Executive TeleCard, Ltd. announced Wednesday that including special nonrecurring charges of $10.9 million, as described below, it recorded a loss of $13.3 million or $ 0.78 per share for the fiscal year ended March 31, 1998. Revenue was $33.1 million. Last year the Company reported net income of $0.8 million or $0.05 per share on revenues of $34.0 million.Details
Checkmate Electronics, Inc.announced yesterday that Checkmate’s shareholders voted in favor of a merger with Toronto-based International Verifact Inc. by a majority of 65.7%, voting at a special meeting of shareholders convened in Atlanta today. At the same time, International Verifact Inc. announced their shareholders had also voted in favor of the merger with Checkmate by a majority of 99.9%. The combined company becomes the third largest in the electronic payment solutions industry in North America. Its combined revenues approach those of the current second largest company in the industry. IVI Checkmate Corp. has a leadership position in providing end to end electronic transaction solutions including check reading, credit and debit card processing, signature capture and Smart Cards.
! As provided in the Combination Agreement and Plan of Arrangement, Checkmate (based in Roswell, Georgia) will be renamed IVI Checkmate, Inc. IVI (based in Toronto, Canada) will be renamed IVI Checkmate, Ltd. Both Companies become wholly-owned subsidiaries of a Delaware corporation, `IVI Checkmate Corp.’ (“IVI Checkmate”) which will be based in Roswell, Georgia, north of Atlanta. The new securities are expected to begin trading on or about June 26, 1998.
The IVI Checkmate common stock will trade on the NASDAQ NMS under the symbol: “CMIV”, and also on The Toronto Stock Exchange under the symbol: “CIVI”. IVI’s exchangeable shares will trade only on The Toronto Stock Exchange under the symbol: “IVI”. Checkmate shareholders will receive 1.2775 shares of IVI Checkmate common stock for each Checkmate common share.
J. Stanford Spence, currently Chairman and CEO of Checkmate, who becomes Chairman of IVI Checkmate Corp., says: “Gregory A. Lewis will lead the US operations, now known as IVI Checkmate, Inc., as its new President and COO. L. Barry Thomson, currently President and CEO of IVI, will become CEO of IVI Checkmate Corp., and will also be responsible for the day to day operations of Toronto-based IVI Checkmate, Ltd.”
Mr. Spence says, “IVI Checkmate Corp. will implement a strategy to progressively grow beyond being a terminal manufacturer to delivering end to end transaction solutions for the large retail, middle retail and small retailer markets, while penetrating the bank automation, hospitality, healthcare, insurance and transport market segments.”
IVI Checkmate is a full-service solution provider in the United States, Canada and Latin America. Its innovative automation payment solutions are capable of handling electronic payment transactions such as check, debit, credit, smart card, and electronic benefits transfer, together with interactive touch screen applications in such industries as retail, banking, healthcare, hospitality and transportation. With offices in the United States and Canada, and strategic alliances and partnerships worldwide, IVI Checkmate is poised to deliver leading products and global technology to its customers. Additional information is available on the Internet at [http://www.ivicheckmate.com ]
Pepperdine University is upgrading its student ‘Pep Card’ to a smart card by the start of classes this Fall. Diebold will transform the more than 5,000 ‘Pep Cards’ into a near-cashless environment for Pepperdine by allowing monetary value to be loaded onto the campus ID card. The cards will be used for photocopying, laser printing, and payment for food and drink at various locations throughout Pepperdine’s six campuses. Campus vending and laundry facilities will eventually accept the cards. Future plans also include expanding the card’s functionality into the Malibu community by allowing students, faculty and staff to use their cards at off-campus locations such as restaurants, laundromats and convenience stores. The new Diebold system also allows the university to integrate the carding systems of all the Pepperdine campuses into one network. Pepperdine will also be the first university to benefit from Diebold’s ‘CS Print’ software, which allows the university to administer print charges at workstations and laser printers at each of their campuses.Details
Partners First Credit Card Master Trust’s $538 million class A floating-rate credit card certificates, are expected to be rated ‘AAA’ by Fitch IBCA. The corresponding $113 million class B floating-rate certificates from both series are expected to be rated ‘A’. This is the second and third issuance from the PFCCMT since the establishment of Partners First through a joint venture between BankBoston (NH), N.A., Bank of Montreal and First Annapolis Corporation to establish a credit card business.Details
