Creditrust Delay

Creditrust Corporation announced late Tuesday that it was delaying until Monday, February 28, 2000, its results for the fourth quarter and year ended December 31, 1999. Creditrust expects that it will be in a position to announce a potentially favorable material corporate development at that time.

The Company has rescheduled its earnings conference call until 11 a.m. on Monday, February 28, 2000.

Founded in 1991, Creditrust Corporation acquires, manages and collects delinquent consumer receivables utilizing an information-driven strategy. The Company uses proprietary technology to acquire receivables primarily consisting of charged-off Visa(R), MasterCard(R), and private label credit card accounts issued by major banks and merchants. Creditrust was added to the Russell 2000 Index(R) in July of this year.

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US Central CU E-Bill

Princeton eCom, a leading application service provider in electronic bill presentment and payment, announced an agreement with U.S. Central Credit Union’s subsidiary, Corporate Network eCom, LLC, to provide its members with electronic bill payment services. U.S. Central, the nation’s wholesale corporate credit union with assets of $26.5 billion, is owned by 35 member corporate credit unions. Collectively, U.S. Central’s members can provide financial services to approximately 11,000 credit unions nationally, reaching a combined customer base of nearly 76 million.

Princeton eCom’s ePayment solutions will offer U.S. Central members the most advanced technology for accurate electronic payments based on a per-transaction pricing model. This pricing model only charges a fee for each ePayment transaction. It does not charge subscriptions or enrollment fees, reducing the overall cost of an electronic payment program by more than 40 percent.

Through this strategic alliance, all 11,000 credit unions have the opportunity to resell Princeton eCom’s eLockbox technology under their own brand name. This capability, available exclusively through Princeton eCom, provides financial institutions new business opportunities in their local community by enabling them to offer electronic payment connectivity to their local business base. eLockbox delivers the most accurate electronic payment processing by eliminating exception items, so often associated with electronic payment processing. eLockbox connects directly into a company’s accounts receivable system for immediate and accurate posting and settlement. Through the use of eLockbox technology, credit unions can now enable their regional billers with electronic payment connectivity that will seamlessly integrate into whatever legacy system they used.

“We did exhaustive research and due diligence to find the best electronic payment partner for our member corporates’ 11,000 credit unions,” said Dan Kampen, president and CEO of U.S. Central and CEO of Corporate Network eCom. “We felt our members would benefit from PrincetoneCom’s sixteen years of experience in electronic payment processing. Its state-of-the-art electronic links enable credit unions to offer their members the best electronic payment connectivity available today. Princeton eCom’s technology, pricing model, private label reseller capabilities and quality expands the services that we can offer our members and their credit unions.”

Steve Greenwood, senior vice president of marketing and strategic alliances at Princeton eCom, said, “The decision of Corporate Network eCom to partner with Princeton eCom is indicative of our capacity to provide complete and convenient electronic bill payment to an expanding number of financial institutions. Corporate Network eCom is as committed as we are in providing customers with access to the best quality bill payment service online. With the expansion of the Internet as the preferred e-commerce platform, Princeton eCom has positioned itself as a leader in electronic payment solutions, and our ePayment services are now used by more than 400 major financial institutions nationwide.”

About Princeton eCom

Princeton eCom is an innovator and technical leader in electronic bill presentment and payment (EBPP) by Internet and the telephone. It was the first company to present an e-bill on the Internet and continues to set the pace for EBPP today. Princeton eCom offers EBPP solutions for business-to-business and business-to-consumer billing applications. The company customizes solutions for the total management of the billing process — expediting payment, minimizing billing costs and integrating with existing financial accounting systems. Committed to increasing adoption of electronic home banking, the company is a champion of open standards for the electronic presentment and payment industry. Using OFX technology, Princeton eCom can access all points of distribution allowing customers to use their financial information anytime from anywhere. Visit Princeton eCom at [http://www.princetonecom.com][1] or for more information call 800-PAYBILL.

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

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Cubic Deal

Cubic Transportation Systems and On Track Innovations announced Monday they have signed a licensing and cooperation agreement aimed at delivering transit authorities flexibility in smart card choices. Under the agreement, Cubic will integrate OTI’s ‘EYECON’ smart card products with Cubic’s ‘Tri-Reader’ multi-protocol contactless smart card reader, the first such device capable of processing three contactless smart card types. OTI’s ‘EYECON’ products utilize the ‘ISO 14443 Type B’ contactless interface. The deal will produce an attractive, cost-effective and secure solution for customers looking to implement secured contact /contactless smart card solutions, while addressing multiple applications such as transit, loyalty, telecommunication and more on a single smart card.

