Credit Store Chairman

Credit Store, Inc. announced Tuesday that Martin J. Burke, the Company’s Chief Executive Officer, will add the title and duties of Chairman of the Board.

Mr. Burke succeeds Jay L. Botchman, 65, who indicated to the Company that he wishes more time to devote to his other endeavors. Mr. Botchman remains a member of the Board and he retains his approximately $50 million debt and equity investments in Credit Store, Inc.

The Credit Store’s other senior management remains unchanged. Kevin T. Riordan is the Company’s President and Chief Operating Officer. Mr. Riordan directs the Company’s approximately 300 employees in the day-to-day operations in Sioux Falls. He is also holds responsibility for quality assurance and strategic planning for the Company. Mr. Riordan joined Credit Store, Inc. in April, 1997 from Long Beach Acceptance Corp., an automobile finance company focused on the nonprime and sub-prime markets, where he was president and chief operating officer.

In Sioux Falls, Mr. Riordan is joined by Michael J. Philippe, the Chief Financial Officer and Treasurer; and Richard S. Angel, the Chief Counsel and Secretary of the Company.

Mr. Burke, 40, has been the Company’s Chief Executive Officer since its inception in 1996, and has primarily been involved in securing the Company’s financing and setting its strategic direction. He previously was chief executive officer and a principal at American Home Credit Corp., a mortgage banker which originates and sells sub-prime mortgages. From 1984 to 1995, he was chief executive officer of The Martin Burke Company, an advisor and originator on behalf of clients of hybrid commercial mortgage loans.

Credit Store Inc. is a nationwide financial services company that markets credit cards to consumers who previously had had an interruption in the repayment of their debts and may be excluded from the more traditional sources of consumer finance. The Company uses sophisticated methods to analyze, value and purchase portfolios of non-performing consumer debt from major institutional lenders at a substantial discounts. The Company then uses its direct marketing expertise to contact and negotiate settlements with the consumer, most of the time placing settlement on the new unsecured credit cards offered through the Credit Store. The Company offers an innovative and practical way for the consumer to rebuild their creditworthiness and gain access to an unsecured credit card.


Bankruptcy Coalition Supports Child Support

Official Statement From Bankruptcy Coalition

Current bankruptcy law unequivocally protects the obligation of parents to support their children. We recognize the need to ensure, as specifically as possible, that any reform to the bankruptcy code must maintain the special status afforded to alimony and child support payments. In recent days, there has been considerable confusion and conjecture regarding how pending bankruptcy reform legislation would affect the priority of child support and alimony payments in a bankruptcy proceeding. In fact, the bills currently under consideration on Capitol Hill would in no way change the priority of those payments.

However, in order to address any remaining confusion, we would wholeheartedly endorse an amendment to the pending bills that would specifically and categorically state that child support and alimony payments must be given priority in bankruptcy proceedings. We have communicated our position on this matter to members of both the House and Senate Judiciary Committees. We are certain that appropriate legislative language will clear up any possible confusion on this important matter. American Banker’s Association

American Financial Services Association

America’s Community Bankers

Bankruptcy Issues Council

Consumer Bankers Association

Credit Union National Association

Independent Bankers Association of America

National Retail Foundation

U.S. Chamber of Commerce


SFNB  Results

For the quarter ended March 31, 1998, Security First Network Bank and its wholly owned subsidiary Security First Technologies, Inc. (S1), incurred a net loss from continuing operations of $8.1 million, or $0.77 per share, compared to a net loss from continuing operations of $6.6 million, or $0.80 per share, for the first quarter, 1997.

The first quarter 1998 loss includes approximately $2.1 million, or $0.20 per share, of goodwill amortization resulting from an acquisition during the fourth quarter 1997.  Excluding amortization of goodwill, the net loss from continuing operations for the first quarter was $6.0 million or $0.57 per share compared to $6.3 million or $0.76 in the first quarter 1997.  Including discontinued operations, the first quarter net loss was $8.6 million, or $0.82 per share, in 1998 and $5.9 million, or $0.71 per share, in 1997.

