Data Connect

TransUnion released a new online risk assessment service that enables credit grantors to obtain a set of pre-programmed credit characteristics to enhance account decisioning and management strategies. ‘Data Connect’ enables credit grantors to choose from a set of 180 credit characteristics either individually, by category or by industry segment. The new service also allows for the delivery of custom characteristics. Prior to ‘Data Connect’, customers who wanted to receive credit characteristics delivered directly from TransUnion were required to have their credit characteristics programmed and installed into TransUnion’s system.

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SCOTIABANK E-XACT

E-xact Transactions Ltd. announced that its Web-based credit card payment
processing technology
has been incorporated into Scotiabank’s newest e-commerce product –
ScotiaMerchant Web Payment Plug-in.

By “plugging in” E-xact’s software to a business Website or call centre,
merchants can offer their customers the convenience of secure online credit
card processing, without having to store customer credit card information.
“At Scotiabank and our e-commerce subsidiary e-Scotia, we are committed to
providing our business customers with new and innovative products,” said
Albert
Wahbe, CEO of e-Scotia and Executive Vice-President of Scotiabank’s Electronic
Banking. “With this latest offering we are making it easier for our customers
to do business on the Internet.”

E-xact’s software allows ScotiaMerchant Web Payment Plug-in customers the
flexibility of real-time, batch or recurring transaction processing, depending
on the unique business need of each customer.

“With ScotiaMerchant Web Payment Plug-in, businesses can enjoy the
simplicity and security of having their customers’ information stored securely
by Scotiabank,” says Peter Fahlman, CEO of E-xact Transactions. “Access to
transaction details, history and administrative functions through a Web
browser
means that companies can save time and money and focus on serving the needs of
their customers.”

About E-xact Transactions Ltd. (CDNX: EXZ.U)

E-xact Transactions Ltd. specializes in the real-time, secure movement of
financial information through IP-based Point-Of-Sale interfaces. E-xact
provides quick, easy and affordable transaction solutions for merchants and
corporate businesses. Whether it be creating automated payment processing for
Websites, billing cycles for subscription and other recurring payment
services,
card-swipe and PC terminals for brick & mortar outlets, or full provisioning
for an enterprise-wide platform – E-xact offers a wide range of credit card
purchase capabilities and full administrative Web interfaces for all
transactional data.
Additionally E-xact offers on-line automated provisioning services through
SpeedyMerchant for banks and other credit-assessment agencies. For further
information please visit E-xact’s Website:
http://www.e-xact.com.

About Scotiabank

e-Scotia is Scotiabank’s e-commerce subsidiary specializing in e-commerce
products, sales and services. Scotiabank is one of North America’s premier
financial institutions, with more than $284 billion in assets and
approximately
51,000 employees worldwide, including affiliates. It is also Canada’s most
international bank with more than 2,000 branches and offices in more than 50
countries. Scotiabank is on the World Wide Web
http://www.scotiabank.com. For more information on
ScotiaMerchant Web Payment Plug-in please visit
http://www.scotiabank.com/paymentplug-in.

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SMARTPAY

Smartpay Nigeria Limited and a group of four information IT companies in
South
Africa have formed an alliance to bring GSM mobile payments to Nigeria.
MOTCOM,
MOPS, Magnom Simplex Company, and CIGICELL have formed the partnership. The
group will also support Smartpay member banks in the deployment of terminals
and ATMs. The terminals will support check acceptance.

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PHILIPS SMART CARDS

Philips Semiconductors, a division of Royal Philips Electronics announced the
massive impact it has made on the chip card IC
market during 2001 with an 80 percent increase in its sales figures for the
overall sector. By focusing on its core competencies, extending its leadership
in security expertise and strengthening its domination of the contactless
smart
card market, Philips Semiconductors has achieved impressive results in key
market areas despite a significant economic downturn.

Commenting on the general success of the business, Anoop Ubhey, smart card
industry analyst at Frost & Sullivan said, “Philips Semiconductors’ growth is
mainly based on its strong development in the banking and transport markets.
The business saw impressive growth in the banking smart card world based upon
its success with the VISA-Java card program and other important banking
schemes
while also experiencing excellent performance levels in the transport arena
using MIFARE(R) technology. Additionally during 2001, Philips Semiconductors
saw growth in the SIM card market; an area that has seen many smart card
players affected by slowdown.” Ubhey concluded, “It would not surprise me to
see Philips Semiconductors move to the overall number two position for smart
card IC revenue in 2001.”

