I2C EXEC

i2c has appointed MaryAnn Allison as Director of Operations, bringing
with her experience in the field of payment systems and technology. First
having joined the field in the computer room at JCPenny, Allison
eventually began writing assembly programs for VTAM Network. She
went onto manage product development and marketing for Computer
Associates and then to VisaNet member implementation at Visa
International, mostly for Palm Desert National Bank. i2c card processing
was established in 1987, has over 250 employees, and 5 Sales and
Support offices worldwide. The processor has Clients in North America,
Latin America, Middle East, Asia Pacific and Europe.

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RBC Cash Index Rebounds in August

U.S. consumer confidence rebounded in August as the “RBC CASH Index” hit 89.3, more than 13 points above July’s level, its highest level since March. Overall consumer sentiment shows a reduction in consumer pessimism after increasing negativity in June and July. In addition to the overall increase in consumer confidence, strong gains were made across all facets of consumer sentiment, including assessments of current conditions, expectations for the future, investing and job security. The improving sentiment comes in spite of a volatile stock market that has Wall Street calling for the Federal Reserve to calm investors, concerns about credit, recent increases in the jobless rate and lackluster July retail sales. The “Index” is composed of four sub-indices: “RBC Current Conditions Index;” “RBC Expectations Index;” “RBC Investment Index;” and the “RBC Jobs Index.”

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Cash Remittances to Mexico Decline

A survey released by the Inter-American Development Bank’s Multilateral Investment Fund indicates a decrease in the first half of 2007 from 71% last year to 64% of Mexicans who regularly make remittances to their homeland from the US. The drop helps explain why, after years of double-digit growth, remittances to Mexico were essentially flat during the first half of 2007 ($11.5 billion) against the same period of last year ($11.4 billion), according to Mexican central bank data. The drop was the steepest in states where Latin American immigration is most recent, like Georgia, North Carolina or Pennsylvania. In âœnew destination❠states the percentage plunged to 56% this year from an average 80% in 2006. States that have long had large Hispanic communities, such as California, Texas, Florida and New York, have not seen similar falls. In âœtraditional destination❠states the percentage of Mexicans who regularly send money home slipped to 66% from 68% over the same period. The flattening of remittances flows to Mexico contrasts with the continued growth of money transfers to Central American countries. Remittances to El Salvador, Guatemala and Honduras rose by an average 11% during the first half of 2007, compared with the same period last year. The MIF, an autonomous fund administered by the IDB, fosters private sector development in Latin America and the Caribbean, with an emphasis on microenterprises and small businesses.

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LML 2Q/07

LML payment Systems Inc has reported a total revenue of $ 1.8 million for
Q207, a near 17% increase since the same period in 2006. With this
increase, the company also saw a 23.1% drop in cost of operations and a
12.5% drop in general and administrative expenses. The company, however,
incurred a net loss of approximately $248,000 for the quarter, compared to
$184,000 in same period for 2006. This net loss was attributed to
non-recurring revenue from settlement and license agreements. These
developments are in conjunction with the recent acquisition of Beanstream
Internet Commerce inc., which had revenues of approximately $4.3 million
and pre-tax net income of $1.6 million. LML provides financial payment
processing solutions, such as card processing and EFT, for e-commerce and
traditional businesses.

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i2c Names a New Director of Operations

i2c, a provider of transaction processing and stored value card management solutions, announced that MaryAnn Allison, formerly with VISA, has become Director of Operations. Allison has an extensive background in payment systems and technology that began in the computer room at JC Penneys and from there progressed to writing assembler programs for VTAM networks. She then managed the product development and marketing for Computer Associates and Candle Corporation network product lines for 7 years, before moving on to Visa International. While at Visa, Allison’s many assignments consisted of improving the VisaNet member implementation process; heading up efforts to re-engineer the various components of VisaNet to accommodate the newly defined dispute resolution rules and improved technology capabilities; and was responsible for a team of project managers overseeing implementation of network security initiatives globally. Most recently, Allison worked at Palm Desert National Bank implementing prepaid Visa and MasterCard card programs.

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HSBC APPROVED BY CBRC

HSBC Bank has received approval from the Chin Banking Regulatory
Commission (CBRC) to establish a branch in rural China through its
new entity, “HSBC Rural Bank Company Limited”. “HSBC Rural Bank
Company Limited” will be based out of Central China, will begin
operations with a staff of 25, and plans to be up and running before
2008. This development is response to the introduction of CBRC rules
targeting further expansion and access to financial institutions in
rural areas
to expedite China’s rural development.