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NBS 4Q/99

Toronto-based NBS Technologies reported a net loss of $124,000 for the fourth quarter compared to a loss of $552,000 for 4Q/98. However the firm is strongly positioned for growth in smart card issuance this year. NBS recently completed development of the ‘NBS Freedom I’, a wireless credit card system currently being piloted in the U.S. with GTE and the ‘NBS Freedom II’, a fully integrated wireless debit/credit card system, currently being piloted with Toronto Dominion Bank. The Solutions Group is currently developing a new line of cost effective products to support VISA smart cards that streamlines the entire issuance process. During the fourth quarter the company won a major contract from a supplier to the US government for the purchase of a ‘Horizon’ card issuance system. This system will be used for the issuance of high security identification cards using a variety of technologies. For more 4Q/99 details on NBS visit CardData ([www.carddata.com][1]).

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

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Wireless CrediPort

CrediPort Systems Inc. of Syracuse, New York announces the availability of a cellular portable credit card verification system. It is now possible to accept credit cards virtually anywhere a cell phone works.

The patent pending CrediPort which has been in development and testing for over a year, consists of a terminal/printer, a 3 watt phone modem and a powerful rechargeable battery. The terminal is certified. Any place a cell phone works, the system works better, as it is usually five times stronger.

Uses include pizza deliveries and home services, trade shows, fica markets, furniture and appliance deliveries, auctions, taxis, truck deliveries, express services, tow trucks, etc. etc. etc.

The CrediPort measuers 5.5″ x 11″ x 6″ and weighs 6.5 lbs. The case is of ballistic nylon and comes with a detachable shoulder strap. When not in use, an accessory is available for verbel communication.

The system works in a larger area than any other wireless system. While others must wait years for new technologies to have infrastructure dispersed, the analog system is mature and in place now. It covers the widest area in the country. The unit can be used from coast to coast flawlessly.

“Cell more with a CrediPort System System” is the company’s trademark. Philip Anderson, President, states that “the go anywhere analog CrediPort System gives a new meaning to the term COD – it’s now Credit on Delivery”. The company should experience rapid growth with the window of opportunity in the analog system being 3-5 years.

Plans call for the CrediPort to operate on different communication technologies at a future time.

The company has reached agreements with an already certified leading terminal manufacturer and the recognized leader in cellular phones.

When the CrediPort system is delivered to a merchant, it is immediately ready to start accepting credit card payments. Due to its mobility, many merchants will see an increase in business and payback will be rapid. Banks are particularly interested in that they see the advantage to their customers – (payment in real time) – with a system already certified by their bank card processors.

A second model includes a check reader and this also has received wide acceptance. Use with an ATM is now being tested.

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Greenland into Wal-Marts

Greenland Corporation, a provider of automated financial services machines that can provide payroll check-cashing, payday advances, ATM functionality, phone card sales, money order dispensing, world wide money transfer and bill paying, announced today that it has been selected by CMG, Inc. and approved by Wal Mart to provide its automated check-cashing machines on a test basis in five of Wal Mart’s stores on the West Coast starting in March, 2000. The Wal Mart tests shall not include ATM, money order, payday advances or phone card services.

More than ten million dollars and five years time have been spent in developing Greenland’s automated banking machines, which, unlike its competition, offers numerous automated financial services features. In the future, the Company anticipates adding Internet sales to complete the process of offering the customer the maximum financial and commodity point of sale services where he or she shops every day. It has been estimated that about 28% of working Americans do not have a formal banking relationship. As a result, check-cashing and payday advance businesses are proliferating throughout the U.S.

Wal Mart has been interested in testing automated check-cashing machines in its stores and it has contracted with CMG, Inc. to provide management support for this project. After diligent review, CMG, Inc. of Sacramento, California, recommended to Wal Mart that the Greenland automated check-cashing machines be deployed.

Commenting on this development, Greenland Corporation’s CEO Louis T. Montulli stated, “We are extremely pleased to have been selected by CMG, Inc. to supply our automated check-cashing machines for the Wal Mart test. We are equally pleased to have formed a strong working relationship with CMG, Inc., a company that has successfully worked with Wal Mart for 12 years. We have spent a significant amount of time and effort in refining our machines and are very confident in their ability to provide broad based automated user-friendly financial services to the customer in convenient locations where our customers shop.”

