EIC LASERCARDS

Drexler Technology Corporation has received its second purchase order for
100,000 LaserCard optical memory cards for the Government of Italy’s
Italian Electronic Identity Card (IEIC) national ID card/social services
card program.

Shipments of the 100,000 “microchip ready” Smart/Optical LaserCard
optical memory cards are expected to begin this quarter. Drexler completed
shipment of the earlier 100,000 IEIC card order in January 2001.
Under the emerging IEIC program, the central and municipal public
administrations in Italy would select the specific types of services to be
offered with the IEIC card. The Italian government has indicated that the
national services offered through the IEIC cards may include healthcare,
voting, and social security, while municipal local services may include
transportation and education.

Drexler’s “microchip ready” cards contain a 16mm-wide optical memory
stripe and have a designated space for insertion of a computer microchip.
The Italian government will arrange to have Siemens’ microchips inserted
into the optical memory cards, thereby creating a combination smart
card/optical memory card. The optical stripe will be used to provide the
high security electronic identity data, to record transaction process
history and provide a data backup, to store large amounts of data, and to
provide a visual embedded “ID hologram.” The microchip will be used to
provide electronic identification, authentication, and communication
security for network transactions. The combination card, known in Italy as
the “carta d’identita elettronica,” also can be used to provide digital
signatures and a variety of e-services.

The Italian ID/social services card is an example of a “digital
governance” application, which represents Drexler’s principal LaserCard
market today. “Digital governance” means the utilization of digital
information technology to facilitate or expedite the process of governing
by a nation, state, region, municipality, agency, institution, or
commercial enterprise. The card is used as proof that the cardholder has a
formal permission, privilege, or right from the card issuer. The
LaserCard’s high-security features inhibit counterfeiting and data
tampering and provide controlled access to the benefits granted by the card
issuer.

Other examples of digital governance applications for which LaserCard
optical memory cards have been sold include the right to reside and work in
another country, cross a national border, receive medical care, convey
import privileges, register motor vehicles, construct buildings, utilize
expensive medical equipment on a pay-per-use basis, obtain automobile
maintenance services, deploy military cargo using paperless manifests, or
obtain certain purchasing or tax benefits.

Headquartered in Mountain View, Drexler Technology Corporation
(www.lasercard.com) develops and manufactures optical data storage products
and systems, including LaserCard(R) optical memory cards and chip-ready
Smart/Optical(TM) cards. Its wholly owned subsidiary, LaserCard Systems
Corporation, makes optical card read/write drives, develops optical card
system software, and markets card-related data systems and peripherals.

Details

CIBC QUARTERLY INCOME

CIBC announced third quarter Operating Earnings
(which exclude the sale of subsidiaries, an adjustment for tax rate changes
and the net impact of Amicus) of $525 million or $1.29 per share, diluted.
Operating Return on Equity was 20.0%. Reported Earnings for the third quarter
were $460 million or $1.12 per share, diluted, (which include the net impact
of building Amicus, $(0.17); a gain on the sale of subsidiaries, $0.05; and an
adjustment for tax rate changes, $(0.05)). Adjusted Earnings (which exclude
only the sale of subsidiaries and an adjustment for tax rate changes) were
$459 million or $1.12 per share, diluted.

Operating Earnings for the nine months ended July 31, 2001, were $1,631
million, compared to $1,787 million for the same period last year. Operating
Earnings per share, diluted, were $3.99, compared to $4.21 for the same period
in 2000. Reported Earnings for the first nine months of 2001 were $1,444
million or $3.51 per share, diluted, compared to $1,728 million or $4.06 per
share, diluted, for the same period of 2000. Adjusted Earnings for the nine
month period were $1,445 million or $3.51 per share, diluted compared to
$1,698 million or $3.99 per share, diluted for the same period last year.
Year-to-date, CIBC’s Operating Return on Equity was 21.2%. Since November
1, 1999, CIBC’s total return to shareholders is up 69.5%, the best total
return among the major Canadian banks.

“Our performance in a less than favourable business environment is a
clear reflection of our ongoing effort to build a broad-based franchise that
is capable of weathering downturns in the market,” said John S. Hunkin,
Chairman and Chief Executive Officer. “We remain confident that — through the
fundamental strength and diversity of our business portfolio — we are well-
positioned for growth as market conditions improve.”

To strengthen CIBC’s position, Hunkin said the company is continuing to
focus on four key areas, including:

Managing Risk

As in the first half of the year, credit conditions continued to be
challenging in the U.S. during the quarter, with trades and services,
manufacturing and telecommunications being the sectors most affected. “We are
managing our business on the premise that conditions are unlikely to improve
during the fourth quarter,” said Hunkin. CIBC continues to manage its market
risk at reduced levels consistent with its goal of low earnings volatility.
Market risk within CIBC’s trading book, measured by risk measurement units,
fell during the quarter to $12.6 million as of July 31, 2001, compared to
$14.8 million at the end of the second quarter and $24.7 million as of October
31, 1999.

Growing Amicus

The growth of Amicus, CIBC’s co-branded retail electronic banking
business, continues to exceed expectations in the area of customer
acquisition. During the quarter, Amicus acquired 121,000 new customers,
bringing the total number of registered customers to 779,000, up 18% from the
previous quarter and 104% from the same quarter in 2000. A highlight during
the quarter was the strategic alliance CIBC entered into with Ahold USA, Inc.,
a leading food retail and food service company, to provide electronic banking
services to the northeastern U.S. market through ABMs, telephone call centres,
the Internet and in-store pavilions. CIBC’s alliance with Ahold is expected to
launch next year and builds upon existing Amicus partnerships with Loblaw
Companies Limited in Canada and Safeway Inc. and Winn-Dixie Stores, Inc. in
the U.S.

Ongoing Business Development

In addition to Amicus, CIBC is continuing to focus on growth across all
of its business units. Developments in the quarter include:

— Electronic Commerce

– PC banking customers (non-Amicus business) grew by 13% to 1.16
million during the quarter. Year-over-year, PC banking customers
are up 66%.

– Telephone banking customers grew to 2.92 million, up 7% from the
second quarter and 26% from the third quarter of 2000.

— Retail and Small Business Banking

– Supporting its goal to provide its retail and small business
customers with Smart, Simple Solutions, CIBC continued its
technology upgrade in the quarter with the installation of 1,090
counter workstations in its branch network. Year-to-date, 1,590
upgraded workstations have been installed in 330 branches.

– To make it easier for its customers to do business, CIBC has
extended operating hours at 86 branches across Canada year-to-date.
– CIBC also continued to expand its bizSmart initiative, with the
opening of nine additional kiosks during the quarter, increasing the
total number operating across Canada to 37. CIBC also expanded
bizSmart’s product offering to include a Personal GIC and a Personal
Line of Credit which offers a credit limit up to $50,000 at an
interest rate of prime plus 1.75%.