Integral to Philips Semiconductors success in 2001 was its continuation as the
number one supplier of contactless smart card technology with the shipment of
its 200 millionth MIFARE(R) chip card IC to the marketplace. This unrivalled
milestone combined with nearly ten million MIFARE(R) dual interface smart card
controller ICs and more than one million contactless MIFARE(R) reader ICs
currently in use worldwide, reinforces the company’s position as the leading
provider of chips for contactless applications.

“In 2001, global contactless smart card market volumes exploded, particularly
in the transportation sector and in Asia,” said Derrick Robinson of IMS — an
electronics industry market research company. “Philips Semiconductors was once
again the dominant chip supplier having maintained an estimated 80 percent
market share with its MIFARE(R) interface technology.”

“Growth of this nature underlines Philips Semiconductors’ position as a
leading
supplier of advanced ICs to smart card manufacturers and system providers in a
range of sectors including e-business, banking, mobile communications and
transport,” said Karsten Ottenberg, general manager of Philips Semiconductors’
dedicated Identification business unit. “As security becomes an increasingly
important issue for service providers and as demand for contactless and dual
interface chip card applications continues to grow we find ourselves in a good
position to build on our current status and become the number one provider of
chip card IC solutions worldwide.”

About Philips Semiconductors

Philips Semiconductors, a top ten semiconductor supplier with revenues of US
$4.4 billion in 2001, is a world leader in silicon systems and standard
products for consumer, communications, automotive and computing products. The
organization designs, develops and manufactures silicon solutions based on its
innovative Nexperia(TM) architectures to create living technology for its
customers creating products, service providers using the products, and
consumers enjoying the resulting products and services. For more information:
http://www.semiconductors.philips.com.

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G&D and Upgrade

Upgrade International announced that UltraCard, Inc., a subsidiary of Upgrade, has signed a letter of intent with Giesecke & Devrient to form a strategic alliance for global manufacturing, marketing, and the development of new application and operating system software based upon the UltraCard technology platform.

The companies expect to complete a definitive agreement within the next 45 days.

Under this relationship, G&D will be the exclusive provider to UltraCard for card body design, assembly, production, embedding, initialization and personalization for the UltraCard. The pact also outlines joint efforts in product development and marketing for both companies’ products. G&D’s North American Headquarters is situated in Dulles, Virginia and UltraCard’s facility is in Los Gatos, California.

Over the last six months the global demand for high capacity, high security, and portable data storage has increased dramatically. Many organizations such as government, airline security, customs and immigration, transportation, health care, and industrial firms are searching for solutions that will enable them to conveniently store multiple levels of secure data in a credit card sized format. They are looking for technology that will also allow them to incorporate a variety of biometrics and other identification options, including complete fingerprints, iris scans, voice prints, photographs, digital signatures, and encryption keys. The new strategic alliance between G&D and UltraCard will provide the solution for the growing demand for card storage capacity and functionality. UltraCard’s patented method combines 20 megabytes of hard disk storage technology with an inexpensive read/write device in a highly durable credit card format. This combination will become the next generation in personal portable data storage with high levels of security and a vastly greater amount of storage at the lowest cost in the industry. When integrated with existing chip card and magnetic stripe card technology it opens up dramatic new application possibilities. According to Dan Kehoe, president and CEO of UltraCard, “Having an established global company of the magnitude of G&D as a partner will rapidly advance commercialization of the UltraCard. Furthermore, we consider G&D to be the premier company in the world in terms of quality card manufacturing and implementation of card solutions. We are thrilled and honored to be working with G&D and expect to have a long and fruitful relationship.” The UltraCard will enhance and augment G&D’s already extensive global offering of cards and card solutions currently used in over 80 countries worldwide. G&D is consistently ranked among the top three chip card manufacturers in the world, and was ranked as the number one provider of microprocessor cards worldwide by the Nilson Consumer Payment Report. Jim Frye, President, G&D Card Systems, United States and Canada, remarks, “G&D is dedicated to developing leading card innovations and solutions for the global marketplace. We are delighted to form this alliance with UltraCard, a recognized leading edge developer of portable data storage platforms. The extraordinary 20-megabyte storage capacity of the UltraCard technology will allow for many new and exciting end-to-end solutions, and delivers a new value-added software capability in the card industry.”