About Greenland Corporation

Greenland Corporation is a developer and manufacturer of automated payroll check-cashing machines with full ATM functionality, phone card sales, and money order dispensing service. The Company’s user-friendly automated banking machines are being developed to provide dispensing of travelers checks, wire transfers, bill paying, payday advances and electronic benefit transfers in addition to cashing payroll and government checks for users. The company’s common stock trades on the OTC Bulletin Board under the symbol “GLCP”. Visit Greenland on the Internet at [http://www.Greenlandcorp.com][1]

Except for historical financial information that may be contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties including, but not limited to, such factors as market demand, pricing, and changes in worldwide economic conditions.

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

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ICE 6000

> Hypercom Corp. this morning introduced a new card payment terminal for large national retailers, chain drug stores, supermarkets and other multi-lane environments. The ‘ePic ICE 6000’ features the industry’s first 5.7″, 256-color 1/4 VGA touch-screen graphics display screen. The new terminal also supports a full range of electronic payment transactions including debit, credit, check, gift card, EBT and more. In addition to embedded card payment software, the ‘ICE 6000’ also contains an HTML/HTTP browser. Hypercom says the goal of the ‘ICE 6000’ is to implement Internet enabled terminals and an array of revenue-enhancing services without jeopardizing the security of the POS payment environment. With the new terminal multi-lane retailers can take advantage of revenue-generating applications such as advertising and coupons, electronic receipt capture, check imaging and conversion, e-commerce, and direct consumer marketing. Hypercom will begin shipping the terminal next month.

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AmEx Invests in OpenTable.com

American Express announced that it has made a minority investment in OpenTable.com, a leading provider of online restaurant reservations and customer management software for restaurants. Terms of the deal were not disclosed.

OpenTable.com’s service offers diners a new way to book restaurant reservations according to their dining preferences 24 hours a day. Options allow diners to search by cuisine, restaurant name and table availability, and then make reservations in real-time – eliminating the task of calling around in search of an available table. The service also provides restaurants with table and reservation management capabilities through OpenTable.com’s proprietary electronic reservation book (ERB).

OpenTable.com is currently working with restaurants in San Francisco, Boston, Chicago, Los Angeles, New York City, Seattle, Washington, D.C., Portland and Vail, Colorado. The company is expanding this year to offer its online reservations to restaurants nationwide.

“We are delighted to make an investment in OpenTable.com,” said Pierric Beckert, Senior Vice President of Interactive Investments at American Express. “OpenTable.com is building an exciting new online service that delivers superior value and convenience for both diners and restaurateurs. We look forward to combining our experience in the restaurant industry with OpenTable.com’s expertise in this area to deliver innovative products and services.”

“We’re proud to help bring this cutting-edge technology to the restaurant industry and believe that online reservations are an effective way to promote dining out,” added Lloyd M. Wirshba, Vice President and General Manager of Restaurant and Entertainment Industries at American Express. “By utilizing the Internet, restaurateurs can now reach a global audience of potential customers.”

“As a leader in travel and entertainment services, American Express is an exciting investor for us to work with,” said Chuck Templeton, OpenTable.com’s founder and CEO. “Their support will be instrumental in our building the largest real-time restaurant reservation network. We’re pleased that they share our enthusiasm for simplifying the reservation experience for consumers, and revolutionizing the way restaurants understand and communicate with guests.”

American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking. At [http://www.americanexpress.com][1], consumers, small businesses and corporations can choose from a range of Internet products and services. American Express is making minority equity investments in emerging Internet companies, as well as building strategic alliances with these organizations by signing marketing and supplier agreements, obtaining exclusive offers for customers, or targeting investment dollars for marketing purposes.

OpenTable.com, Inc., a leading online restaurant reservation network, is based in San Francisco, CA, and has offices in New York, Chicago, Boston, Los Angeles, Seattle and Washington, D.C. OpenTable.com is an Internet company dedicated to providing diners with the best possible reservation experience, and restaurants with the best customer management tools. OpenTable.com has partnered with restaurants from An American Restaurant Group, Ark Restaurants Corp., California Cafe Restaurant Corp., the Lark Creek Group, Lettuce Entertain You Enterprises, Inc., Real Restaurant Group, Restaurants Unlimited and Union Square Hospitality Group. OpenTable.com is backed by leading Venture Capital Firms including Impact Venture Partners, Benchmark Capital and Prescient Capital. Visit [http://www.opentable.com][2] or call 800.OPENTABLE.