— Wealth Management

– CIBC Investor Services Inc. introduced a new website,
www.investorsedge.cibc.com , to enhance and simplify online investing
for customers. The new website has improved navigation and expanded
features including access to CIBC World Markets Canadian equity
research.

– As at the end of June, CIBC Mutual Funds ranked second among the big
six Canadian banks in year-to-date net sales and moved up to third
among all Canadian mutual fund companies. CIBC continued to rank
first in index fund net sales for fiscal 2001, as at June 30, 2001.

— CIBC World Markets

– CIBC World Markets participated in a number of significant
transactions during the quarter, including acting as the sole
underwriter and lead arranger of a US$2.0 billion credit facility to
finance George Weston Limited’s acquisition of Bestfoods Baking
Company. CIBC World Markets was also joint arranger in the financing
of Apax Partners & Co., and Hicks, Muse, Tate & Furst Inc.’s
acquisition of Yell Directories, which include the U.K. Yellow
Pages, from British Telecommunications plc for pnds stlg 2.14
billion.

– CIBC World Markets launched its research broadcast via its new
Internet webcast facility. CIBC eTV is a proprietary, web-based
online television station that provides CIBC’s clients with leading
edge research. More information is available at
www.cibcwm.com/research.

Overall Performance and Accountability

During the quarter, CIBC took additional steps in support of its
commitment to maximize the value of its franchise. First, the company
announced the sale of its Guernsey private banking business to The Bank of
N.T. Butterfield & Son Limited. The sale generated an after-tax gain of $22
million and is consistent with Wealth Management’s strategy to focus on
supporting its North American client base and growing its Caribbean and Asian
operations.

Second, CIBC announced it is in advanced discussions with Barclays PLC,
one of the largest financial services groups in the United Kingdom, to combine
the retail, corporate and offshore banking operations of both companies in the
Caribbean into a new entity called FirstCaribbean International Bank(TM).
Under the proposed transaction, which is expected to close early next year,
CIBC and Barclays would each own approximately 45% of the new entity, with the
remainder held publicly. CIBC believes the future earnings potential from its
interest in FirstCaribbean will be greater than continuing with a controlling
interest of a smaller operation.

Outlook

“Our outlook for the fourth quarter remains cautious, particularly in
light of market conditions in North America,” said Hunkin. “Our focus moving
forward will be to, above all, continue to focus on our customers’ needs; all
our businesses are getting more competitive and we have to be even more
proactive and creative to grow revenue. Also, we will defer all non-essential
spending, but continue to make selective strategic investments, striking the
right balance between short term earnings strength and longer term value
creation.”

FINANCIAL AND OPERATIONS COMMENTARY – OVERVIEW

CIBC’s third quarter Operating Earnings, as noted in the following table,
were $525 million, down $117 million from the third quarter of 2000 and up $31
million from the prior quarter. Operating Earnings for the quarter were lower
than a year ago due to the effects of continued weaker markets, which were
partially offset by a greater proportion of income being earned in
subsidiaries that operate in lower tax jurisdictions. The improvement in
Operating Earnings from the prior quarter reflects stronger results in
Electronic Commerce and CIBC World Markets. Operating EPS, diluted, were
$1.29, down from $1.54 in the same quarter last year and up from $1.19 in the
prior quarter. Operating Return on Equity was 20.0%, compared with 25.5% in
the third quarter of 2000 and 19.4% in the previous quarter.
Reported Earnings were $460 million for the quarter, down $141 million
from the same quarter a year ago and down $9 million from the prior quarter.
Reported EPS, diluted, were $1.12, down from $1.43 in the third quarter of
2000 and comparable to $1.13 in the prior quarter. Reported Return on Equity
for the quarter was 17.4%, compared with 23.8% in the same quarter last year
and 18.4% in the prior quarter.
Reported Earnings for the nine months ended July 31, 2001 were $1,444
million, down $284 million from the same period in 2000. Reported EPS,
diluted, and Reported Return on Equity for the nine months ended July 31, 2001
were $3.51 and 18.6% respectively, versus $4.06 and 23.5% for the same period
in 2000.

FINANCIAL AND OPERATIONS COMMENTARY – SEGMENTED

CIBC’s management structure has four business lines — Electronic
Commerce, Technology and Operations; Retail and Small Business Banking; Wealth
Management; and CIBC World Markets. These business lines are supported by four
functional groups — Treasury and Balance Sheet Management (TBM); Risk
Management; Administration; and Corporate Development.

In 2000, CIBC introduced the Manufacturer / Customer Segment /
Distributor Management Model to measure and report the results of operations
of the four business lines. Under this model, internal payments for sales
commissions and distribution service fees are made between business lines. As
well, revenue and expenses relating to certain activities (such as the
payments business described under Electronic Commerce) are fully allocated to
other business lines. In addition, the revenue and expenses of the four
functional groups are generally allocated to the four business lines. This
model allows management to better understand the economics of our customer
segments, our products and our delivery channels.

In 2001, CIBC continued to refine certain estimates and allocation
methodologies underlying the model. Key changes include refinements to
customer segmentation and cost recovery methodologies. These changes primarily
affected Imperial Service in the Wealth Management business line and both
retail banking and small business banking in the Retail and Small Business
Banking business line.

Prior year segmented financial information has been restated to conform
with the presentation used in 2001. In 2001, the sales and service fees paid
to segments for certain products were renegotiated among the business lines.
Prior year financial information was not restated to reflect these fee
changes.

Business line return on equity is measured using risk-adjusted (economic)
capital which in many instances may be different from regulatory capital. The
difference between economic capital allocated to the business lines and
regulatory capital is held in Corporate and Other. From time to time
enhancements are made to CIBC’s economic capital model as part of our risk
measurement process. These changes are made prospectively.

Net income for the quarter was $47 million, down $12 million from the
third quarter of 2000 due to higher Amicus spending to support customer growth
and increases in the provision for credit losses, partially offset by strong
revenue growth in cards and mortgages. Net income was up $14 million from the
prior quarter, after excluding the second quarter after-tax gain of $43
million from the sale of the Merchant Card Services business. The increase was
primarily due to strong revenue growth in cards and mortgages, partially
offset by higher spending in Amicus. Excluding the gain, net income for the
nine months ended July 31, 2001 was $139 million, down $32 million from the
same period in 2000.

Revenue was $497 million, up $72 million from the third quarter of 2000,
and up $58 million from the prior quarter after excluding the pre-tax gain of
$58 million from the sale of the Merchant Card Services business. Revenue,
after adjusting for the gain, was $1,392 million for the nine months ended
July 31, 2001, up $157 million from the same period in 2000.

