’s Pizza and McDonald’s. Accel-KKR Company, McDonald’s partner in the eMac venture, purchased McDonald’s share.

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Datamark on on T7 Plus

Datamark Technologies has “Class A” certified their gift and loyalty application on Hypercom’s standard “07A” card payment terminal software, and will use Hypercom’s new “T7Plus” card payment terminal in the application’s national roll-out. Datamark offers turnkey solutions, including all hardware and software, system integration, licensing, database management, customer service and technical support, report generation, and database analysis software. Hypercom has shipped more than six million terminals in over 100 countries, which conduct over 10 billion transactions annually.

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Stage Stores Cards

Houston-based Stage Stores has agreed to sell its portfolio of approximately 2.2 million existing private label credit card accounts to Alliance Data Systems. Stage, which operates 362 stores in 13 states under the Stage, Bealls and Palais Royal names, says total card balances at the end of first quarter were $241 million. Under terms of the deal, ADS, will also own the new accounts and balances generated during the ten-year term of the alliance. Approximately 220 associates currently employed at Stage Stores’ Credit Support Center in Jacksonville, Texas, will be employed by Alliance Data. Citigroup Global Markets is the financial advisor to Stage Stores on the transaction.

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