CATUITY STOCK & ADVISOR

Catuity announced a fully underwritten one-for-eight renounceable Rights Offer of shares of common stock at AUD $5.25 per share to raise approximately AUD $5.295 million. The company also announced that James Clark has been named an advisor to its Board of Directors. Clark is co-founder, Executive Chairman and President of Texas-based CloverWorxs and is a Director and Chairman of the Board of the Information Communication Institute of Singapore. From 1995 to 2000 Clark was co-founder and Executive Chairman of two start-up companies, TreLos Inc. and Dascom Inc. Meanwhile, Catuity says its stock offering will be used to extend its current business operations to include data aggregation and analytics software. Under the Rights Offer, only Australian and New Zealand resident shareholders will be entitled to subscribe for one new share of common stock for every eight shares registered at 5 p.m. AEST on July 9, 2002. Residents of countries other than Australia and New Zealand are Non-Qualifying Shareholders and will not be able to take up their Rights, but will receive any value from the sale of their Rights on the ASX after the deduction of expenses of such sale.

Details

10,000 CoinStars

Coinstar has installed its 10,000th supermarket-based, coin-counting machine and now has machines in 47 states and the District of Columbia, as well as in Canada and the United Kingdom. Since its inception, Coinstar has processed more than $4.5 billion worth of coins, turning change into spendable currency. Today, Coinstar processes and reintroduces into circulation more coins than are produced by the U.S. Mint.

Details

CREDIT SCORES

Kredi Kayit Burosu, the only credit bureau in Turkey, has formed a partnership with Fair, Isaac to provide member institutions of KKB with consumer credit scores. KKB currently holds information on more than 30 million consumer credit accounts and delivers 600,000 credit reports to the Turkish consumer credit industry every month. Under the new partnership, KKB will deliver credit bureau scores along with consumer credit reports provided to its members, both online and in batch mode, for use in account origination and for portfolio review purposes. KKB was established by eleven major Turkish banks in 1995.

Details

Accesspoint Settles

Los Angeles-based Accesspoint announced it has settled the various shareholder derivative lawsuits filed in March by its former officers and directors, including James Bentley, Tom Djokovich and certain other related individuals and entities. The lawsuits, which were filed in March 2002, alleged eleven causes of action including breach of contract, misappropriation, unfair competition, unfair business practices and the imposition of a constructive trust, and sought undetermined compensatory damages and special and resulting damages, all to be determined at trial.

Details

Whopper Pay

VISA is reaching into fast food with a major pilot enabling consumers to plasticize their Whoppers. The program, underway through August, includes about 100 Burger King restaurants in the Atlanta area. Three of the restaurants involved in the pilot are testing a drive-thru payment system which enables customers to swipe their cards at the order board before placing their food orders. By the time the customer drives up to the food pick-up window, the payment transaction will have already been completed. The test will determine the best card solution based on speed and accuracy of transactions, overall customer satisfaction, average ticket size and other measures. Burger King operates more than 11,370 restaurants in all 50 states and 58 countries. More than 11 million customers visit Burger King restaurants each day, with the drive-thru accounting for more than 60% of its business. The VISA pilot is similar to a Chicago pilot involving use of ExxonMobil’s Speedpass at McDonald’s restaurants.

Details

I-Buying Leader

The USA continues to lead the world in online purchasing and spending. About 32% of Americans are online purchasers compared to an average of 15% outside the USA. Taylor Nelson Sofres Interactive’s third annual Global e-commerce Report also showed that, in terms of online spending, the worldwide median average spent during the past four weeks was $99, while in the United States it is $162. Korea, Germany, Norway and Great Britain follow the USA in online purchasing. However, 40% of Americans do not feel comfortable providing their credit card information online, and 30% of Internet users across the 37 countries interviewed feel the same. The Taylor Nelson Sofres Interactive report concludes that a direct correlation exists between Internet penetration and e-commerce and there is an expectation that other countries will eventually catch up to U.S. e-commerce levels. The report involved interviews with 42,238 people across 37 countries/territories in the early part of 2002.

Details

AmEx & Financial Literacy

The American Express Foundation announced this week it has awarded $500,000 from its Economic Independence Fund to 18 non-profit organizations across the USA. Each of the organizations receiving an Economic Independence Fund grant will use the funds over a one-or-two year period to offer training for financial literacy programs or to teach direct financial literacy education to under-served population groups, including the newly employed, young workers, individuals moving from welfare to work and immigrants.

Details

2 BILLION CHIPS

Munich-based Infineon has hit the two billion milestone for the production of ICs and modules for smart card applications. It took the firm seven years to hit the one-billionth module mark in 1999. Infineon shipped more than 1.1 billion of these chips last year. Around 860 million chips were destined for applications in phone cards and health insurance ID cards, while more than 280 million chips are used in multifunctional chip cards issued by the banking industry, in security applications and cellular phones. About one in two of the roughly 2 billion chip cards issued worldwide in 2001 is equipped with a security chip from Infineon either as chip only or encapsulated in a module. One in three of the chips on the approximately 750 million SIM cards currently installed in cellular phones worldwide comes from Infineon. Infineon security chips can also be found in 65 percent of the 1.5 billion or so prepaid phone cards sold worldwide. Infineon is also the main supplier for the policyholder cards issued by health insurance schemes in Germany: of the 200 million health insurance cards supplied since 1993, 175 million originate from Infineon.

Details

CompuCredit Acquisition

Atlanta-based CompuCredit is purchasing $1.2 billion in sub-prime Fingerhut credit card receivables from Federated Department Stores. CompuCredit is making the purchase at a discount and expects to close the deal next month. The transaction also includes the assumption of $450 million in receivables-backed debt that has been issued by the Fingerhut Master Trust. CompuCredit says it intends to retain over 800 Fingerhut employees currently servicing the portfolio at the company’s St. Cloud and Monticello, Minnesota credit facilities. The acquisition comes on the heels of an acqusition of super sub-prime credit card accounts from Providian. In the Providian deal, CompuCredit joined with Goldman, Sachs, Salomon Smith Barney, and Cardworks to form two limited liability companies. Providian’s $2.4 billion portfolio was then divided between the LLCs. The Providian transaction involved approximately 1.3 million accounts. At the end of the first quarter CompuCredit had $1.8 billion in outstandings and 2,057,000 accounts, according to CardData ([www.carddata.com][1]). (CF Library 6/26/02)

[1]: http://www.carddata.com

Details