Revenue details are as follows:

– Mortgages includes both residential and commercial mortgages. Revenue
was $130 million for the quarter, up $49 million from the third
quarter of 2000 due to a 12% increase in residential loan balances
outstanding and improved spreads. Revenue was up $22 million from the
prior quarter due to an increase in prepayment interest amounts
related to refinancing, a 4% increase in residential loan balances
outstanding and three extra days this quarter versus the prior
quarter.

– Cards comprises a portfolio of credit cards. Revenue was $266 million
for the quarter, up $20 million from the third quarter of 2000
primarily due to a 19% growth in average balances under administration
and lower cost of funds, partially offset by the loss of revenue from
the sale of the Merchant Card Services business. Revenue was up $12
million from the prior quarter after excluding the gain. This was due
to a 3% increase in average balances under administration, an 18%
increase in purchase volumes, lower cost of funds and three extra days
in the quarter, which more than offset the loss of ongoing revenue
from the Merchant Card Services business.

– Insurance provides creditor insurance products. Revenue was $13
million in the quarter, down $33 million from the third quarter of
2000 due to discontinued insurance businesses, partially offset by
growth in creditor insurance revenue. Revenue was comparable to the
prior quarter.

– Other includes Amicus, electronic and self-service banking, the
allocation of a portion of treasury revenue and INTRIA third-party
technology services. Revenue was $88 million in the quarter, up $36
million from the third quarter of 2000 and up $23 million from the
prior quarter. The increase in revenue reflects higher treasury
revenue and Amicus growth.

Non-interest expenses were $354 million, up $63 million from the third
quarter of 2000 as a result of Amicus business growth, partially offset by
lower expenses related to discontinued insurance businesses. Non-interest
expenses were up $25 million from the prior quarter due to Amicus growth, and
the timing of Technology and Operations allocations to the business lines. Non-
interest expenses for the nine months ended July 31, 2001 were $999 million,
up $120 million from the same period in 2000.

The regular workforce headcount totaled 16,371 at quarter end, up 421
from the prior quarter in order to support business growth in Amicus and
mortgages. As well, staffing was increased in Technology and Operations, the
costs of which are allocated to the business lines. Headcount increases were
also experienced in electronic banking to improve service levels.

Developments in the quarter included:

– Amicus and Ahold USA, Inc., a leading food retail and food service
company, announced an intention to forge an alliance to provide
electronic banking services to the northeastern U.S. market through
ABMs, telephone call centres, the Internet and in-store pavilions.

– Amicus added 48 new pavilions during the quarter, increasing the total
number of pavilions operating to 378. Also during the quarter, Amicus
acquired 121,000 new customers, bringing the total number of
registered customers to 779,000, up 104% from the same quarter last
year.

– Amicus commenced selling four index mutual funds and a money market
fund in Florida through its grocery store pavilions in Winn-Dixie
Stores, Inc.

– CIBC continued to expand its extended speech recognition telephone
service within its retail banking network during the quarter. In
addition to being able to register and pay bills by phone using only
their voice, CIBC’s 2.9 million telephone banking customers will be
able to complete other voice-command transactions in the coming months
including: mortgage information requests, cheque reordering, as well
as receiving information on branch and bank machine locations.

– During the quarter, it was announced that Amicus and Yahoo! Inc. will
no longer provide person-to-person banking services on Yahoo! Inc.’s
U.S. website. Yahoo! Inc.’s decision to provide this service globally
did not align with Amicus’ strategy of a continued focus on core
retail businesses in North America.

Net income was $96 million, consistent with the third quarter of 2000 as
increased infrastructure investment more than offset higher revenue and a
lower provision for credit losses. Net income was down $4 million from the
prior quarter mainly due to increased infrastructure investment, partially
offset by higher revenue. Net income for the nine months ended July 31, 2001
was $324 million, up $40 million from the same period in 2000.
Revenue was $659 million, up $8 million from the third quarter of 2000.
The increase resulted from volume growth on personal deposits and consumer
loans and higher treasury revenue, partially offset by lower student loan
revenue, declining spreads on deposits and the effects of refinements to
segment revenue among the business lines. Revenue was up $26 million from the
prior quarter, primarily due to three extra days this quarter and higher
treasury revenue, partially offset by lower deposit spreads and the effects of
refinements to segment revenue among the business lines. Revenue for the nine
months ended July 31, 2001 was $1,950 million, up $40 million from the same
period in 2000 primarily due to volume growth on personal deposits and
consumer loans.

Revenue details are as follows:

– Retail banking is the individual customer segment (customers other
than those in Imperial Service). Revenue is earned from sales and
service fees paid by CIBC’s product groups, primarily the investments,
deposits and lending products businesses. Revenue was $249 million in
the quarter, consistent with the third quarter of 2000. Lower deposit
spreads and the effects of refinements to segment revenue among the
business lines were offset by increased sales and service fees.
Revenue was up $5 million from the prior quarter due to three extra
days this quarter and higher sales and renewal fees, partially offset
by the effect of lower rates.

– Small business banking is the customer segment supporting small
owner-operated businesses, including owners’ personal holdings.
Revenue is earned from sales and service fees paid by CIBC product
groups, primarily the investments, deposits and lending products
businesses. Small business banking also includes bizSmart, which earns
revenue from net interest spreads. Revenue was $167 million in the
quarter, down $9 million from the third quarter of 2000 due to lower
deposit spreads and the effects of refinements to segment revenue
among the business lines. Revenue was up $7 million from the prior
quarter due to three extra days in the quarter.

– West Indies is a full-service banking operation in eight countries,
servicing all customer segments through a 45 branch network and
electronic delivery channels. Revenue is earned on net interest
spreads and sales and service fees. Revenue was $70 million in the
quarter, comparable with the third quarter of 2000 and the prior
quarter.

– Lending products comprises personal (including student loans), small
business and agricultural lending portfolios. Revenue is earned
through net interest spreads and service fees; part of this revenue is
paid to the customer segments. Revenue was $155 million in the
quarter, unchanged from the third quarter of 2000. Improved consumer
and small business interest spreads and higher consumer loan volumes
drove revenue up, but this was largely offset by a $11 million
decrease in student loan revenue. Student loan revenue declined as a
result of a strategic business decision to exit risk share lending
programs when CIBC’s contract with the federal government expired last
year. Revenue was unchanged from the prior quarter as the effect of
three extra days was offset primarily by higher sales and renewal
commissions paid.

– Other consists primarily of the allocation of a portion of treasury
revenue. Revenue was $18 million in the quarter, up $18 million from
the third quarter of 2000 and up $11 million from the prior quarter
largely due to higher treasury revenue.

