Borders Kiddie Card

Borders has introduced an ‘Explorers ‘Electronic Gift’ card for children, a prepaid card that can carry any amount of buying power from $5 to $500. The card is good for anything at Borders including books, CDs, videos and many other items available throughout the store. It even features the cool Borders Explorers mascot, so it looks as fun as it is. There are multiple ways to track and check the balance including calling an 800 number, a balance inquiry done at the register or simply by checking your receipts when the card is used to pay for the child’s selections.

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Credit Store Update

The Credit Store, Inc. Tuesday announced today it has completed the sale of its three special-purpose subsidiaries, which hold approximately $19 million in performing credit card receivables. This sale is expected to generate a pretax gain of approximately $5.0 million, depending on confirmation of final settlement amounts, the Company said, which will be reflected in financial statements for the second quarter, fiscal year 2000, which ends today.

The Credit Store said that the special-purpose subsidiaries sold were formed by the Company during FY 1999 to securitize three separate pools of seasoned performing credit card receivables. At the time of the securitizations, the Company recorded a total $8.0 million pretax gain. The approximately $5.0 million gain is in addition to that initial $8.0 million gain, and resulted from the sale of all remaining equity interest in each subsidiary that had been retained by The Credit Store at the time of each securitization. The purchaser subsequently has sold the subsidiaries’credit card receivables and underlying accounts to a large independent credit card bank. No other details of the transactions were disclosed.

Separately, The Credit Store announced preliminary results for the first quarter of fiscal year 2000, which ended August 31, 1999. Total revenues for the first quarter were approximately $8.1 million and the net loss was $2.5 million. After the requirement for preferred dividends, the Company showed a loss applicable to common shareholders of approximately $3.0 million, which translated to a loss of approximately $0.09 per common share for the quarter. The net loss in the first quarter was primarily the result of the lack of the securitization or sale of any receivables portfolios in the quarter. The Company has noted previously that the lack of a securitization or sale in any given quarter can cause revenues and the level of profit or loss to fluctuate sharply from quarter to quarter as a matter of routine business.

The customary detailed results for the fiscal first quarter will be released in early to mid December, in conjunction with The Credit Store’s filing of its Form 10 with the Securities and Exchange Commission, the Company said. Based on today’s announced sale of the three special-purpose subsidiaries, the Company additionally said it expects to report a profitable second quarter. The detailed results for fiscal year’s second quarter are expected to be announced early next calendar year.

Martin J. Burke III, Chairman and Chief Executive Officer commented: “Our business continues to perform well and profitably overall. It is very important to note that first and second quarter results remain well within the expected context of our business plan.”

Burke continued, “The sale of the special-purpose subsidiaries is an important event for The Credit Store. Our business has now reached the stage where our receivables are sufficiently seasoned to be attractive to other credit card companies. More importantly, the market has shown us that once sufficiently seasoned, our receivables trade in the market place at prices similar to standard credit card receivables. Our customers are of great interest to traditional credit card companies who are looking to grow their portfolios.”

The Credit Store, Inc. is a technology-based financial services company that provides credit card products to consumers who may otherwise fail to qualify for a traditional unsecured bank credit card. The Company reaches these consumers by acquiring portfolios of non-performing consumer receivables and offering a new credit card to those consumers who agree to pay all or a portion of the outstanding amount due on their debt. The new card is issued with an initial balance and credit line equal to the agreed repayment amount. After appropriate seasoning, the Company seeks to sell or securitize the credit card receivables generated by this business strategy.

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Jensen on Board

Corillian Corporation Tuesday announced that Edmund P. Jensen, has been appointed to its Board of Directors. With this new appointment, the number of directors on the Corillian board expands to seven.

Mr. Jensen, was formerly President and CEO of Visa International for six years. Prior to Visa, Mr. Jensen spent 20 years at US Bancorp, serving in various capacities, most recently as Vice Chairman and COO. Other positions included Group Vice President of National Industries Inc. and Director of Financial Analysis at Dole Co., Honolulu, Hawaii. Mr. Jensen has also served as an Officer in the US Army.