About Giesecke & Devrient:

Giesecke & Devrient is an internationally operating technology group. The organization is a leading supplier of banknotes and security documents, banknote and security paper and currency automation systems as well as cards, components and complete multi-functional smart card systems for electronic payments and telecommunications. The group also offers end-to-end solutions for security in eBusiness. Giesecke & Devrient employs over 7,100 people worldwide, and generates an annual revenue in excess of 1 Billion U.S. dollars. The North American headquarters of Giesecke & Devrient, located in Dulles, Virginia, houses the R&D technology center, sales, marketing and production facilities for both smart cards and currency automation systems. In addition, G&D operates full service card manufacturing facilities in Twinsburg, Ohio, Markham, Canada, and Mexico City, Mexico that are certified by both VISA and MasterCard. These four facilities employ over 900 staff and the combined production capacity makes G&D one of the largest of any North American cards and card systems manufacturers.

For further information contact: John Atkinson, VP & General Manager of Smart Cards, United States and Canada Giesecke & Devrient America, Inc. 45925 Horseshoe Drive, Dulles, VA 20166 USA Phone 703/480-2000, Fax 703/480-2067[http://www.gdai.com][1]

About Upgrade International

Upgrade International Corp. through its ownership interest in UltraCard Inc., Efornet Corp., and cQue Corporation is engaged in the development and commercialization of a patented ultra high capacity portable data storage technology. UltraCard’s patented method for using existing hard disk storage technology provides both highly durable media in a credit card format and an inexpensive read/write device that together will become the next generation in personal portable data storage for a broad range of existing and new markets. Management believes that the UltraCard technology will potentially provide numerous industrial users with a combination of high levels of security and a vastly greater amount of personal transportable data storage at the lowest cost in the industry. In addition the acquisition and development of existing SmartCard solution providers represents a strategic market strategy designed to accelerate the integration of the vastly superior technology inherent in the UltraCard into existing and newly developing markets.

On behalf of the Board of Directors,

Daniel S. Bland

President and Chief Executive Officer

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

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DATAKEY & EUROSIGN-CARD

Datakey Inc., a leading developer of smart card technology for securing
e-business, announced
that EuroSignCard has teamed with Datakey to offer Datakey smart card
solutions in the European Union to enable advanced security for ESC
EuroSignID digital certificates. ESC currently has several pilots with
customers in Luxembourg that include Datakey smart card technology.

ESC selected smart cards as the best protection for EuroSignID
certificates because smart cards remove a user’s digital credentials from
vulnerable workstations or computer networks, generating, storing and
safeguarding them on a highly secure card that performs all of the encryption
and digital signature functions. A user’s private keys must remain completely
secure to prove their identity with certainty when communicating or conducting
business electronically — and smart cards represent the highest practical
level of security for these private keys and user credentials. Smart cards
also give users the convenience of transporting their digital ID wherever they
carry their card, so they aren’t limited to one workstation.

ESC has chosen to use Datakey smart cards because of its tested and proven
technology. Large corporations, financial institutions and governmental
organizations in North America and Europe use Datakey cards. Another
important factor for ESC was that Datakey’s Model 330 smart cards are FIPS
140-1 Level 2 validated, an independent U.S. and Canadian government
certification of the cryptographic strength and security provided by Datakey
smart cards.

“With several pilots underway, we know the unique advantages that Datakey
smart card technology brings to our customers — both in terms of security and
reliability,” said E.J. Lorang, managing director of EuroSignCard. “As we
seek to help European-based financial and government institutions quickly and
easily implement our leading digital certificate program, our partnership with
Datakey will allow us to deliver the most robust security solutions available
on the market today to protect user digital identities.”

John Moroz, vice president of worldwide sales, Datakey, said, “The
selection of Datakey smart cards for EuroSignCard’s digital certificate
program is further evidence of the growing demand for our secure smart card
technology around the globe. We look forward to working with EuroSignCard’s
customers throughout Luxembourg and Europe.”

About Datakey Inc.

Datakey Inc. (
http://www.datakey.com) is a
pioneer in developing smart
card-based solutions for information security applications. Datakey smart
card technology secures business-to-business e-commerce by:

— Safeguarding a user’s digital identity.

— Authenticating and controlling user access to enterprise networks,
applications and resources.