Non-interest expenses were $485 million, up $38 million from the third
quarter of 2000 due to salary increases effective January 1, 2001, extended
branch hours, staffing of small business advisory teams and infrastructure
investment. Non-interest expenses were up $30 million from the prior quarter
primarily due to three extra days in the quarter and infrastructure
investment. Non-interest expenses for the nine months ended July 31, 2001 were
$1,372 million, up $79 million from the same period in 2000.
The regular workforce headcount totaled 13,143 at quarter end, up 216
from the second quarter with the additional headcount being primarily in
retail banking and small business banking.

Developments in the quarter included:

– CIBC and Barclays PLC announced that advanced discussions are underway
to combine their retail, corporate and offshore banking operations in
the Caribbean, to create FirstCaribbean International Bank(TM). Under
the proposal, which is subject to government and regulatory approval,
Barclays PLC and CIBC would each own approximately 45% of the ordinary
share capital of FirstCaribbean International Bank(TM), with the
remainder held publicly and with the intention to increase public
share holdings up to 20% as soon as practicable. FirstCaribbean
International Bank(TM) would retain the listings of CIBC West Indies
Holdings Limited in Barbados, Trinidad and Tobago and Jamaica.

– Effective August 1, 2001, the provinces of Ontario, Alberta and Prince
Edward Island entered into alternative arrangements for disbursing
student loans. CIBC continues to disburse student loans in the
provinces of Newfoundland, New Brunswick, and Quebec, and is protected
against credit risk exposure under these programs. As the various
student loan programs migrate to a direct lending program, CIBC
continues to leverage its investment in EDULINX Canada Corporation for
the servicing of student loans.

– For customer convenience, 86 branches across Canada have extended
business hours so far this year. By year end, this number is expected
to more than double and almost 30% of our branches will be open on
Saturdays.

– Robbery prevention initiatives reduced branch robberies 38% year-to-
date compared with the same period a year ago.

– CIBC’s technology upgrade in retail banking continued, with the
installation of 1,090 upgraded counter workstations this quarter.
Year-to-date, 1,590 upgraded workstations have been installed in 330
branches. In the fourth quarter, we plan to install 678 more counter
workstations in 172 branches and will start the rollout of the new
Windows 2000 based technology platform in approximately 200 branches.

– Small Business Way, a training initiative which provides a
comprehensive small business banking accreditation program, was
introduced at the beginning of the quarter.

– Despite the current economic slowdown, impaired personal loans and
personal lines of credit are currently trending favourably versus the
prior two years, the result of enhanced front-end credit adjudication
and back-end collection processes. Small business and agricultural
impaired loans are trending consistently with the previous two years.

– Nine bizSmart kiosks were opened during the quarter (five in Alberta
and two in each of British Columbia and Ontario), bringing the total
to 37 bizSmart kiosks in operation at quarter end. As well, Personal
Line of Credit, which offers a credit limit up to $50,000 and an
interest rate of prime plus 1.75%, and Personal GIC were added to the
bizSmart product line. In addition, an Internet application for
business customers was also launched.

(1) The calculation of the asset growth rate was adjusted this quarter
to exclude assets that were converted to index mutual funds, at
CIBC’s discretion, in March, 2001.

Net income for the quarter was $90 million. Excluding an after-tax gain
of $22 million from the sale of the Guernsey private banking business, net
income was down $11 million from the third quarter of 2000 primarily due to
lower revenue. Net income, after adjusting for the gain, was down $7 million
from the prior quarter as a result of increased expenses. Excluding the gain,
net income for the nine months ended July 31, 2001 was $253 million, down $69
million from the same period last year due to lower revenue from retail
trading activities and expenses incurred to exit certain business operations.
The decrease was also due to higher than normal annual incentive fees earned
on risk-free participation in the profits of investment partnerships in the
prior year.

Revenue for the quarter was $598 million. Excluding the gain, revenue was
down $54 million from the third quarter of 2000 as weaker market conditions
prevailed, and up $15 million from the prior quarter. Revenue for the nine
months ended July 31, 2001 was $1,772 million, down $343 million from the same
period in 2000, after adjusting for the gain, primarily due to lower annual
incentive fees and trading volumes.

Revenue details are as follows:

– Imperial Service is the customer segment offering financial advice to
CIBC’s high-value clients. Specially trained financial advisers
support the financial planning and product fulfilment needs of these
clients. Revenue is earned from sales and service fees paid by CIBC’s
product groups, primarily the investments, deposits and lending
products businesses. Revenue was $168 million in the quarter, up $23
million from the third quarter of 2000 due to business volume
increases and revenue allocations renegotiated during the year.
Revenue was up $8 million from the prior quarter.

– Private client investment and asset management generates fees and
commissions from full-service retail brokerage providing equity and
debt investments, mutual fund products, asset management services and
advisory and financial planning services to individuals in Canada and
the United States. Revenue was $256 million in the quarter, down $53
million from the third quarter of 2000 primarily as a result of lower
trading volumes. Revenue was down $11 million from the prior quarter
due to prevailing weaker markets.

– Global private banking and trust provides a comprehensive range of
global solutions, including investment management, trusts, private
banking and global custody to meet the financial management needs of
individuals, families and corporations with significant financial
resources. Revenue for the quarter was $53 million. Excluding the
gain, revenue was $31 million, down $9 million from the same quarter
last year due to the loss of ongoing revenue from CIBC Suisse S.A.
exited in the fourth quarter of 2000. Revenue, after adjusting for the
gain, was comparable with the prior quarter.

– Wealth products include mutual funds, investment management services,
online and discount brokerage services and GICs. These investment
products are developed and distributed to retail, small business and
Imperial Service customers. Revenue was $98 million in the quarter,
down $30 million from the third quarter of 2000. The decrease was due
primarily to lower discount brokerage revenue resulting from declines
in trading activity, as well as increases in the sales and service
fees paid to customer segments. GIC revenue decreased from the same
quarter last year due to narrower net interest margins, along with
increases in commissions paid to customer segments within CIBC.
Revenue was consistent with the prior quarter.

– Other consists primarily of the allocation of a portion of treasury
revenue. Revenue was $23 million in the quarter, up $15 million from
the third quarter of 2000 and up $11 million from the prior quarter,
due to increased treasury revenue.

Non-interest expenses were $488 million, down $26 million from the third
quarter of 2000 primarily due to revenue-related variable expenses. Non-
interest expenses were up $23 million from the prior quarter as a result of
increases in non-credit losses, legal expenses and recruitment expenditures.
Non-interest expenses for the nine months ended July 31, 2001 were $1,413
million, down $192 million from the same period in 2000 due to decreases in
variable expenses associated with lower revenue.
The Wealth Management regular workforce headcount totaled 6,722 at
quarter end, down 136 from the prior quarter primarily due to the sale of the
Guernsey private banking business.