[1]: http://www.americanexpress.com/
[2]: http://www.opentable.com/

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EDS Licenses TelePay

TelePay, Inc., a Dallas-based e-commerce firm providing bill payment and presentment via the Internet and telephone, and EDS have entered into a license agreement establishing EDS as an authorized user and provider of TelePay’s patented electronic debit transaction technology.

The patented solution lets consumers pay a bill real-time using ATM or debit cards.

Scott Walker, TelePay Chief Executive Officer, commenting on his company’s service, said, “We are excited about our new relationship with EDS. The real winners will be EDS’s customers, as they experience increased consumer satisfaction and brand reinforcement while reducing their bill processing costs. Our process creates an additional positive interaction and marketing opportunity with the consumer in the otherwise routine act of paying a bill.”

TelePay, Inc. provides consumers bill payment via the Internet and telephone using a variety of credit card, debit card and electronic check payment options. TelePay customers include some of the United States’ largest cellular, utility, and insurance companies and government entities. TelePay partners with organizations to offer fully integrated, real-time, cost-effective, B2B2C outsourcing of the bill payment and bill presentment process. Consumers are able to pay bills at their convenience using their choice of payment options in a private and secure manner.

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ITHACA POS Printers

TransAct Technologies Inc., a leading producer of transaction-based printers for customers worldwide, announced it will be launching its next-generation POS printers at the Retail Systems 2000 Conference and Exposition in Chicago, on April 17, 2000.

TransAct’s new printer incorporates a unique Hewlett-Packard inkjet cartridge, specifically designed for the high-volume transaction based market. Development of this printer and cartridge began in early 1999, under and alliance formed with HP. The printer, which will be marketed under TransAct’s ITHACA brand name, combines Hewlett-Packard’s inkjet cartridge technology with TransAct’s printer expertise.

Bart Shuldman, President and Chief Executive Officer of TransAct, commented, “We are very excited to announce the upcoming launch our new POS inkjet printer, as we firmly believe that our new printer will revolutionize the manner in which printers are employed in the POS marketplace. We will be supporting the launch with an intensive advertising and marketing campaign, in line with our recently announced brand awareness and corporate identity campaign. This printer is yet another example of how TransAct has been transformed from a traditional printer manufacturer into a technology leader, and we are looking forward to demonstrate our newest innovative product solution to the world in April.”

The launch regarding the new POS inkjet printer will be first introduced through a “teaser” advertising campaign in select trade magazines beginning in March, followed by a formal introduction at the Retail Systems 2000 Conference and Exposition in Chicago on April 17, 2000. A full video product demonstration will be available in April on TransAct’s web site (www.transact-tech.com), highlighting the many features, functions and benefits of this new printer technology.

TransAct Technologies designs, develops, manufactures and markets transaction-based printers and related products under the ITHACA(R), MAGNETEC(R) and Transact.com brand names. The Company’s printers are used world-wide to provide receipts, tickets, coupons, register journals and other documents. The company focuses on five vertical markets: point-of-sale (POS), gaming and lottery, financial services, kiosk and Internet. TransAct sells its products directly to end users, original equipment manufacturers, value-added resellers and selected distributors. For further information, visit TransAct’s web site at http://www.TransAct-tech.com.

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VISA Fraud

VISA U.S.A. reported this morning that overall card fraud losses have dropped to an all-time low of six basis points of total transaction volume. VISA says that compares to 7bps in 1998 and 18bps in 1992. VISA credits neural networks for the decline. VISA also said this morning that its U.S. board has approved a new operating regulation regarding fraud that goes into effect in April. The new operating regulation replaces a VISA policy adopted in 1997, under which cardholders could be held liable for up to $50 if their VISA credit or debit cards were used fraudulently on the VISA system. The previous policy mandated zero liability, but only if the fraud, theft or unauthorized card use was reported within two business days of cardholders discovering such activity. The new rule covers the use of all VISA consumer card products including transactions made online, and eliminates the two-day stipulation.

VISA VOLUME VERSUS FRAUD
VOLUME FRAUD %
1990: $151b 190m 13bps
1991: $163b 277m 17bps
1992: $181b 326m 18bps
1993: $215b 383m 18bps
1994: $273b 410m 15bps
1995: $341b 414m 12bps
1996: $393b 452m 12bps
1997: $432b 389m 9bps
1998: $475b 355m 7bps
1999**: $560b 336m 6bps

*volume excludes cash advances **projected
Source: CardData (www.carddata.com)

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