S-CARD

Western Canada-based restaurant and foodservice provider Spectra Group has deployed Ernex Marketing
Technologies’ “Promotional Tool Kit” to enhance its electronic gift card program. The “S-Card” program
replaces traditional, paper-based gift certificates that were previously issued at the twenty-five Spectra
Group restaurant locations. By selecting Ernex’s E-Gift card solution, Spectra Group can now offer their
customers additional incentives, special offers and promotions at the point-of-sale, simply by using their
S-Card for payment. Ernex’s Custom Messaging promotion recognizes all activation and reload transactions
during the campaign period and prints the unique reward message directly on the customer’s receipt – in
real-time, at the point-of-sale. Other Ernex promotions that can be used in conjunction with a standard gift
card program include custom coupons that can be tracked and validated upon redemption, and “Swipe ‘N Win”
sweepstakes to add customer excitement to the program.

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Billserv Sale

Billserv confirmed Monday it has retained the investment banking firm of Stifel, Nicolaus & Company as financial advisor to pursue a sale, merger or similar strategic transaction. The company says revenues in the EBPP market has not been sufficient to expand Billserv beyond its current state. Billserv has more than 120 clients representing over 3.1 billion annualized paper bills and a payment stream projected to top $1.5 billion in 2003.

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BOBCARD RATES

Bobcards is lowering its monthly finance charge from 2.5%- 3.0% to 2.25%,
effective April 1st. Bobcards is also lowering its monthly minimum payment
from 10% to 5%. Bobcards, a subsidiary of Bank of Baroda, issues the “Paras
International MasterCard,” “Paras Electronic MasterCard,” “Silver VISA,”
“Exclusive MasterCard,” “Bharat Premium VISA,” “Gold VISA,” and, “Global
VISA” cards. Bobcards currently has six million cardholders.

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Diebold Opteva

Diebold unveiled a new line of ATMs this morning offering a wide range of customization features. The new “Opteva” line is also the only ATM line in the industry that support both text-to-speech and .wav files. The new four core units include the “Opteva 760” (advanced function, through-the-wall walk-up ATM); “Opteva 720” (advanced function, lobby ATM); “Opteva 560” (through-the-wall, walk-up cash dispenser); and, the “Opteva 520 (lobby cash dispenser). One feature that is exclusive to Diebold’s “Opteva” family is the USB 2.0 architecture. The “Opteva” line also features advanced security and fraud prevention mechanisms offered only by Diebold, including a fraud resistant dispenser and card reader as well as a Triple DES-compliant encrypted PIN-pad.

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PRISMA E-CODE

Proton World’s “Proton Prisma” family of multi-application cards has added the Todos “eCode”
application. The “eCode” package provided by Todos will include a Matrix application profile and key
management set-up guidelines that allow a card issuer to easily add the “eCode” application onto his “Proton
Prisma EMV” cards simply by using the standards-based Proton Prisma personalization process. The “eCode”
application uses separate keys and parameters and is reached via a unique Application ID, which makes it
independent of any other application, be it the EMV payment application, the Proton e-purse or any other.
The Proton Prisma cards are the first EMV cards on which “eCode” has been implemented in this manner.

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Gen Y

On average, 52% students pay for things they buy at a college store with a credit or debit card. Cash is still king and is used most frequently by 40% of students. Those who use credit cards primarily use VISA (42%) and MasterCard (23%). The study by the NACS Foundation, the research and education arm of the National Association of College Stores, also found that the number of student buyers online has now risen to 72% and the vast majority of students (83.5%) claim to be either “extremely happy” or “somewhat satisfied” with their last online purchase, although the percentage has dropped since 2000 when 90% of students reported satisfactory experiences online. Students that have not yet embraced online shopping expressed a lack of need or desire (40%), security concerns (35%), or lack of a credit card needed to make a purchase (23%) as the primary obstacles to online purchases.

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Spiegel Suit

After shutting down credit lines on its bank credit card portfolio last week, Spiegel, the parent of First Consumers National Bank, was hit with a lawsuit from the Securities and Exchange Commission. The SEC alleges Speigel violated securities laws by withholding material information from the public. The complaint alleges that Spiegel withheld the fact that in or about the beginning of 2002, its independent auditor had notified Spiegel that it may not be able to continue as a “going concern.” The SEC says Spiegel’s independent auditor later provided a proposed auditor report in or about January or February 2002 which stated that the audit firm had “substantial doubts” about Spiegel’s ability to continue as a going concern absent the company addressing certain financial issues. The complaint alleges that Spiegel decided not to make its required 10-K and 10-Q filings to conceal the “going concern” issue from the public. Instead, the company filed a series of Forms NT (notices of late filing) indicating that Spiegel was not in a position to file because various lending agreements were not in place. According to the complaint, statements made by Spiegel executives confirm that Spiegel chose not to make its required filings to avoid disclosing the “going concern” notice and to avoid the negative “disruptions” that the disclosure of this information would cause.

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