Developments in the quarter included:

– CIBC Investor Services Inc. introduced a new website at
www.investorsedge.cibc.com to improve and simplify the online
investing experience for Investor’s Edge and Imperial Investor Service
clients. The new website has easy-to-use navigation with a host of new
features and functions including access to CIBC World Markets Canadian
equity research. A new online Alerts service allows clients to receive
personalized stock notifications to keep abreast of the latest
developments affecting their investment portfolios.

– During the quarter, CIBC sold its Guernsey private banking business to
The Bank of N.T. Butterfield & Son Limited in Bermuda for an after-tax
gain of $22 million. This transaction is consistent with CIBC Wealth
Management’s strategy of focusing on its North American client base
and growing its Caribbean and Asian operations.

– As at the end of June, CIBC Mutual Funds ranked second among the big
six banks in year-to-date net sales, and moved up to third among all
Canadian mutual fund companies. As at June 30, 2001, CIBC continues to
rank first in index fund net sales for fiscal 2001.

– Since its conversion to a multi-manager approach in May 2001, Personal
Portfolio Services (PPS), Canada’s leading discretionary investment
management program, achieved net sales of $53 million. Total assets
under management are $6.0 billion.

– CIBC Wood Gundy, CIBC’s Canadian full-service brokerage operation,
continues to focus on growing fee-based asset management programs.
Specifically, Investment Advisory Service increased net assets by $217
million, representing 155% growth, year-to-date.

Net income was $229 million, down $157 million from the third quarter of
2000 which had more robust market conditions and higher merchant banking
revenue. Net income was up $34 million from the prior quarter due to higher
revenue from origination activities. Net income for the nine months ended July
31, 2001 was $695 million, down $284 million from the same period in 2000.
Revenue was $1,066 million, down $233 million from the third quarter of
2000 and up $67 million from the prior quarter. Revenue for the nine months
ended July 31, 2001 was $3,241 million, down $412 million from the same period
in 2000.

Revenue details are as follows:

– Capital markets operates trading, sales and research businesses
serving institutional, corporate and government clients across North
America and around the world. Revenue was $365 million in the quarter,
up $19 million from the third quarter of 2000 and up $14 million from
the prior quarter. The increase was due primarily to the strong
performance of the fixed income business.

– Investment banking and credit products provides advisory services and
underwriting of debt, credit and equity for corporate and government
clients across North America and around the world. Revenue was $480
million in the quarter, up $82 million from the third quarter of 2000
due to increased leveraged finance activity, primarily in Europe.
Revenue was up $82 million from the prior quarter due to improved
leveraged finance conditions, combined with increased U.S. investment
banking activities.

– Merchant banking makes investments to create, grow and recapitalize
companies across a variety of industries. Revenue was $103 million in
the quarter, down $309 million from the third quarter of 2000 which
benefited from higher merchant banking divestiture gains. Revenue was
down $40 million from the prior quarter due to lower realized gains
net of asset write-downs.

– Commercial banking originates financial solutions centred around
credit products for medium-sized businesses in Canada. Revenue was
$125 million in the quarter, comparable with both the third quarter of
2000 and the previous quarter.

– Other includes the allocation of a portion of treasury revenue, net of
unallocated funding charges; CEF Capital, an affiliated Asian merchant
bank holding company; and other revenue not directly attributed to the
main businesses listed above. Revenue was $(7) million in the quarter,
down $29 million from the third quarter of 2000 due to higher treasury
related funding charges. Revenue was comparable to the prior quarter.

Non-interest expenses were $685 million, down $24 million from the third
quarter of 2000 as a result of lower revenue-based compensation expenses. Non-
interest expenses were up $59 million from the prior quarter primarily due to
variable compensation associated with higher revenue. Non-interest expenses
for the nine months ended July 31, 2001 were $2,025 million, down $101 million
from the same period in 2000.

The regular workforce headcount totaled 2,989 at quarter end, up 22 from
the prior quarter.

Developments in the quarter included:

– CIBC World Markets launched a new webcast facility, CIBC eTV, a
proprietary web-based online television station providing clients with
access to current research.

– CIBC World Markets held an official ground breaking ceremony at the
commencement of construction of its new U.S. headquarters to be
located at 300 Madison Avenue in New York.

– CIBC World Markets successfully initiated an equity arbitrage business
in Ireland. This business is expected to play an important role in our
strategy to expand into European equity markets.

– Divestiture of non-strategic facilities continued with the sale of
$316 million of performing loans, resulting in pre-tax charges of $23
million. CIBC World Markets, together with Treasury and Balance Sheet
Management will continue to explore opportunities in this area.

– CIBC World Markets participated in a number of significant
transactions in the quarter:

– Sole underwriter and lead arranger of a US$2.0 billion credit
facility to finance George Weston Limited’s acquisition of
Bestfoods Baking Company.

– Joint-lead arranger, joint bookrunner, documentation agent, and
security agent on a senior debt facility, as well as joint arranger
and administrative agent on a bridge facility for Apax Partners
& Co., and Hicks, Muse, Tate & Furst Inc.’s acquisition of Yell
Directories from British Telecommunications plc for pnds stlg 2.14
billion.

– Financial advisor, lead arranger and underwriter on Nomura
Principal Finance Group’s acquisition of Le Meridien from Compass
Group plc for pnds stlg 1.9 billion.

– Co-lead manager and underwriter in a commercial real estate
securitization offering of US$962 million.

Details

MasterCard & Excite

TORONTO, Aug. 15 /CNW/ – MasterCard Canada, one of Canada’s leading
payment brands and Excite Canada, one of Canada’s foremost Internet companies,
have entered into a co-marketing alliance making MasterCard the preferred
payment brand for consumers shopping online at Excite.ca and the Excite for
@Home broadband portal.

To celebrate the launch of their collaboration, MasterCard Canada is
offering consumers a promotion titled “RAKE IT INstantly”. The promotion is
being supported online by Excite.ca and will run from August 15 to October 15,
2001. Consumers will have the opportunity to win prizes in one of three ways:
instant scratch and win coupons available in participating MasterCard issuer
cardholder statements, automatic entry each time a customer uses their
MasterCard at any of the participating partner locations during the promotion
period; or online by visiting www.mastercard.ca/rakeitinstantly/excite.
Participating partners include Canadian Tire, Loblaw Companies Ltd, The
Northern Group, Music World, The Brick, The Sony Store, Sony Style and Jean
Coutu. A sample of the prizes to be won include free groceries for a year, a
Sony 43″ Projection TV and a $2,500 Canadian Tire Shopping Spree.
“As leaders in our industries, it is a natural fit for MasterCard Canada
and Excite Canada to team up to offer consumers added benefits and convenience
when shopping online,” said Tracy Folkes Hanson, Vice President, Marketing and
Communications, MasterCard Canada. “Excite Canada offers Internet shoppers a
wide range of helpful tools and services to help them make informed decisions
when purchasing online.”