Jensen graduated with a BA in Finance from the University of Washington and has performed significant civic leadership activities in the Portland, Oregon area.

“Ed’s tremendous knowledge and management experience in the payments industry and background in developing internet payment and security solutions for the financial services industry makes him a huge asset to our board,” commented Ted Spooner, Chairman and CEO of Corillian. “We expect his guidance to be extremely helpful as Corillian expands its sales channels and product offerings to meet the eFinance needs of financial institutions worldwide.”

“I have admired the management team and the progress Corillian has made over the past couple of years in our dynamic market of eFinance,” Mr. Jensen said. “Corillian is a real industry innovator, and I am excited to join such an experienced and talented group of professionals.”

About Corillian

Based in Beaverton, Oregon, Corillian is a leading provider of next-generation Internet-based technology solutions that fulfill the eFinance needs of the Financial Services industry. The Voyager Application Server is built on the Windows NT operating system. The Voyager eFinance Suite supports Internet-based banking, bill payment, brokerage, bill presentment, one-to-one marketing, and small business, as well as support for OFX-enabled personal financial managers like Quicken(R) and Microsoft(R) Money. For more information on Corillian, visit .

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One Billion Served

First Data Resources announced this morning that it has surpassed a record one billion off-line debit transactions processed to date this year. The one billion transaction mark represents a 59% growth in the number of debit transactions processed by First Data Resources for the same period in 1998. First Data currently provides off-line processing for more than 56 million debit cards issued by over 500 financial institutions. First Data serves more than two million merchant locations, 1,400 card issuers and millions of consumers.

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VISA – B&B

VISA U.S.A. and Dun & Bradstreet announced two new predictive modeling tools to help VISA Business Issuers more effectively acquire creditworthy small business customers. Considering the tremendous and continual growth spurt small businesses are experiencing and the focus of banks to build their small business portfolios, VISA and D&B developed modeling tools to meet market demand for business card offerings. These new integrated marketing and risk management tools build on the successful foundation of the industry’s first pooled ‘VISA Business Response Model’, introduced by VISA and D&B in 1997 and embraced by banks attempting to identify those small business prospects most likely to respond to a ‘VISA Business’ card offer.

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Trintech 3Q/99

Trintech Group PLC (Nasdaq:TTPA)(Neuer Markt:TTP), a leading provider of end-to-end secure electronic payment infrastructure solutions, Tuesday announced record third quarter and nine month revenues for the period ended October 31, 1999.

Revenues for the third quarter ended October 31, 1999 were $8.03 million, compared to $4.15 million for the third quarter of 1998, an increase of 94%. Nine month revenues were $21.20 million, increasing by 42% from $14.92 million for the same period last year. The increase in revenue reflects strong growth in software license revenue, which increased by 248% to $2.36 million for the quarter over the third quarter last year. License revenue for the nine month period increased by 86% to $5.69 million from $3.06 million for the same period last year. Product revenue increased 58% to $4.89 million for the quarter and increased by 32% to $13.43 million for the nine month period over the same period last year. Service revenue rose 112% from $370,000 for the third quarter last year to $783,000 for the third quarter this fiscal year.

The growth in the company’s revenue can be attributed to increased demand and market penetration for Trintech’s eCommerce infrastructure solutions, an expansion of our global sales force, as well as successful cross-selling to existing customers. Trintech has successfully leveraged its strong physical world customer relationships, particularly in Europe, to generate sales of the PayWare and PayGate eCommerce software license solutions. Trintech continued to expand its position in the U.S., where the company successfully signed marquee U.S. customers, such as eVisa and MasterCard.

Gross margin for the quarter ended October 31, 1999 was 46.4% ($3.72 million), up from 21.3% ($883,000) for the same period last year. “Improvements in gross margin are a result of the significant growth in high margin software license revenue, as well as improving margins on electronic point-of-sale systems,” said Paul Byrne, Trintech chief financial officer.