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LEGO Licenses Acacia Card Fraud System

Acacia Technologies’ Financial Systems Innovation has entered into a non-exclusive license covering a patent that applies to credit card fraud protection technology with LEGO Brand Retail. This resolves a dispute that was pending before the United States District Court for the Northern District of Georgia. The patented technology generally relates to a computerized system for protecting retailers and consumers engaged in credit card, check card, and debit transactions. The system includes an electronic card reader, and the generation and use of a transaction number, which specifically identifies each transaction processed within the system. The Acacia Technologies group develops, acquires, and licenses patented technologies. Acacia controls 77 patent portfolios covering technologies used in a wide variety of industries.

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MEXICAN AMERICAN REMITTANCE

According to a survey by the Inter-American Development Bank’s
Multilateral Investment Fund (MIF), the number of Mexican migrants
sending remittance for 1H07 fell 7%, compared to the same period
last year. This decrease was most significant in the states with newer
migrant populations including Georgia, North Carolina and Pennsylvania.
States with a more established migrant population, such as Texas,
Florida, New York and California, however, saw a less dramatic drop
in statistics with only a 2% decrease. According to the Mexican central
bank, 1H07 saw approximately the same remittance volume as 1H06,
reflecting no growth. These figures contrast the 11% average growth of
transfers in 1H07 to Central American countries such as El Salvador,
Guatemala and Honduras.

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Tesco Selects Wachovia ATMs for U.S.

Grocery retailer Tesco has selected Wachovia as its ATM provider for its Fresh & Easy Neighborhood Market when the company’s first stores debut in the U.S. The companies are a natural fit in environmental stewardship. Wachovia recently announced a “green” financial center design in accordance with Leadership in Energy and Environmental Design (LEED) certification standards. The company will begin opening its green financial centers in Southern California later this year, and by the end of 2008 all new Wachovia branches will be built using LEED standards. Tesco is the UK’s largest retailer and one of the world’s leading international retailers, operating over 2,800 stores across 12 countries. Wachovia Corporation is one of the nation’s largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007.

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SUNSHINE COAST & OPEN SOLUTIONS

Sunshine Coast Credit Union has signed agreements with Open Solutions
to implement “Complete Credit Union Solution” as the credit union’s core
banking system. Specifically, Sunshine Coast will make use of the solution’s
“Financial Accounting Suite”, “cView” “MyVision” and “ReportWizard”
designed to streamline applications for improving member service. The suite
is used by institutions throughout North America to address accounting
needs while “MyVision” and “ReportWizard” applications help credit unions
focus marketing efforts. Open Solutions product platform integrates data
processing applications built on a single centralized Oracle relational
database. Sunshine Coast Credit Union has assets of over $295 million
and over 14,000 members on British Columbia’s “Sunshine Coast,” located
just north of Vancouver.

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Asta Funding Q2 Revenues Soar 47%

NJ-based Asta Funding posted second quarter revenues of $38.9 million, an increase of 47.3% compared to the year ago period. Net income increased 29.7% to $15.3 million for 2Q/07. During the quarter Asta purchased $496.8 million of face value charged-off consumer receivables at a cost of $15.6 million. Net cash collections from consumer receivables acquired for liquidation and net cash collections represented by account sales, exclusive of accounts returned to a seller of $5.5 million, totaled $73.0 million for the quarter, an increase of 20.2% from the same period a year ago. For complete details on Asta Funding’s latest performance visit CardData ([www.carddata.com][1]).

ASFI REVENUE HISTORICAL
2Q/06: $26.4 million
3Q/06: $30.5 million
4Q/06: $25.6 million
1Q/07: $33.1 million
2Q/07: $38.9 million
Source: CardData (www.carddata.com)

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

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ABNH Introduces HoloStripe

American Bank Note Holographics has introduced “HoloStripe” as a security device hologram on MasterCard and VISA bank cards. The Company says it has signed its first customer for HoloStripe, one of the ten largest banks in the world. ABNH will begin shipments in the third quarter to this undisclosed bank that will incorporate “HoloStripe” on certain of its MasterCard and VISA card products to be issued later this year. “HoloStripe” enables card issuers to display their brand message in a dramatic and engaging way that was previously not possible. “HoloStripe” incorporates ABNH’s patent pending invention for ESD elimination which is also incorporated in “Generation 2” of “HoloMag.”

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