In addition to value and convenience, both MasterCard and Excite Canada
are committed to offering consumers a safe a secure environment when shopping
online. MasterCard Canada recently introduced a Zero Liability Policy. This
policy eliminates the former $50 fee for cardholders who experience fraud
through unauthorized transactions. The Zero Liability Policy applies to all
consumer card purchases, visit www.MasterCard.ca for more details.
“Broadband users are leading the charge to online shopping, taking
advantage of its convenience and security,” says Nyla Ahmad, Executive Vice
President of Excite Canada. “We look forward to building our relationship with
MasterCard to enhance the consumers shopping experience even more.”
MasterCard Canada and Excite Canada are currently developing additional
initiatives including MasterCard Exclusive Offers for Excite.ca and co-branded
web pages.

About MasterCard

MasterCard International has the most comprehensive portfolio of payment
brands in the world. More than 1.7 billion MasterCard(R), Cirrus(R) and
Maestro(R) logos are present on credit, charge and debit cards in circulation
today. An association comprised of more than 20,000 member financial
institutions, MasterCard serves consumers and businesses, both large and
small, in 210 countries and territories. MasterCard is the leader in quality
and innovation, offering a wide range of payment solutions in the virtual and
traditional worlds. MasterCard’s award-winning Priceless(R) advertising
campaign is now seen in 81 countries and in more than 36 languages, giving the
MasterCard brand reach and scope unrivaled by any competitor in the industry.
With more than 21 million acceptance locations, no card is accepted in more
places and by more merchants than the MasterCard Card. In 2000, gross dollar
volume exceeded US$857 billion. MasterCard can be reached through its World
Wide Web site at .

About Excite Canada

Excite Canada, Canada’s leader in broadband, is a joint venture of Rogers
Media Inc and Excite@Home Inc. Its branded network of highly popular
content destinations include the open-Web portal www.excite.ca and the
broadband Excite for @Home content portal which is featured exclusively on
the industry-leading Rogers, Shaw and Cogeco @Home high-speed Internet
services. A demonstration site for non-@Home customers is available at
www.excite.ca/broadband. Excite Canada also offers wireless content and
applications at www.excite.ca/mobile for web-enabled Rogers AT&T mobile
devices. Excite Canada is fully engaged in realizing the potential of the
broadband Internet future by working with its partners to provide useful,
interactive and entertaining services to Canadian consumers. Excite and the
Excite logo are trademarks of Excite@Home, used by Excite Canada under
license.

Information about MasterCard Canada can be obtained by visiting
www.mastercard.ca.

-30-

For further information: Jennifer Duggan, Goodman Communications,
(416) 924-9100 ext. 269, jenniferd@goodmanpr.com; Grant Packard, Excite
Canada, (416) 642-4724, gpackard@excitehome.net;
Archived images on this organization are available through CNW E-Pix at
. Images are free to members of The Canadian Press.

MASTERCARD CANADA, INC. has 18 releases in this database.

Details

PSCU Promotes Leggett

Payment Systems for Credit Unions, Inc., the nation’s largest Credit Union Service Organization (CUSO), recently announced the appointment of Chris A. Leggett, currently PSCU’s Eastern Regional Director, to National Sales Director effective September 1, 2001.

As National Sales Director, Leggett will direct and manage the new sales processes for PSCU. This will allow for a more focused effort towards the attainment of new business along with PSCU’s traditional service lines of debit and credit processing. Leggett will evaluate new member opportunities, oversee implementation and execution of new business sales strategies and campaigns. Forecasting revenue and growth potential on new business, and implementing company policies and procedures to maintain high quality sales processes are additional responsibilities Leggett will manage. The creation and realization of National Sales is a critical part of the realignment efforts PSCU is employing to meet expected new business growth.

Leggett began his career with PSCU as the Eastern Regional Director in July of 2000 and was previously employed by Government Employees Credit Union of Florida for 16 years, with the last nine as Chief Financial Officer. Leggett states about his new position, ‘We have a great opportunity to tell the PSCU story to the credit union marketplace! These are exciting times at PSCU, and I look forward to my new role as National Sales Director.’

Brian Crawford, PSCU’s Chief Marketing Officer welcomes Leggett by saying, ‘This position is 100% focused on bringing PSCU strategies and solutions to the credit union industry. Chris Leggett’s experience in the industry and his enthusiasm and commitment to PSCU will play a significant role in the success of our future business growth.’

PSCU, founded in 1977, is owned by more than 500 member credit unions representing in excess of 6 million cardholder accounts across the nation. PSCU provides technology and cost-effective, high quality financial services and products solely to credit unions and their members. Additional information can be obtained by visiting PSCU’s website at www.pscu.net. For information on ePSCU, a division of PSCU dedicated entirely to Internet product development and delivery, visit [www.epscu.com][1].

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

Details

FREEDOM-GATE

MIST Inc. announced that it has commenced deployment of its
FreedomGate transaction payment gateway. This gateway provides banks and
processors with direct connectivity to all of the major data communication
networks, particularly wireless networks, and enables them to manage these
connections with unprecedented ease and flexibility. Furthermore, MIST’s
gateway has more functionality and related software applications than any
similar product in the transaction payment industry.

MIST has also completed the development of its MIST Freedom III
desktop transaction terminal. Together with the MIST Freedom I and II
terminals, MIST now offers the most advanced and complete end-to-end
payment solution for banks and their merchant clients. The MIST Freedom
family of transaction terminals are all designed to take full advantage of
FreedomGate’s many features.

The MIST Freedom III transaction terminal has a large touchscreen and
contains a built-in ethernet port providing merchants with direct access to
the internet. The connectivity features enable merchants to significantly
reduce their communication and transaction processing costs. Moreover, the
expanded memory and large touchscreen enable banks and their merchant
clients to communicate interactively. Banks can now take advantage of
unparalleled terminal management features and simultaneously offer
merchants many value-added applications. These applications include time
and attendance, advanced reporting features, short text messaging, loyalty
and coupon programs, advertising and electronic storefront.

Financial Results

Net income for the nine months ended June 30, 2001 was $5.6 million,
or $0.18 per share, compared to a loss of $2.7 million or $(0.09) per share
in 2000. The increase is due to the $16.5 million gain realized on the sale
of the company’s card and imprinter manufacturing facilities. Net income
for the third quarter was $478 thousand, or $0.02 per share, compared to a
loss of $3.0 million, or $0.10 per share, in the prior year. The
improvement is due to a $5.0 million gain recorded on the sale of the
imprinter facility which closed during the quarter.