Trintech accelerated research & development spending, which was up 189% to $2.39 million for the third quarter from $825,000 for the third quarter last year. Trintech intends to continue to invest in significant R&D expenditure so as to position itself at the forefront of ePayments infrastructure for eCommerce.

“The strength of our results in this quarter is a strong endorsement of our clearly-defined product strategy that focuses on the needs of our customers,” said John McGuire, co-founder and chief executive officer. “Trintech has a 13-year history of providing secure payment infrastructure solutions that address the two main objectives of our customers, namely increased revenue and reduced operating costs, including costs of fraud. The strengthening of our MasterCard relationship, combined with our strong existing Visa relationship, places Trintech as a premier worldwide provider of the ePayments infrastructure for these major card brands. Our product offerings in both the physical and Internet world clearly defines Trintech as a company with a long-term strategic vision that encompasses multiple aspects of ePayments in this new digital age of eCommerce.”

During the quarter, Trintech successfully completed a dual-listing Initial Public Offering, both on Nasdaq and the Neuer Markt. The offering raised nearly $60 million, net of expenses, in cash for the company and provides the funding to enable the company to execute its mission to become the leading worldwide provider of secure ePayment solutions for payment card transactions.

The net loss for the quarter decreased to $2.14 million from $2.85 million for the third quarter last year. Basic and diluted net loss per ordinary share and per ADS was $0.11 for the third quarter compared to $0.18 for the third quarter last year.

Growth Drivers

During the quarter, Trintech continued to develop new eCommerce payment solutions for ISPs, CSPs and on-line retailers, as well as the addition of a virtual credit card offering. These ePayment for eCommerce solutions continue to build out the company’s secure electronic payments product suite.

Trintech’s PayGate NetAcquirer technology now powers eVisa — an Internet payment service offering acquirers and merchants in the U.S. secure and rapid real-time processing of online payment card transactions. The eVisa unit, established as a wholly-owned subsidiary of Visa USA, is designed to position Visa as one of the premier acceptance brands of the emerging digital economy.

In September, Trintech announced the launch of PayWare(R) Net 2.0, the latest generation of Internet payment products for merchants and merchant hosting companies. Trintech then installed PayWare Net in Deutsche Bank, currently Germany’s largest merchant acquirer, allowing the bank to become one of Europe’s few bank-operated Commerce Service Providers (CSP).

A major focus for development in the quarter was PayGate NetIssuer. Trintech’s NetIssuer solution allows banks to issue virtual credit cards to consumers. NetIssuer has been specifically designed to meet the two major requirements of issuing banks: branding and risk management. The issuing bank’s brand is downloaded directly to the cardholder’s desktop, giving the issuer unique brand visibility and flexibility. Secondly, NetIssuer’s risk management features can significantly reduce the costs of card related Internet fraud every time the consumer uses their virtual card. NetIssuer’s bank-centric design clearly distinguishes Trintech’s solution from competitor ‘consumer’ payment instruments.

Trintech’s recent agreement with VeriSign positions NetIssuer as a competitive consumer-focused ePayment application for secure eCommerce. By addressing the fraud concerns of consumers and financial institutions, NetIssuer is positioned to enable card issuing financial institutions to offer secure on-line shopping to eCommerce shoppers.

Trintech’s marketing strategy is to target the card organizations for early adoption, validation and recommendation of the company’s infrastructure solutions, and to create compelling business solutions for the digital eCommerce companies, such as ISPs and on-line retailers. Alliances with the card organizations have given Trintech a strategic platform to target over 23,000 financial institutions worldwide that are members of MasterCard and Visa. In addition to Trintech’s existing equity and commercial partnership with Visa International, Trintech is proud to have added MasterCard as a customer and partner of Trintech.

In the quarter Trintech and MasterCard International entered into a technology and marketing alliance. Under the agreement, MasterCard has licensed PayGate NetIssuer. In addition, Trintech and MasterCard will engage in joint marketing and promotion of PayGate NetIssuer and other Trintech ePayment solutions to MasterCard members. MasterCard comprises 23,000 financial institutions globally. This alliance greatly adds to Trintech’s distribution reach in the banking industry.