As of March 31, 1998, 32 institutions including SFNB, are offering S1’s Virtual Financial Manager(TM) (VFM) product suite to customers enabling them to bank, pay bills, view credit card statements and manage their money over the Internet.  As of April 30, 1998, management estimates there are more than 127,000 accounts using S1 technology worldwide through its three distribution channels.  More than 76,000 accounts are represented through the S1 Data Center; 7,000 are accounts of financial institutions using the product suite through third party data processors; and it is estimated that 44,000 are accounts of financial institutions with direct licenses of the software.

Revenues and Operating Margins

During the first quarter of 1998, S1 had software revenues of $3.4 million, as compared to $3.4 million in the fourth quarter of 1997.

S1 Data Center fees in the first quarter of 1998 were $310,000, a 77% increase over the fourth quarter of 1997.  The average quarterly revenue per billable customer processed in the Data Center, including customers processed for SFNB, amounted to $9.64.  As of the end of the first quarter of 1998, twelve financial institutions were online through the Data Center.  During the month of March, including SFNB accounts, the Data Center processed in excess of 69,000 Internet banking accounts, which represented approximately 44,000 billable customers.

The negative operating margin for Data center services declined in the first quarter 1998 to $1.5 million from $1.7 million in the fourth quarter 1997.  The improvement in the operating margin is the result of an increase in the number of accounts processed.  In addition, the direct costs of operating the Data Center and providing technical support to customers have stabilized as S1 has established adequate capacity to meet near-term growth expectations.

Software license fees, which are earned upon the sale and installation of S1’s software in a financial institution’s data center or in a third party data processing center, decreased from fourth quarter 1997 to first quarter 1998 as anticipated.  The revenue decline is the result of fewer in-house licenses of the software as more implementations are occurring in the S1 Data Center.  However, as third party data processors, which are offering the S1 software to their financial institution customers, bring those sites online, software license fees should increase in future quarters.  As of the end of the first quarter 1998, 16 financial institutions were online with third party data processors and it is anticipated that a significant number of the remaining 40 financial institutions, who have entered into agreements to use the VFM software through third party data processors, will be online during 1998.

Revenues from professional services, which includes implementation and consulting fees, amounted to $2.4 million in the first quarter, an increase of $411,000 or 20% over the fourth quarter of 1997.  During the first quarter of 1998, the professional services operating margin was 36%.  Management anticipates that this margin will continue to move towards 40% in future quarters as pricing for services stabilizes and contracts with relatively low revenue caps have been essentially completed.

Operating Expenses

Excluding amortization of goodwill and acquisition charges, operating expenses increased by $402,000, or 7% over the fourth quarter in 1997.  The increase in operating expenses is attributed to the increase in product development expenses related to the development of enhancements for the existing software as well as the development of new modules for the VFM suite of products.

Capital Resources and Cash Flow

As of March 31, 1998, S1 had $15.4 million in cash and investment securities and $5.2 million in accounts receivable available to fund operations.  During the first quarter of 1997, excluding the change in current receivables and payables, S1 used $4.7 million to fund continuing operations as compared to $5.1 million in the fourth quarter 1997.  Management anticipates that in the near term, revenue growth will continue to exceed the expense growth and accordingly, cash used to fund continuing operations should decline in future quarters.

Additionally, as previously announced, management anticipates that the banking operations (reflected as discontinued operations) of the Company will be sold in 1998 resulting in up to $9.0 million additional cash available to fund software operations.

Discontinued Operations

As was previously disclosed, management has entered into a formal plan to sell its banking assets and related liabilities, which totaled $58.6 million on March 31, 1998.  For financial statement purposes the results of SFNB’s banking operations have been reflected as “discontinued operations.”  The banking assets held for sale are presented net of related liabilities and the net losses from banking operations are segregated on the statement of operations and reported as “discontinued operations.”

For the first quarter of 1998, the banking operations reported a net loss of $465,000 as compared to net income of $755,000 in the same period during the prior year.  Included in the 1997 first quarter results is a $1.5 million gain on the sale of SFNB’s Pineville, KY banking operation.

