MoneyGram announced secondary schools across England and Wales now have the opportunity to spend a day training with former England cricket captain Alec Stewart at the Edgbaston Cricket Ground in Birmingham. With this, physical education teachers will need to submit a 500-word creative essay at moneygram.com/cricket explaining why their school should be given this great opportunity. Four schools will be selected as finalists to compete for the Champions Trophy. Stewart will visit the four finalists, giving students the opportunity to interact with him, take pictures and request autographs.
On Track Innovations contactless microprocessor-based smart card solutions for payments has elected Mr. David P. Stone and Mr. Mark Green as members of its board of directors. With this, the board is comprised of nine members. Stone retired as a senior partner in the New York-based international law firm of Weil, Gotshal & Manges LLP (“WGM”) at the end of 2005. For approximately 35 years prior to his retirement, Mr. Stone was engaged in the practice of law, specializing in corporate, securities and mergers and acquisitions law. At WGM, he founded and led the firm’s Israel Practice Group which, during his tenure, represented the issuers, underwriters or selling shareholders in connection with more than 90 public offerings of equity or debt securities by Israeli companies in the United States. Green is head of Technology and International Banking at Merriman Curhan Ford, a New York-based investment bank. Mr. Green previously headed C.E. Unterberg, Towbin’s (and later Collins Stewart’s) banking efforts in Israel, where he advised technology companies on cross-border public and private financings and mergers & acquisitions.
Cadbury Schweppes, USA Technologies, and MasterCard announced that Cadbury Schweppes vending machines will be among the 5,000 vending machines to be equipped with “PayPass”. To use the e-Port cashless payment technology, consumers simply tap their MasterCard PayPass-enabled credit card or device on the e-Port terminal. Within seconds, the terminal will flash a light and produce a tone signaling the transaction is complete. As with all MasterCard PayPass transactions under $25, no signature will be required. MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. Cadbury Schweppes Americas Beverages (CSAB) is one of the largest producers of soft drinks and premium beverages in the Americas. USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management.
NCR has introduced the “NCR RealPOS 70” touchscreen POS workstation and has announced that Stewart’s Shops has signed the first order, and that Uno Restaurants are piloting the system this month. The NCR RealPOS 70 is a multipurpose system offering more than just POS functionality. With a powerful Intel processor starting at 2 gigahertz, standard stereo speakers and full multimedia capabilities, it can double as a kiosk or interactive training device. The new NCR workstation is easy to upgrade. Converting from a 12.1-inch to a 15-inch operator display is quick and tool-free, while preserving the retailer’s original POS terminal investment. Emerging technologies such as fingerprint recognition or wireless communications can also be added with ease.
Vancouver-based LML Payment Systems has rolled-out both electronic check and traditional recovery services to Grocers Supply Co. and 49 multi-lane grocery stores with 268 locations in the Houston. LML will be providing electronic check verification, electronic check recovery, payroll check cashing and traditional check recovery services to the Houston area stores. With warehouse facilities exceeding 1 million square feet, Grocers Supply provides wholesale services to more than 650 grocery and convenience stores within a 300 mile radius of Houston.
A New York law firm has filed a class action suit against NextCard and its investment banks over the “laddering” of NextCard’s stock price in its 1999 IPO. Lovell & Stewart alleges that NextCard violated securities laws by issuing and selling stock without disclosing to investors that several of the underwriters of the NextCard IPO had solicited and received excessive and undisclosed commissions from certain investors. To receive the allocations at $20.00 per share, the lawsuit says NextCard’s underwriters’ brokerage customers agreed to purchase additional shares in the aftermarket at progressively higher prices to drive NextCard’s share price to as high as $40.75 during its first day of trading and then dump the shares. The complaint also alleges the defendant underwriters required their customers to return some of their profits in the form of secret commissions. The complaint also alleges that NextCard was able to price its secondary offering at an artificially high $36.9375 per share due to the continued effects of the alleged violations. One month ago, NextCard announced a decision to explore opportunities for the sale of the Company following a clamp down by federal regulators. NextCard’s stock is currently trading around 75 cents per share and has plunged to as low as 62 cents since its 3Q/01 earnings report. (CF Library 10/31/01)
Snapple all-natural beverages are wrapping up ATMs across the country. ATM manufacturer Diebold signed agreements with Snapple to create the ‘Snapple Wrap Program’, which consists of covering ATMs in six states with a vinyl wrap that bears the Snapple logo. The program is the latest in Diebold’s ‘Advertise 2 Maximize’ program which secures advertisers for its customers on a local, regional and national level. Under the program, advertisers can choose to brand ATMs within close proximity of their products with vinyl wrapping, printed receipts, on-screen messages or signage at freestanding terminals. OR-based Card Capture Services locates the appropriate terminals for the program, which runs through September, on ATMs in Baltimore; Chicago; Indianapolis; Harrisburg and Lancaster, Pa.; Hartford and New Haven, Conn. and Raleigh-Durham, N.C.
Fifth Third’s MPS subsidiary yesterday signed a definitive agreement to purchase NY-based IDTI and its ‘Cartel Network’. ‘Cartel’ was established in 1994 and processes for 73 member financial institutions and their 3.5 million cardholders nationwide. Through various reciprocal interchange, processing and marketing agreements, over 700 financial institutions have access to the network which is available at approximately 17,000 ATMs, POS terminals and point-of-banking terminals bearing the ‘Cartel Network’ logo at over 10,000 locations nationwide. Additionally, ‘Cartel’ has a strong ATM placement business with multi-location retailers, including Tops Friendly Markets, Wegmans, Price Chopper, Drug Emporium, Stewarts, Shoprite and Delta Sonic. ‘Cartel’ processes over one million transactions per month. MPS processes more than four billion ATM, POS and e-commerce transactions per year for more than 65,000 retail locations and financial institutions worldwide, including Federated Department Stores, The Kroger Co., Circuit City, Office Depot, and CompUSA. Terms of the deal were not disclosed.
Bank One continued Friday to deny it is considering to unload its First USA credit card unit to stop the weakness in earnings and the recent decline in Bank One’s market value. However First USA encountered another blow with the loss of a top executive. James Stewart, EVP of partnership and Internet marketing for First USA and president and CEO of WingspanBank.com, announced Friday he is leaving at the end of this year. An eleven year veteran of First USA, Stewart indicated Friday he is considering several Internet-based financial-service opportunities. Under Stewart’s stewardship First USA entered into more than 2,200 partnerships. Gary Marino, EVP of marketing, will assume responsibility for the partnership marketing area. Michael Cleary, EVP of Internet marketing for WingspanBank.com, will take over the day-to-day management and operation of WingspanBank.com. Last month First USA’s chairman and CEO Richard Vague resigned.