Trintech also continued to expand its electronic PoS systems business in Europe. Product revenue increased 58% to $4.89 million for the third quarter from $3.10 million last year. Product revenue increased by 32% to $13.43 million for the nine month period from $10.20 million for the nine month period last year.

PayWare Partner Program Launched to Drive Global Development

Partners play a decisive role in Trintech’s strategy to expand both its channel and global market presence, and reinforce its position in the ePayments market space. In the quarter, Trintech launched the PayWare Partner Program and formed partnerships with five industry-leading technology organizations:

— Trintech’s partnership with Sun Microsystems (Nasdaq:SUNW) allows
Sun to offer its extensive customer base Trintech’s Internet
payment solutions utilizing Secure Electronic Transaction(TM)
(SET) and/or Secure Sockets Layer (SSL) protocols running on the
scalable Solaris(R) platform.

— Unisys (NYSE:UIS) and Trintech have partnered, combining
Trintech’s secure payment solutions with Unisys’ Systems
Integration experience and in-depth knowledge of financial
services, and will target both Unisys’ current customer base and
new customer groups running on its NT(TM) platform

— BrightStar Information Technology Group, Inc. (Nasdaq:BTSR),
utilizes Trintech’s PayWare ERP solution and delivers to Trintech
an implementation partner to better serve the SAP community.

— In addition to licensing Trintech’s NetIssuer solution,
MasterCard and Trintech will market and promote Trintech’s
ePayments infrastructure solutions to MasterCard members.
MasterCard comprises 23,000 financial institutions globally.

— VeriSign (Nasdaq:VRSN) has committed to working with Trintech on
integrating its digital certificates into Trintech’s NetIssuer.

Summary

Trintech’s corporate mission remains global leadership of the ePayments
industry. This quarter, Trintech took significant steps toward
achieving that mission by adding Deutsche Bank and MasterCard as customers
and partners; by launching the Payware Partner Program;
and by forging partnerships with some of the world’s leading technology
companies, such as Sun Microsystems, Unisys, Brightstar and
VeriSign.

About Trintech

Founded in 1987, Trintech Group Plc. is a leading provider of secure
electronic payment infrastructure solutions for card-based
transactions in the physical world and over the Internet. The company
offers a complete range of payment software products for credit,
debit, commercial and procurement card applications, as well as being a
world leader in the deployment of payment solutions for Internet
commerce that are fully SSL and SET(TM) compliant. Trintech’s range of
scalable open systems architecture solutions for UNIX(R) and
Windows NT(TM) platforms covers consumer, merchant and financial
institution requirements for physical payments and the emerging
world of electronic commerce for both B2B and B2C applications.
Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo,
CA 94003 (Tel: 650/227-7000) and in Ireland at Trintech
Building, South County Business Park, Leopardstown, Dublin 18 (Tel:
353-1-207-4000). Trintech can be reached on the Web at

http://www.trintech.com. Investor information can be
found at
http://www.trintech.com/investor.

This press release may contain “forward looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Any “forward looking statements” in this press release
are subject to certain risks and uncertainties that could cause actual
results to differ materially from those stated. Factors that could cause
or contribute to such differences include Trintech’s ability to develop,
market and sell its e-commerce software, the market acceptance of
the SSL or SET standards for e-commerce payment transactions, its ability
to effectively respond to future changes in the e-payment
software market, the continued market demand for its electronic
point-of-sale systems and the performance of third parties, including

MasterCard and Visa, under technology and marketing alliances. Actual
performance may also be affected by other factors more fully
discussed in Trintech’s Form F-1 filed with the U.S. Securities and
Exchange Commission.