More than one in ten Americans have begun to use electronic commerce to purchase goods and services, according to a new poll commissioned by the Information Technology Association of America and conducted by Wirthlin Worldwide. Fifteen percent of those polled say they have made an online purchase. The study also found that five times more respondents cited credit cards than computers as the missing ingredient to shopping online. Other findings: People over 55 are three times less likely to have made a purchase electronically than their younger counterparts; those making more than $60K per year are twice as likely to have made an electronic purchase than those in the $40K-$60K category and over three times more likely than those earning $15K-$30K; almost 50% of those who have not made an electronic purchase cannot because they do not have a computer; 13% of those with a computer do not buy online because they do not have an Internet connection; 15% of respondents said their primary reason for not buying over the net is a lack of trust of electronic merchants; and 7% expressed fear of computer hackers.Details
The Global Internet Project introduced a ‘Policy Architecture’ Tuesday composed of the six critical building blocks fundamental to managing Internet growth. In the first of a series of white papers, the group revealed an umbrella architecture which provides a framework for industry, educational institutions, governments, and other organizations to address key Internet-related issues. The framework includes: Level 1 Infrastructure; Level 2: Governance; Level 3: Security; Level 4; Level 5; Content and Level 6: Commerce.Details
The leading provider of on-line Web clips signed with First USA yesterday to offer a co-branded card and a suite of highly targeted cards. San Francisco-based XOOM, Inc., is a free membership service offering server space, chat rooms, message boards, HTML email, Web page builders, full-length streaming movies and the largest collection of Web clips on the Internet. The co-branded ‘First USA/XOOM Platinum VISA’ card will offer exclusive XOOM promotions such as a free copy of XOOM’s Web Clip Empire, which sells online for $49.95. Other First USA/XOOM offerings will be cards customized to specific XOOM communities including a sports enthusiasts card, computer professional card, professional women cards, music card, and science fiction cards. As of this morning XOOM has 1,789,298 members and is expanding its membership base by 22,000 per day. First USA is employing its current, fixed 9.99% APR , no-annual-fee pricing for the XOOM card products.Details
Research In Motion announced yesterday it has signed a $1 million agreement to supply its advanced OEM radio modems to Gooitech, a leading provider of wireless electronic commerce solutions. The modems, which are slated for delivery over the next 12 months, will be a key component in WECatm, Gooitech’s wireless automated teller machine solution.Details
CyberCash, Inc. announced the release of ICVERIFY for Windows, version 2.2 yesterday. The latest release adds new features for the thousands of banks, processors, developers and other resellers who provide ICVERIFY software to merchants worldwide. It also includes enhancements for mail order/telephone order merchants. The software also allows merchants to pass Level II purchasing data for Visa and Mastercard purchase card transactions on a number of card processing networks.Details
American Express rolled out a new consumer brochure yesterday to provide consumers with information and tips concerning online privacy and security. ‘CyberSmarts: Tips for Protecting Yourself When Shopping Online’ was developed by AmEx in conjunction with The FTC, the Consumer Information Center, the DMA and Call For Action. The brochure is available via AmEx’s Web site and by mail.Details
After extensive evaluation, U.S. Wireless Data finally signed up Matco Tools for USWDA’s ‘POS-50’, ‘POS-500’ and ‘TRANZ’ enabler solutions for more than 1200 Matco outlets throughout the U.S. Matco is a large, national distributor of hardware and tools sold directly from trucks. Formal roll-out of this program will begin over the next 2-3 weeks. Currently, if a distributor accepts credit cards as payment means for tools that they sell, the distributor is forced to call for transaction authorization from their shop, cellular or home phones. An added expense is suffered because with phone-in authorizations, the distributor is subject to pay a surcharge for the transaction because the transaction and the funds are not electronically captured. USWDA says these surcharges can have a dramatic impact upon the economics of an industry that sells directly from their trucks or vehicles.Details