Belco System Technologies, Inc. announced that it has taken a significant step forward in its research and development program for its Personal Reader Capture Transfer technology (PRCT) product. IMCI Technologies, with whom Belco has contracted for the development of the PRCT, has reported to Belco that it has confirmed feasibility of a specific design approach and fixed in scope the effort for the initial phase of research and development necessary to ultimately move the product to the manufacturing stage. Essentially, IMCI has engineered the basic hardware and software design and manufacturing methodologies required to produce the product on a full-scale basis.
The PRCT product is a personal credit card reader that connects directly to a consumer’s telephone, utilizing the same voice line to transmit data to the merchant simultaneously with voice interaction. Unlike verbally read credit card numbers, PRCT technology ensures the actual presence of the card at the time of transaction. The technology allows the merchant to directly capture information from the magnetic stripe on the card. The product has vast significance in its ability to disable the transfer of stolen credit card information and card numbers overhead verbally. Belco believes its PRCT technology will be effective in helping to lessen the cost of credit card charge-backs and fraud, which have historically reached billions of dollars annually.
Concurrently, Belco announced that it intends to appoint Fred Baradari, Director of Business Development for IMCI, to the Board of Directors of a new subsidiary the Company plans to form to manage its technology business. Lionel Beloyan, Chairman and President of Belco Systems Technologies, commented, “With our relationship with IMCI beginning to grew, and as we move closer to having a product ready to market Fred’s advice and counsel, based on his extensive experience in sales, marketing and new product and business development, will be a tremendous asset to out Company. We are fortunate to be able to add him to our senior management team.
“I am also pleased to note,” Mr. Beloyan added, “that out recently completed audited financial statements for the year ended December 31, 1997, show that despite no operating revenues, our development stage company was still able to post a profit of approximately $46,500. This profit reflects the success of our investing activities, coupled with our very stringent cost controls. As a result, we believe we have the resources necessary to further implement our business plan and advance the development of the PRCT technology.”
Fred Baradari has more than fifteen years of experience in sales, business development and product management, with an emphasis on bringing new products to market. He currently oversees sales, marketing, and product management for IMCI. Prior to joining IMCI, he held several positions in product development, including for Microlog Corporation and Visa Interactive. Earlier, he served eight years with IBM Corporation in the sales and marketing Of Client/Server and Network Services to government clients.
Privately held IMCI Technologies, based in Vienna, Virginia, is an emerging leader in providing products and services to the telecommunications and information technologies industries. The Company has provided hardware R&D, software development and enterprise network integration to leading technology companies since 1992.
Belco System Technologies, Inc. is in the business of acquiring, developing, manufacturing and marketing new technologies.
Statements about the Company’s future expectations, including future revenues and earnings, and all other statements in the press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results could differ materially from expected results.Details