TRINTECH GROUP PLC
CONSOLIDATED STATEMENT OF INCOME
(U.S. dollars in thousands, except share and per share data)

Three months Nine months
ended October 31, ended October 31,
1999 1998 1999 1998
(Unaudited) (Unaudited)
Revenue:
Product $ 4,890 $ 3,101 $ 13,426 $ 10,200
License 2,357 678 5,693 3,062
Service 783 370 2,077 1,658

Total Revenue 8,030 4,149 21,196 14,920

Cost of revenue:
Product 3,045 2,365 8,737 7,703
License 574 210 1,946 412
Service 689 691 1,751 1,666

Total Cost
of Revenue 4,308 3,266 12,434 9,781

Gross margin 3,722 883 8,762 5,139

Operating expenses:
Research
& development 2,387 825 5,975 2,485
Sales & marketing 2,184 1,522 6,102 4,205
General &
administrative 1,763 1,232 5,006 2,992

Total operating
expenses 6,335 3,579 17,083 9,682

Income (loss)
from operations (2,613) (2,696) (8,321) (4,543)

Interest income
(expense), net 252 153 391 202
Exchange gain
(loss), net 222 (311) 484 (405)

Income (loss)
before provision
for income taxes (2,139) (2,854) (7,446) (4,746)

Provision for
income taxes — — (1) —

Net income
(loss) $ (2,139) $ (2,854) $ (7,447) $ (4,746)

Basic and
diluted net
income (loss)
per Ordinary
Share and
per ADS $ (0.11) $ (0.18) $ (0.43) $ (0.29)

Shares used in
computing basic
and diluted net
income (loss) per
Ordinary Share
and per ADS 16,218,270 19,630,635 16,135,498 17,380,894

TRINTECH GROUP PLC
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)

October 31, January 31,
1999 1999
(Unaudited) (Audited)

ASSETS
Current Assets:
Cash and cash equivalents $ 4,764 $ 1,691
Marketable securities 55,076 7,178
Accounts receivable, net of
allowance for doubtful accounts of
$239 and $241 respectively 9,140 4,073
Inventories 1,192 1,055
Value added taxes 100 407
Prepaid expenses and other assets 1,319 1,299
Total current assets 71,590 15,703
Property and equipment, net 2,373 2,058
Other assets — software development costs 1,563 2,500
Total assets $75,526 $20,261

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank overdraft $ — $ 411
Accounts payable 2,340 1,459
Accrued payroll and related expenses 731 583
Other accrued liabilities 3,066 1,571

Value added taxes 344 372
Warranty reserve 641 876
Deferred revenues 2,503 994

Total current liabilities 9,625 6,266

Capital lease due after
more than one year 89 142
Government grants repayable
and related loans 969 793

Series A redeemable convertible
preference shares, $0.0027 par value
3,000,0000 shares authorized;
2,960,000, nil shares issued and
outstanding at January 31, 1999
and 31 October 1999 respectively — 17,760

Series B preference shares, $0.0027 par
value nil and 10,000,000 authorized
at January 31, 1999 and October 31,
1999 respectively
None issued and outstanding — —

Shareholders’ equity:
Ordinary Shares, $0.0027 par value:
100,000,000 shares authorized
issued and outstanding: 16,227,445
shares at January 31, 1999 and
25,122,318 at October 31, 1999 71 47

TRINTECH GROUP PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)

Three months Nine months
ended October 31, ended October 31,
1999 1998 1999 1998
(Unaudited) (Unaudited)

CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income (loss) $ (2,139) $ (2,854) $ (7,447) $ (4,746)
Adjustments to
reconcile net income
(loss) to net cash
used in operating
activities:
Depreciation
and amortization 580 127 1,671 325
Compensation
relating to warrant 20 42 60 42
(Profit) on
Marketable Securities (141) (105) (145) (117)
Purchase of
Marketable Securities (160,642) (19,957) (165,648) (61,964)
Sale of
Marketable Securities 107,038 19,987 117,895 51,950
Effect of changes in
foreign currency
exchange rates (207) 204 (582) 293
Changes in operating
assets and liabilities:
Inventories (28) 293 (213) (342)
Accounts receivable (3,613) 119 (5,448) (276)
Prepaid expenses
and other assets 890 (356) (170) (152)
Value added
tax receivable (63) (318) 284 (155)
Accounts payable (226) (79) 1,005 (1,226)
Accrued payroll and
related expenses (2) 221 189 227
Deferred revenues 1,035 224 1,597 495
Value added tax payable (2) (206) 5 (318)
Warranty reserve (157) (87) (167) (114)
Government grants
repayable and
related loans — 131 247 171
Other accrued
liabilities 1,319 122 1,610 1,338