— Protecting the integrity and privacy of data shared over corporate
networks and the Internet.

Datakey solutions focus on the ease of deployment, use and management of
smart cards in an enterprise for a wide range of logical and physical security
applications — including password management, host authentication, Windows
2000 log-on, VPN access, web authorization, desktop security, corporate badge
and building access, biometric integration, public key encryption, digital
certificates and digital signatures.

About EuroSignCard

EuroSignCard is Luxembourg’s first provider of high-class digital
signature solutions. Created in 1999 by a Luxembourg holding company and the
chairman of the Luxembourg University, Norbert von Kunitzki, EuroSignCard
received a cash infusion of 1.5 million Euros in July 2000. With nearly
20 partnerships with world-leading PKI (Public Key Infrastructure) and related
technology companies in place, EuroSignCard provides security solutions for
electronic transactions to commercial and government organizations.
Partnerships include Digital Signature Trust, Datakey, Telindus, Nexor, Tria,
DigiStamp and Entegrity Solutions. For more information, visit
http://www.eurosigncard.lu

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UPAID PATENTS

Upaid, a pioneer of real-time software
solutions for next-generation pay-as-you-use voice, data and payment services
to mobile operators, service providers and financial institutions, announced
that the U.S. Patent and Trademark Office has awarded additional
patent protections for the company’s real-time payment and settlement
processing platform. The new award, an extension of the 40 claims awarded
under U.S. patent 6,320,947, expands Upaid’s existing method patent protection
from real-time processing of prepaid m-Commerce transactions to postpaid
m-Commerce transactions. The additional 30 claims give Upaid intellectual
property ownership of real-time m-payment processing for both cash and
credit-based accounts of any kind. The new award also expands the company’s
patent coverage to include the processing of settlement data in real-time, an
area of increasing interest for the data mining software industry.

Heinz Brasic, CEO of Upaid commented: “Upaid has always believed that
postpaid billing would diminish in importance and that the industry would see
a paradigm shift towards real-time rating of all types of 2.5 and 3G wireless
transactions. This patent award will add value to our product portfolio, as
we innovate and implement the most advanced real-time payment and settlement
processing software platform for the next-generation wireless services
industry.”

David Dunn, Chairman of Upaid, underscored the company’s commitment to
method patents as a strategic risk management tool for competing in the
rapidly evolving mobile payments sector: “To provide advanced software
solutions such as Upaid, companies must own the intellectual ground under the
business models they enable for their customers. The recent withdrawal of
PayPal’s IPO, due to a lawsuit filed by a competitor for possible patent
infringement, is a compelling example of the risks of launching a business in
this sector without the necessary underlying intellectual property
protections.”

Additional elements of Upaid’s newly awarded patent include coverage for a
single, universal account for pre-authorized transactions across multiple
networks, expanded coverage for account recharge capability from financial
service providers, and coverage for various types of rating for
next-generation services, whether time-, duration- or volume-based.
Upaid’s patent protections date from 1998, and extend to 46 countries
worldwide. The new award also carries the 1998 priority date.

About Upaid

Voice went wireless, now data and money go wireless, and the mobile phone
becomes the preferred multipurpose device. Upaid paves the way for the
convergence of mobile communications and financial services, through its
real-time software solutions for next-generation wireless pay-as-you-use
voice, data and payment services. Upaid enables from advanced prepaid voice
roaming services to real-time data transactions, from multimedia
communications to unified payment applications across multiple data networks
and telecom infrastructures (GSM, GPRS, CAMEL, CDMA, TDMA, 3G).

Upaid operates in Europe, Asia and Latin America and holds U.S. patent
rights, pending in an additional 46 countries. Upaid(TM) is a trademark of
Upaid Systems, Ltd. For more information, visit
http://www.upaid.net.

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EXYPNOTECH

NanoPierce Technologies, Inc. announced the foundation of a new wholly owned
subsidiary
“ExypnoTech GmbH” for smart inlay production.