Revenue for the nine months ended June 30, 2001 was $6.6 million,
down substantially from $11.6 million last year. During the third quarter,
revenue was $2.6 million compared to $4.4 million last year. The decline in
revenue is due to a reduction in sales of traditional wired transaction
terminals. Banks and processors have reduced their capital spending in the
current economic slowdown and delayed product purchases as they plan for
the deployment of newer wireless terminals. MIST anticipates that sales
will recover towards the end of 2001 and into 2002.

The loss from continuing operations for the nine months ended June
30, 2001 was $12.4 million, and $4.3 million for the third quarter. This
loss is substantially greater than the prior year due to the sharp increase
in research and development costs and selling expenses predominantly
associated with the development of the Freedom III and the gateway. These
expenses totaled $5.4 million for the nine months and $2.2 million for the
third quarter.

Japanese Security Conference

During the quarter, MIST hosted a conference in Japan on security
issues involved in transaction payment processing in cooperation with VISA,
the TD Bank and the Canadian Embassy. This conference was well attended by
90 companies and institutions, including representatives of Japan’s largest
banks and telecommunication companies. The conference displayed the
technology that is used in Canada to protect the security of transaction
payments. This technology ensures that debit and credit transactions
processed in Canada are among the most secure in the world. MIST also
featured its payment gateway and, in particular, features imbedded in the
gateway that enhance network security.

Corporate Reorganization and Liquidity

During the quarter, MIST announced that it had deferred plans to sell
its card issuance business to its two major shareholders, and the related
special dividend payment to shareholders. This will conserve the company’s
cash for operating purposes.

In addition, Trilon Bancorp Inc., an affiliate of Trilon Financial
Corporation, one of MIST’s major shareholders, has agreed to revise and
extend MIST’s current credit facility, under which MIST owed approximately
$18.3 million as at June 30, 2001. The revised facility provides for
borrowing of up to C$22 million, a portion of which of which is due
December 31, 2001 and the remainder that is due in August 2002. The revised
facility bears interest at a floating interest rate and is secured by the
company’s and its subsidiaries’ assets. As part of the revision of the
facility, MIST will grant Trilon Bancorp Inc. a warrant to purchase 500,000
common shares of MIST at $1.25 per common share. Completion of this
transaction is subject to regulatory approval.

Outlook

The company anticipates that revenues will increase later this year
and into 2002 as banks and processors begin to deploy FreedomGate(TM) and
the company’s new wireless transaction terminals. Product development costs
will be significantly reduced in the future as the gateway and Freedom
family of transaction terminals are now essentially complete.

About MIST Inc.

MIST Inc. is a leading provider of transaction payment solutions. The
company provides network connectivity and value-added applications through
its FreedomGate(TM) transaction payment gateway to banks, processors and
retail merchants. Through its facilities in Canada, the United States and
Japan, the company also manufactures and distributes transaction payment
terminals, including its innovative Freedom family of wireless transaction
terminals that maximize the functionality of FreedomGate(TM). For more
information, visit www.mistwireless.comor contact
investor-relations@mistwireless.com.

Details

CIBC – Juniper

The Federal Reserve Board Friday approved the application of Canadian Imperial Bank of Commerce to acquire the majority of the shares of DE-based Juniper Financial Corp. to give it control of Juniper Bank. Juniper specializes in online and wireless banking services and launched a MasterCard in October issued through Columbus Bank & Trust. Juniper has been engaged for the past several months with securing its third round of funding. In May, the Federal Reserve gave the nod to Juniper to become a bank holding company by acquiring a MO-based bank, which through a series of transactions, transferred Juniper’s credit card assets from CB&T to Juniper Bank. CIBC said its acquisition of 95% of Juniper’s preferred stock (up to 51% of Juniper’s total voting shares) would be acquired either by CIBC’s Delaware Holdings or by Amicus Holdings affiliates. CIBC launched Amicus Financial, an e-banking subsidiary, in April through an alliance with Sympatico-Lycos. Amicus offers the President’s Choice Financial MasterCard. CIBC acquired control of Amicus Bank, formerly known as St. Anthony Bank FSB, in April 2000. Juniper was founded by Richard Vague, co-founder of First USA and Jim Stewart, former CEO of WingspanBank.com and EVP at First USA. (See CF Library 5/25/00; 7/31/00; 10/25/00; 1/5/01; 5/10/01)

Details

GEMPLUS UNLOADS TAG

Gemplus International S.A, the leading provider of solutions empowered by
smart cards, announced the sale of its TAG subsidiary, a leading provider
of electronic smart labels solutions based on RFID (Radio Frequency
Identification) to Axa Private Equity. The terms of the agreement have not
been disclosed.

Gemplus is strategically focused on three core marketplaces:
telecommunications, financial services and e-business security. The sale of
the TAG subsidiary allows Gemplus to intensify its market driven approach
within its strategic competencies and dedicate more resources to their growth.
“We are focused on delivering high value solutions and moving up the
value chain in our target markets,” said Antonio Perez, President and CEO
of Gemplus. “Our strategy involves concentrating our effort and investment
into meeting the needs of our customers.”

The sale has the full support of the TAG management team and the TAG
subsidiary, which employs approximately 100 people, has been sold as a
going concern. It will continue to offer RFID support to a variety of blue
chip customers, including Air Liquide and Marks & Spencer.
“Gemplus is pleased that a suitable buyer has been found for the TAG
subsidiary. The business case and the management of the TAG subsidiary were
never an issue in the decision to sell. We are confident that the TAG
subsidiary will continue to succeed in the future and that the sale
benefits both parties,” added Perez.
Axa Private Equity is a management firm with expertise in all areas
of private equities (LBO’s, venture capital, growth expansion, recovery,
funds of funds).

About Gemplus

Gemplus: the world’s number one provider of solutions empowered by
Smart Cards (Gartner Dataquest 2001).
Gemplus helps its clients offer an exceptional range of portable,
personalized solutions that bring security and convenience to people’s
lives. These include mobile Internet access, inter-operable banking
facilities, e-commerce and a wealth of other applications.
Gemplus is the only completely dedicated, truly global player in the
Smart Card industry, with the largest R&D team, unrivalled experience, and
an outstanding track record of technological innovation.
Gemplus trades its shares on Euronext Paris S.A. First Market and on
the Nasdaq Stock Market as GEMP in the form of ADSs. Its revenue in 2000
was 1.205 Billion Euros. It employs 7500 people in 37 countries throughout
the world.

Details

Student Wallets

About 1.8 million students will be heading to college this week, carrying more plastic than ever. First USA released a poll this morning that showed that 40% of college students will carry credit cards in their wallets. FUSA also found that parents will be making the card payments for slightly more than one out of three students. According to the First USA ‘Financial Index’, other items likely to be found in freshmen’s wallets include: a telephone calling card (42%), receipts for purchases (37%), and organ donor cards (25%). The survey also showed that 8% of students list credit card among possessions necessary to succeed at school. To earn extra cash, 1.3 million of students will have a job during their freshman year.

