APAC 1Q/03

IL-based APAC Customer Services reported first quarter net income of $2.1 million compared to net income of $3.2 million in the same period a year ago. 1Q/03 revenues were $86.2 million, compared to revenue of $104.3 million in the first quarter of last year. APAC says the decline in revenue versus the first quarter of 2002 resulted principally from a gradual reduction in services provided to three significant clients. APAC Customer Services is a major provider of telemarketing services to the credit card industry. It has 32 customer interaction centers across the nation. For complete details on APAC’s 1Q/03 performance visit CardData ([www.carddata.com][1]).

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

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MasterCard Settlement

MasterCard International confirmed last night it has signed a memorandum of understanding to settle claims against it in the class-action antitrust lawsuit brought against MasterCard and VISA in 1996 by U.S. merchants. Under terms of the deal, MasterCard agreed to pay ten annual installments of $100 million each into a settlement fund account, except for the first year when the payment will be $125 million. MasterCard says merchants will also have the right to choose not to accept US- issued MasterCard debit cards. Furthermore, MasterCard will establish a separate interchange rate for MasterCard debit transactions by August 1, 2003. The new interchange rate for debit will be at least one-third lower than the existing interchange rate. Additionally, MasterCard will develop rules requiring issuers to clearly and consistently identify MasterCard debit cards on their face and to make these debit cards identifiable through electronic terminals. The agreement is subject to court review and approval.

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SMART ID CARD

Gemplus and Sagem have teamed to deliver over two million smart ID
cards to the entire UAE population beginning in the summer of 2004. The
contract follows on the heels of a similar deal with the Sultanate of Oman.
Under terms of the partnership, Gemplus acts as a sub-contractor delivering
smart cards, software, and services from its “ResIDent” secure ID solution,
while Sagem is the prime contractor providing advanced biometrics
technology with the “Automated Fingerprint Identification System” and
system integration. Once the program rolls out, citizens and residents of
the UAE will be able
to securely and conveniently store their personal identity credentials on
the cards. Over time it is possible to extend the functionality of the card
by adding applications such as driver’s license, border control, and
emergency medical data.

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AmEx OPEN & SBA

OPEN: The Small Business Network from American Express announced that it now offers lines of credit backed by the U.S. Small Business Administration. In addition to the lines of credit it currently offers small businesses, the OPEN Network now provides lines of credit to qualified small businesses through SBAExpress, a federal loan program that streamlines the loan process for small businesses and lenders.

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JURE OPEN-LIMIT

Baar-based OPENLiMiT Holding AG has been acquired by Jure
Holdings. OPENLiMiT is a developer of Internet-enabled smart credit cards
that are sold as part of a package to Internet users. The package consists
of an “OPENLiMiT CARD” with an integrated chip that utilizes a digital
signature, the “OPENLiMiT” card reader and the “OPENLiMiT SignCubes”
software. Each OPENLiMiT subscriber receives an immediate credit line,
starting at $200 up to $1,000 depending on the credit evaluation of the
individual. Once a credit limit has been established, each subscriber is
granted access to the OPENLiMiT Tower, where customers can transact
purchases on the Internet at preferred rates by using digital signatures.
While details of the acquisition were not revealed, Jure did announce that
Henry Dattler will serve as the company’s new CEO and Chairman.

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Euronet 1Q/03

Euronet Worldwide reported revenues of $33.1 million for first quarter compared to $17.0 million for 1Q/02. The quarter included the sale of Euronet’s U.K. network and its acquisition of e-pay Limited. e-pay contributed $17.4 million in revenues for the quarter. Net income for the first quarter was $15.4 million. The EFT Processing segment posted first quarter revenues of $11.9 million. The EFT Processing segment processed 23.4 million transactions in the first quarter compared to 15.6 million transactions for the same period last year. The segment completed the quarter with 2,994 ATMs owned or operated, compared to 2,548 ATMs at the end of the first quarter of last year. Euronet owns and/or operates ATMs in Hungary, Poland, Germany, Croatia, the Czech Republic, U.K., Greece, Kosovo and Egypt. The Prepaid Processing segment reported first quarter 2003 revenues of $17.4 million and operating income of $1.5 million, reflecting the operating results of e-pay from the beginning of February 2003 through the end of the quarter. For complete details on Euronet’s 1Q/03 performance visit CardData ([www.carddata.com][1]).

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

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