The ExypnoTech subsidiary will be led by the experienced management team of
NanoPierce Card Technologies GmbH (in addition to their current
responsibilities). Dr. Michael E. Wernle has been appointed President and
Chief
Executive Officer; Mr. Bernhard Maier, Chief Operating Officer; Mr. Michael
Kober, Chief Technology Officer; and Mr. Richard Lancaster, Chief Financial
Officer. Mr. Bernhard Maier will devote full-time executive responsibility to
ensuring the timely commissioning of the ExypnoTech production facilities.
ExypnoTech will become the first company in the world using the benefits of
the
newly developed WaferPierce flip-chip process developed by another
subsidiary of NanoPierce, NanoPierce Connection Systems Inc. (Press Release
dated January 15, 2002, “NanoPierce Technologies To Commence WaferPierce
Production”), Colorado Springs, Colorado, for high-volume production of
low-cost RFID smart inlays and tags. Following a ramp-up phase for equipment
and personnel, high-volume production is expected to start in the second half
of this year (Press Release dated January 14, 2002, “Smart Inlay Production At
NanoPierce Card Technologies, GmbH To Be Spearheaded By Bernhard Maier, New
Director Of Operations”).

Rudolstadt, in the German region of Thuringia, will be the site of the new
production facilities of ExypnoTech, approximately 300 km north of the
NanoPierce Card Technologies GmbH offices in Hohenbrunn near Munich in
Bavaria,
Germany. The impressive location, “Innovations- und Gruenderzentrum (IGZ)
Rudolstadt”
(http://www.igz-rudolstadt.de), has been
carefully selected because of its resources to support the development of
young
technology companies and because of the abundant availability of skilled
technology personnel. The region is well known for high-technology initiatives
and production, which, among many others, includes companies such as
Fujitsu/Siemens, IBM and Carl Zeiss Jena.

Dr. Michael E. Wernle, President and CEO of NanoPierce Card Technologies,
said:
“Everyone at NanoPierce has been working hard to make this big and important
step for the Company. I am more than ever convinced that ExypnoTech will very
soon become one of the key players in the rapidly growing RFID market because
of our highly cost-effective production capabilities with WaferPierce(TM) and
by partnering with leading companies in this industry.”

Paul H. Metzinger, President and CEO of NanoPierce Technologies, Inc.,
commented: “The NanoPierce Team has achieved a significant goal. Through our
ExypnoTech subsidiary we can now offer flexible, cost-effective production and
technical capability to serve the explosive market for smart inlays for RFID
systems. Effectively, we are ‘Open For Business’ today. We are on target to

begin deliveries in the second half of this calendar year. As I mentioned in

our Press Release dated January 14, 2002, ‘According to a 1999 Venture
Development Corp. Study, ‘Global Markets and Applications for Radio Frequency
Identification Equipment and Systems,’ the market for RFID systems will be
about $1.6B in 2002 and its expected to grow 25% annually for the next five
years. They predict that end-to-end tracking of materials used in the complete
supply chain in all manufacturing industries may be the next killer
application
for RFID tags.’ I see a strong opportunity in a market measured, in the near
future, in annual units of billions. This market is characterized, in many
applications, by one-time usage, disposable devices. Bottom line, this
eventually translates into growing revenues and recurring income.” Mr.
Metzinger further noted, “Our capital investment is relatively small compared
to our projected return on investment.”

About NanoPierce Technologies, Inc.

NanoPierce Technologies, Inc. of Denver, Colorado, USA, is traded on the
NASDAQ
stock market (OTCBB:NPCT) as well as on the Frankfurt and Hamburg
(OTC:NPI). In
addition to the 12 patents it owns, NanoPierce has numerous applications
pending, others in preparation, and various other intellectual properties
related to NanoPierce’s proprietary NCS (NanoPierce Connection System). This
advanced system is designed to provide significant improvement over
conventional electrical and mechanical interconnection methods for
high-density
circuit boards, components, sockets, connectors, semiconductor packaging and
electronic systems.

About NanoPierce Connection Systems, Inc.

NanoPierce Connection Systems, Inc. is a 100% subsidiary of NanoPierce
Technologies, Inc., located in Colorado Springs, Colorado. NanoPierce
Connections Systems, Inc. has been chartered to undertake high-volume
production WaferPierce(TM), a revolutionary and enabling semiconductor wafer
treatment for ultra-low cost flip-chip without the necessity of wire bonding,
conductive adhesives, or soldering. Typical end-use applications of
WaferPierce(TM) include Smart Labels, Smart Cards, and LED arrays. The new
subsidiary has taken over all operations and business activities conducted in
the Colorado Springs facility. In addition to WaferPierce(TM) production,
NanoPierce Connection Systems will be responsible for licensing and new
applications of other NanoPierce technologies to add value to electronic
components.
For more information on NanoPierce Technologies, Inc., please visit the web
site at
http://www.nanopierce.com/.