Details

EPAYLATINA SOLD

Pursuant to a Form 8-K
dated August 10, 2001, Freestar Technologies announced that it has purchased all of the assets of EPayLatina, S.A. in
exchange for 1,000,000 shares of Series A preferred stock in Freestar.
The Series A shares are convertible into 12,000,000 shares of common stock
in Freestar. Conversion can occur upon the certification that Freestar has
achieved a twelve-month, before-tax profit of at least $1,000,000. At that
time, one third of the preferred shares will convert to common stock until all
of the preferred stock has been converted.

The preferred stock was issued pursuant to Section 4 (2) of the Securities
Act of 1934, as amended, and was disbursed to Paul Egan, the owner of
EPayLatina, S.A. The preferred stock has voting status, and each share
receives twelve votes on any issue brought before the shareholders.
Total assets transferred to Freestar by this transaction were valued at
$4,200,000 less liabilities of EPayLatina, which Freestar assumed, totaling
$18,108.

EPayLatina has developed proprietary software known as Enhanced
Transactional Secure Software (“ETSS”) which enables consumers to consummate
secure e-commerce transactions over the Internet using credit, debit, ATM
(with PIN) or smart cards. The ETSS system integrates a consumer-side swipe
terminal with a back-end host-processing center. The swipe terminal encrypts
sensitive financial data at the consumer’s personal computer before sending
the data over the Internet to a secure third-party processing center for
decoding and subsequent forwarding of the credit, debit, ATM or smart card
information to the online merchant.

In addition to EPayLatina’s powerful triple DES encryption, algorithms
protect financial data sent from the consumer’s terminal to the processing
center when a transaction is consummated, thus allowing the merchant to
receive an authorization number. The merchant never receives the consumer’s
credit card information. This allows for a maximum level of security during
the EPayLatina transaction.

Details

OPC & MS

Official Payments Corp. announced it has expanded its agreement with the State of Mississippi. By using these services, Mississippi citizens and businesses can now pay their established business sales and use tax liabilities by credit card over the Internet and telephone. The new agreement expands on the company’s existing service, which allows Mississippi citizens to make their state income tax invoice payments by credit card, over the Internet and by telephone. The State of Mississippi collects $2 Billion annually in business sales and use tax. Business sales and use tax obligations are paid monthly, quarterly or yearly depending on the amount owed to the state. The new system is scheduled to go live later this year.

“We are pleased to expand our services to the citizens of Mississippi,” said Thomas R. Evans, Chairman and CEO of Official Payments Corp. “We think this new offering will be particularly helpful to small and medium businesses in managing their cash flow and meeting their sales and use tax obligations,” Mr. Evans, added. Official Payments Corp. charges taxpayers a convenience fee for processing these credit card transactions. The fee schedule can be found on the Internet at www.officialpayments.com. For example, a taxpayer who owed the State of Mississippi $2,000.00 in sales and use taxes and charged their taxes would find a total of $2050.00 on their credit card statement: $2,000.00 for the tax bill and $50.00 for the convenience fee. Taxpayers using credit cards with bonus rewards programs can, depending on their card’s program, earn rewards, points, and cash-back or airline frequent flyer miles for paying their taxes.

About Official Payments Corporation

Official Payments Corporation (Nasdaq: OPAY) is the leading provider of electronic payment options to government entities. The company’s principal business is enabling consumers to pay their government taxes, fees, fines, and utility bills by credit card, via Internet and telephone. The company is unequaled in market penetration and national footprint. Official Payments has agreements to collect and process credit card payments with the Internal Revenue Service, 18 state governments, the District of Columbia, and over 900 county and municipal governments in 48 states across the United States. In 2000, Official Payments collected and processed over $925 million in federal, state and local government payments.

Official Payments was founded in the San Francisco Bay area in 1996. Thomas R. Evans, the former President & CEO of the Internet Company GeoCities, became Chairman & CEO of Official Payments in the summer of 1999. Mr. Evans brought Official Payments public in November of 1999, raising $80 million in its IPO on the NASDAQ national market. The company’s success in new client acquisition, increasing business with its existing clients and in building consumer awareness can be attributed to the combination of an enormous market opportunity with a highly skilled and experienced management and staff, aggressive sales and marketing, and a core competency in developing and implementing leading-edge technical systems.

Details

Global’s MD Ops Ctr

Global Payments Inc. announced it has completed and opened a new, 105,000 square foot operations and customer service center in Baltimore County, Maryland located at 10705 Red Run Boulevard in Owings Mills, Maryland.

The facility, which was developed to insure a pleasant, efficient and productive work environment, accommodates initially up to 500 employees with an opportunity to expand further, as required. This center will provide account support, customer service, business development and sales support for over one million Global Payments merchant locations throughout the United States and Canada.

Monitors that provide up-to-the-minute feedback on service levels, as well as company announcements are located throughout the space, for immediate viewing by managers and staff employees. Also included in the building s amenities are a cafeteria, serving breakfast and lunch, as well as an employee exercise facility.

President and Chief Executive Officer of Global Payments, Paul R. Garcia, said, We are pleased to be able to offer our customers and our employees such an outstanding facility, as well as become an integral part of the Baltimore County community.

An open house for Global Payments customers, community members, local media and employees is scheduled to take place on August 24, 2001 from 11:00 a.m. until 1:00 p.m. EDT at the new building on Red Run Boulevard.

The new facility replaces the Global Payments offices previously located in Hanover, Maryland.

Global Payments Inc. is headquartered in Atlanta, Georgia and operates customer support and sales centers throughout North America and the United Kingdom in the following major metropolitan areas Chicago, Illinois; Cleveland, Ohio; Dallas, Texas; Peterborough, England; St. Louis, Missouri; Toronto, Ontario, Canada; Winston-Salem, North Carolina, as well as 24 regional sales offices throughout the United States and Canada.

Global Payments Inc. is a leading provider of electronic transaction processing services to merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada and the United Kingdom. Global Payments offers a comprehensive line of payment solutions, including credit and debit cards, business-to-business purchasing cards, gift cards, check guarantee, check verification and recovery, terminal management and funds transfer services.

Details

Foil Cards

NJ-based QualTeq has signed a deal to grant a non-exclusive license of its patented ‘Foil Card’ technology to Plastag Corporation, an IL-based non-secure card manufacturer. The patented card technology provides for graphically printing over a mirror foil surface of a card. Unlike previous foil card processes, the QualTeq ‘Foil Card’ can accept litho and silkscreen inks, foil stamping, lamination, and other applications such as holograms. The process offers a range of foil colors including gold, silver, and rainbow foils. QualTeq says there are many card manufacturers who improperly reference products in their lines as ‘Foil Cards’, which is an infringement on its trademarked and patented technology.

Details