Net cash (used in)
provided by
operating activities (56,339) (2,494) (55,257) (14,570)

CASH FLOWS FROM
INVESTING ACTIVITIES:
Purchases of property
and equipment (644) (538) (1,132) (1,023)
Sale of property
and equipment — 27 — 27
Purchase of
capitalized software
development costs — — — (2,500)

Net cash used in
investing activities (644) (511) (1,132) (3,496)

CASH FLOWS FROM
FINANCING ACTIVITIES:
Principal payments
on capital leases (29) (26) (87) (57)
Issuance of
ordinary shares 63,150 32 63,185 2,013
Issuance of convertible
redeemable
preference shares — 1,500 — 18,000
Expense of share issue (3,256) (323) (3,256) (2,003)

Proceeds (repayments)
under bank overdraft — — (388) —
Net cash provided by
financing activities 59,865 1,183 59,454 17,953
Net increase
(decrease) in cash
and cash equivalents 2,882 (1,822) 3,066 (113)
Effect of exchange
rate changes on cash
and cash equivalents 8 (11) 8 (15)
Cash and cash
equivalents at
beginning of period 1,874 1,976 1,691 272
Cash and cash
equivalents at
end of period $ 4,764 $ 143 $ 4,764 $ 143

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True Internet Cards

Trintech Group and VeriSign announced Tuesday the first of two announcements that an integrated solution that will give banks and other payment card issuers a quick and easy way to issue secure virtual credit cards to their customers for use over the Internet. The integration of Trintech’s NetIssuer virtual credit card solution with VeriSign’s ‘OnSite’ managed digital certificate service will provide card issuers with the ability to bind a customer’s identity to a digital representation of a physical payment card, thereby delivering secure, authenticated, online payments. Digital certificates are electronic credentials used to identify entities on the Internet and enable secure, verifiable online transactions and communications. As banks and other card issuers look toward implementing online credit cards for use by their customers, they have a specific need to provide a solution which is simple and seamless to the millions of individuals and merchants looking to conduct secure online transactions. The Trintech-VeriSign integrated solution is a major step in transforming unauthenticated Internet transactions to a “cardholder present” status without the need for any technological understanding on the part of bank customers or merchants. The integration of digital certificates issued by banks using VeriSign’s ‘OnSite’ managed service with Trintech’s NetIssuer technology creates one of the first virtual credit cards featuring the enhanced security and “unforgeability” of digital certificates.

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Brazil Gets ICED

Redecard, one of Brazil’s leading transaction processors, is deploying 20,000 Hypercom ‘ICE 5000’ touch screen-based card payment terminals to support more than 18,000 retail merchants throughout Brazil. The deployment represents one of the largest ever conducted in Brazil, according to both companies. It is expected to be completed by year end, following a phase one pilot program consisting of 200 terminals. At that time, Hypercom’s ‘ICE 5000’ card payment systems will process a significant portion of the credit, debit and EBT transactions conducted in the country, and also handle check guarantee inquiry and direct customer credit. Brazil is the world’s eighth largest market based on the total number of payment cards.

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Viad Signs Stater Bros

Stater Bros. Markets has signed an agreement with Travelers Express Company, Inc., a Viad Corp subsidiary, to offer Travelers Express money orders and MoneyGram money wire transfer services in 43 stores in California. Recently acquired by Stater Bros., those locations were formerly Albertson or Lucky stores where the MoneyGram wire transfer service was already available. Stater Bros. opted to retain the MoneyGram service and add the Travelers Express brand of money orders in those stores. Southern California-based Stater Bros. Markets expects to have Travelers Express and MoneyGram services available in all 43 locations by year-end.