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iDine 4Q/01

iDine Rewards Network, f/k/a Transmedia Network, broke into profitability during the fourth quarter with net income of $1.1 million compared to a net loss of $893,000 in the same period last year. Gross dining sales were $50.6 million for 4Q/01, compared with $44.0 million for 4Q/00. Operating revenues for the fourth quarter were $13.8 million, an increase of 17% compared with 4Q/00. The iDine Rewards Network currently has 10.1 million credit cards registered through 7.76 million enrolled accounts. For complete details on iDine’s 4Q/01 performance visit CardData ([www.carddata.com][1]).

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

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Benny MasterCard

A Connecticut firm has launched a special purpose stored-value MasterCard to simplify and broaden the use of health care flexible spending accounts. Evolution Health’s ‘Benny Card’ enables employees to make their co-pay or other qualified expense in real-time by automatically deducting the transaction from the FSA account. Cardholders can also access the ‘BennyCard’ Web site to view transaction history and monitor their balance. FSAs permit employees to use their own payroll funds on a pre-tax basis to pay for out-of-pocket health care costs. Under current FSA plans, employees have to pay up front for their uncovered expenses, save all their receipts, then remember to send them in to get reimbursed by check from their own FSA funds. One of the first clients for the new card is CT-based Northeast Utilities. Evolution Health created the program with WildCard Systems and SD-based BANKFIRST.

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Carl Jrs. STV Card

Carl Karcher Enterprises, Inc. and eViva Group, Inc. announce that they will test the eViva! Quick Money Card at the Carl’s Jr. restaurant located at 2401 Florence Avenue in Huntington Park, Calif. The eViva! Quick Money Card is a new ATM and stored- value card geared toward Hispanics that does not require the consumer to have identification or a bank account.

“The Hispanic community remains a priority for our company,” said Rick Fortman, executive vice president of operations for Carl’s Jr. “We are excited to test the program at our restaurant and hope that we will soon be able to offer all our guests this extra service.”

The eViva! Quick Money Card can be purchased for $5 at the Huntington Park Carl’s Jr. starting Tuesday, February 12, 2002. It is reusable and consumers may “load” it at any time at the restaurant. Through the use of an assigned PIN number, the money loaded onto the card may be immediately accessed for purchases at participating retailers. If the cardholder wishes to transfer funds to family or friends, additional cards can be purchased and sent to recipients.

According to The eViva Group, language barriers and fear and mistrust of the banking system are some of the reasons Hispanics rely on cash for daily transactions and money transfers to family and friends across the border. The eViva Quick Money Card will allow consumers to send funds via ATMs across the globe, making funds available worldwide in real time.

“While the eViva! Quick Money Card was designed with the Latino community in mind, the card can be used by anyone,” said Robert Acosta, chief executive officer of eViva Group of Santa Barbara, Calif. “It is perfect for payroll and direct deposit, college students, armed forces personnel and other entities and individuals who need to move money in a safe and convenient way through the ATM network.”

Carl Karcher Enterprises, Inc., a wholly owned subsidiary of CKE Restaurants, Inc. (NYSE: CKR), owns, operates and franchises a system of 966 Carl’s Jr. quick-service restaurants in 12 Western states, Mexico and the Philippines.

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TILA and T&C

U.S. credit card issuers changing terms and conditions within the first six months of account activation could face a new challenge from cardholders in the wake a federal appeals court ruling handed down last week. The 3rd U.S. Circuit Court of Appeals unanimously reversed a ruling by U.S. District Judge Bruce W. Kauffman, giving the green light to cardholders to sue issuers under the federal Truth in Lending Act. The case was initiated by a Fleet cardholder who responded to a solicitation for a no-annual-fee card in early 2000. Six months after receiving the card, Fleet added a $35 annual fee. The complaint alleges that Fleet continued to offer the no-annual-fee card while imposing the fee to existing cardholders. Fleet argued it fulfilled the legal obligations in regard to its notification of the T&C changes, and said the account amendment was in response to rising interest rates. The ruling may be headed to the Supreme Court since it appears to reach well beyond the TILA. Cardholders have been restrained to state courts to challenge so-called “bait-and-switch” tactics. Furthermore, most major issuers now require arbitration to settle cardholder complaints.

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