Comdata Fleet Card Takes Texas

Comdata and TransMontaigne have inked a four-year contract to provide a fleet card to the state of Texas’ 30,000 vehicles. Comdata will provide a tax-exempt program through its alliance with TransMontaigne, a supply chain management provider. Comdata will also provide fuel discounts and line-item detail for the state’s 30,000 vehicles under a four-year contract. The Comdata card will have universal acceptance in the Mastercard network for all vehicles that apply. The card will also be available for auto-related goods and services.

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CTFS 1Q/06

Canadian Tire Financial Services reported that its net managed credit card receivables for the first quarter increased 15% year-over-year to $3.29 billion. The average credit card balance in the first quarter hit $1832, up 14% from one-year ago, largely driven by the rollout of the “Gas Advantage MasterCard” in Ontario and the increase in the personal loan portfolio. For the prior quarter, the average credit card balance came in at $1698. The average number of accounts with a balance during the quarter was 1.8 million. Financial Services’ pre-tax earnings of $29 million were up 14% from the first quarter of 2005. CTFS notes that revenue growth lagged receivable growth due to the changing mix of the portfolio towards lower rate cards and personal loans. Canadian Tire’s MasterCard receivables represent approximately 92% of CTFS’ total managed portfolio. CTFS’ retail credit card and personal loan receivables make up the remaining nine percent of the portfolio. Financial Services’ plans for the year include increasing the total managed portfolio to $3.6 billion. For complete details on Canadian Tire Financial Services’ first quarter performance, visit CardData (www.carddata.com).

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BioPassword Signs 48 VARS Worldwide

BioPassword reports it has signed 48 VARS in 18 countries to offer its software-only authentication and fraud reduction technology. By validating the typing rhythm of the userID and password entry, BioPassword can authenticate users over the Internet to prevent online fraud as well as authenticate the credentials of customers, partners and employees by creating a biometric template from user logon credentials.

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OTI Acquires Contactless Specialist InSeal SAS

On Track Innovations has acquired 100% of Marseille-based InSeal SAS
share capital. The transaction will expand OTI’s
presence in the growing contactless industry as well as strengthening
its technological team and broadening its intellectual property base.
InSeal’s revenues for 2005 were approximately $560,000 with about
breakeven operating results. InSeal’s revenues, which are expected to
grow rapidly, are derived mainly from licensing and engineering fees.
InSeal SAS provides an operating system for contactless applications.

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PubliCARD Decides to Unwind

New York based smart card specialist PubliCARD yesterday said in its first quarter report that it is unlikely it will be able to continue as a going concern. Revenues for the first quarter of 2006 were $749,000, compared to $751,000 in 2005. The Company reported a net loss for the quarter ended March 31, 2006 of $449,000, or $0.02 per share, compared with a net loss of $719,000, or $0.03 per share, in 2005.

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iPayments 1Q/06 Profits Up 9.5%

Nashville-based iPayment reported that first quarter revenues increased 4.6% to $170.9 million. Revenues, net of interchange, were $72.8 million compared with $66.5 million for 1Q/05. Net income was up 11% to $7.6 million, compared to one-year ago. iPayment recently completed a merger with its related entities and was delisted from NASDAQ last week. The Company is a provider of credit and debit card-based payment processing services to approximately 140,000 small merchants nationwide. For complete details on iPayments’ latest results, visit CardData ([www.carddata.com][1]) (CF Library 5/11/06)

Historical iPayment Revenues
1Q/05: $163.4 million
2Q/05: $181.1 million
3Q/05: $175.2 million
4Q/05: $183.0 million
1Q/06: $170.9 million
Source: CardData (www.carddata.com)

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

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VASCO Acquires Logico Smart Card Solutions

VASCO Data Security has acquired Vienna-based Logico Smart Card
Solutions, an authentication storage specialist with experience in smart
card based authentication. Logico is an established, privately-owned
company with customers in the
healthcare, manufacturing industry and government markets and technical
expertise in the smart card related password
security and PKI markets. Logico generated revenues of approximately
Euro 0.8 million in 2005. With the acquisition of Logico, VASCO expands
and strengthens its product line and position in the smart card enabled
password and PKI market for large, medium and small sized companies.

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American Bank Note Q1 Profits Leap 72%

NJ-based American Bank Note Holographics posted sales in the first quarter of $10.0 million, a 56% jump over 1Q/05. The increase was primarily driven by higher sales of its “HoloMag” product. Net income for the quarter was up 72% to $1.0 million. However, VISA’s recent decision to discontinue the use of the current version of “HoloMag” due to some minor technical glitches at certain POS terminals will impact second quarter performance, but the Company has increased production of the “VISA Dove” and “VISA Mini Dove” hologram that is now being specified on VISA-branded cards. ABNH says it is working with VISA’s authorized card manufacturers on the transition to these products. In the fourth quarter, the Company posted a net loss of $2.8 million due to a $5 million charge taken following VISA International’s “HoloMag” decision. For complete details on American Bank Note Holographics’ latest performance results, visit CardData ([www.carddata.com][1]) (CF Library 4/18/06)

ABNH NET INCOME HISTORICAL
1Q/05: $0.6 million
2Q/05: $0.5 million
3Q/05: $1.1 million
4Q/05: -$2.8 million
1Q/06: $1.0 million
Source: CardData (www.carddata.com)

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

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Hypercom Enters a New Market After SIBS Approval

Hypercom announced it is entering Portugal and commencing
product sales. The actions follow certification of the “Optimum P2100”
PIN entry payment device for use in the country by the Sociedade
Interbancaria de Servicos’ (SIBS). The first Hypercom Optimum product
for Portugal, the “P2100”, is a countertop unit that can handle payment
transactions, as well as gift and/or loyalty cards and other value-added
services. The company’s next two Optimum products for the Portuguese
banking and retail sectors are the “T2100” countertop and “M2100” mobile
payment terminals. The use of payment cards and terminals is escalating
rapidly throughout Portugal. The number of cards has jumped to 14.7
million from 2.4 million in 1990, with debit cards overtaking their
credit counterparts three to one. SIBS is the Interbank services
company in Portugal.

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