“We’re very pleased that Stater Bros. Markets selected both our money orders and MoneyGram service,” said Michael Berry, vice president and general manager of Travelers Express/MoneyGram’s retail domestic business. “Customers appreciate having easy access to payment transaction services in the stores where they shop. Now, they will be able to wire money around the world or buy Travelers Express money orders to pay their bills any time they shop in one of those Stater Bros. Markets stores.”

Stater Bros. operates 155 supermarket locations with 46 in San Bernardino County, 40 in Riverside County, 30 in Orange County, 27 in Los Angeles County, 10 in Northern San Diego County, and two in Kern County. There are more than 13,000 members of the Stater Bros. “family” of employees. Headquartered in Colton, Calif., Stater Bros. is the largest locally owned supermarket chain in Southern California and has been serving customers since 1936.

Travelers Express/MoneyGram, which services 5,000 financial institutions and 65,000 retail locations, annually processes more than one billion payment transactions valued at more than $120 billion. In addition to money orders and MoneyGram wire transfers, the company processes official checks, electronic bill payments, rebate checks, WIC payments and gift certificates.

Viad Corp is a $1.6 billion company based in Phoenix.

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ECHO 3Q/99

Electronic Clearing House Inc. announced record revenues and earnings for its fiscal year ended Sept. 30, 1999.

Revenue for the fiscal year 1999 totaled a record $23,828,000, a 13.1% increase over revenues of $21,063,000 for fiscal year 1998. Net income before tax provisions (credits) for the fiscal year 1999 was $1,287,000, as compared with $1,190,000 in fiscal year 1998, an increase of 8.2%.

Net income after deferred tax credits for the fiscal year 1999 rose to $2,618,000, $0.144 per basic share and $0.113 per diluted share, resulting in a 126.9% increase over comparable net income of $1,154,000, $0.077 per basic share and $0.053 per diluted share, in fiscal year 1998. The company recognized deferred tax credits in the amount of $1,392,000 in this fiscal year primarily from net operating loss carryforward and business tax credits from prior years.

Revenue from bankcard processing and transaction processing increased from $18,835,000 in fiscal 1998 to a record $21,323,000 in fiscal 1999, a 13.2% increase. Terminal sales and lease revenue increased from $2,055,000 in fiscal 1998 to $2,106,000 in fiscal 1999, a 2.5% increase. Other revenue increased from $173,000 in fiscal 1998 to $399,000 in fiscal 1999, a 130.6% increase.

“We are pleased with the performance for the year but, more importantly, I believe we laid a solid foundation in 1999 for future growth,” stated Joel M. Barry, CEO of ECHO.

“During 1999, ECHO announced the acquisition of Magic Software, a check processing company that processes over 7 million transactions per month; a marketing agreement with U-Haul International to solicit over 11,000 U-Haul dealers to provide credit card processing for the dealers’ non-U-Haul activity; and a processing agreement with innoVentry, a Wells Fargo Bank and Cash America partnership that provides cash advance services to casinos,” stated Barry.

“We expect the financial benefits of these relationships, established in 1999, to be seen in fiscal 2000 and for many years to come.”

“We expect the first two quarters of fiscal 2000 to include certain development expenses to integrate and market these new relationships, but we feel the financial and operational structure is in place to maximize these new relationships throughout fiscal year 2000,” stated Alice Cheung, chief financial officer of ECHO.

ECHO is an electronic payments provider, providing gateways to all the major credit cards and check clearing services. ECHO is one of the few processors that accepts transactions from a Touch-Tone(TM) phone, through a fax machine, via point-of-sale terminals or over the Internet.

In addition, ECHO designs and implements hardware and software solutions that are in use by U-Haul to track the daily inventory of more than 11,000 dealers, by innoVentry to issue and track checks in several major casinos and, under a pilot program in Texas, by the United States Postal Service to issue and track money orders.

Electronic Clearing House Inc. provides credit card processing, check guarantee, check verification, check conversion, inventory tracking services and various Internet services to more than 19,000 retail merchants and U-Haul dealers across the nation. ECHO also designs, develops and manufactures software and point-of-sale hardware that is utilized at credit card processing terminals, automated money order dispensers, inventory tracking devices and casino cash advance systems.

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Thnx Wknd Sales Soar

TeleCheck says same-store sales for the three-day Thanksgiving shopping period rose 5.2% over the same days last year. The increase was the strongest since Thanksgiving weekend 1993. The data, which covers the Friday-through-Sunday shopping period, are based on a same-store comparison of the dollar volume of authorized checks written by consumers at more than 27,000 of TeleCheck’s 210,000 subscribing locations. By region, the Northeast led the nation, followed by the Mid-Atlantic, the West, the Midwest, the Southeast and the Southwest. The Northeast’s sales climbed 6.4%, with New York up 7.3% and Massachusetts up 5.7%. New York City jumped 7.7% and Boston increased 5.9%.

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AmEx Ski Pkg

Effective immediately, through February 15, 2000 and available exclusively to American Express Cardmembers, The Hertz Corporation, the world’s largest car rental company, has announced its new weekly “Ski Freedom Rate” of $299 that includes a Ford Explorer or similar vehicle, a one-day ski lift ticket valid at 36 ski resorts across the country, a ski/snow board rack and unlimited mileage.

The promotion is available at participating US locations in Albany, NY; Albuquerque and Santa Fe, NM; Bangor, ME; Boston, MA; Aspen, Colorado Springs, Denver, Durango, Eagle, and Hayden, CO; Flagstaff, AZ; Hartford, CT; Manchester, NH; Portland, ME; Reno, NV; Sacramento, CA; and Salt Lake City, UT.

In Canada, the promotion is valid at participating locations in Calgary, Edmonton, and Vancouver. For rentals in Canada, the “Ski Freedom Rate” is CN$339.

Advance reservations are recommended and black-out periods may apply. When making reservations, customers must ask for AXSKI.

“We’re excited to offer Hertz customers and American Express Cardmembers the opportunity to enjoy our popular ‘Freedom Rate,’ which we’ve designed specifically for our avid ski customers,” commented Frank Camacho, Staff Vice President Marketing for Hertz.

“American Express has worked closely with Hertz to develop an exciting, valuable ski promotion exclusively for Cardmembers that can be accessed at a host of locations,” said Judith King-Murray, Vice President, Travel Industries for American Express.

Hertz’ “Ski Freedom Rate” requires a Saturday night keep with a minimum of a five-day rental. Current arriving airline ticket may be required. Ski/Snowboard racks are subject to availability and, rates are subject to change without notice.

Customers may obtain more information on this new promotion by calling Hertz’ toll-free number at 800-654-3131 or their travel agent or by visiting Hertz’ Web site at hertz.com.

Hertz operates a fleet of 550,000 vehicles from more than 6,300 locations in more than 140 countries.

American Express is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking. For more information, visit [http://www.americanexpress.com][1].

Participating Resorts

Canada
Big White
Marmot Basin
Silver Star
Stoneham Mountain Resort
Sun Peaks

Lake Tahoe, CA
Heavenly Valley
Squaw Valley

Colorado
Aspen Mountain
Aspen Highlands
Buttermilk
Snowmass
Copper Mountain Resort
Steamboat Springs
Telluride
Beaver Creek
Breckenridge
Keystone
Vail Resort
Winter Park
Idaho
Sun Valley

Maine
Sugarloaf/USA
Sunday River

Montana
The Big Mountain
Big Sky Resort

New Hampshire
Attitash Bear Peak

New Mexico
Angel Fire Resort
Taos

Utah
Deer Valley
Park City Mountain Resort
The Canyons

Vermont
Killington/Pico
Mount Snow/Haystack
Sugarbush

Wyoming
Jackson Hole
Snow King

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

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