Other First Quarter Announcements

During the first quarter, SFNB and S1 announced the sale of SFNB to Royal Bank of Canada, with the total transaction cost of $20 million.  Royal Bank will purchase SFNB for $13 million; continue to process SFNB Internet transactions through the S1 Data Center; and license S1 technology and consulting services for $6 million.  Additionally, Royal Bank purchased $1.0 million of common stock and, subject to closing the transaction, will be granted an option to purchase additional 733,597 shares of stock for $10 million at an average price of $13.63 over a period of 21 months from the date of closing.  Royal Bank also has purchased the right to future international software development as well as current consulting services. Additionally, Royal Bank has entered into the S1 STAR program through its acquisition of VFM software.

Also during the first quarter, S1 announced that the Republic National Bank of New York, a wholly owned subsidiary of Republic New York Corporation (NYSE RNB), had signed a letter of intent to use S1’s Internet banking software applications for financial transactions and to process those transactions through the S1 Data Center.

About Security First Network Bank

Security First Network Bank (NasdaqSFNB) (), the world’s first Internet bank, opened its doors to the Internet community on October 18, 1995.  FDIC-insured SFNB provides its services using Virtual Financial Manager(TM) (VFM), a software system created by and licensed through its wholly owned subsidiary, Security First Technologies (S1).

About Security First Technologies

Security First Technologies (S1) is a wholly-owned subsidiary of the world’s first Internet bank, Security First Network Bank (Nasdaq SFNB).  S1 develops integrated, brandable Internet applications that enable financial institutions to offer products, services and transactions over the Internet in a secure environment.  S1 also offers strategic marketing support, training, product integration, and customer and data service center outsourcing.  S1, through direct sales and channel partnerships, has agreed to provide software applications and technology to 80 financial entities, including 15 of the top 100 U.S. financial institutions.

Virtual Financial Manager(TM), S1’s suite of applications, operates exclusively on VirtualVault, Hewlett-Packard’s UNIX platform HP-UX, a Trusted Operating System environment designed to securely host Web applications.

Forward-looking statements

Statements in this news release concerning future results, performance, expectations or intentions are forward-looking statements.  Actual results, performance or developments may differ materially from forward-looking statements as a result of known or unknown risks, uncertainties and other factors, including those identified in the Company’s prospectus dated May 3, 1996 and those described from time to time in the Company’s other filings with the Office of Thrift Supervision, press releases and other communications.

                     Consolidated Statements of Operations *
               (In thousands, except share and per share data)

                     March 31,    June 30,    Sept. 30,   Dec. 31,   March 31,
                       1997        1997         1997        1997       1998
    Software license
     fees              $673       $1,187      $ 1,094     $ 1,188    $ 669
    services            973        1,605        1,661       2,038    2,449
    Data center fees     24           90          122         175      310
    Total revenues    1,670        2,882        2,877       3,401    3,428
    Direct costs
    Software license
     fees               490          484          391         240       20
     services         1,237        1,433        1,157       1,519    1,570
    Data center fees  1,507        1,717        1,854       1,869    1,823
    Total direct
     costs            3,234        3,634        3,402       3,628    3,413
    Gross margin     (1,564)        (752)        (525)       (227)      15

    Operating expenses
    Selling and
     marketing        1,083        1,088          992       1,142    1,071
     development      2,375        2,524        2,696       2,912    3,383
    General and
     adminstrative    1,369        1,098          991       1,179    1,204
    Depreciation and
     amortization       310          370          401         660      637
    Amortization of
     goodwill and
     charges            341          346          346       3,492    2,088
    Total operating
     expenses         5,478        5,426        5,426       9,385    8,383
    Operating loss   (7,042)      (6,178)      (5,951)     (9,612)  (8,368)
    Interest income     419          351          346         365      255
    Loss from
     operations      (6,623)      (5,827)      (5,605)     (9,247)  (8,113)
    Income (loss) from
     operations         755         (706)        (236)       (502)    (465)
    Net loss        $(5,868)    $ (6,533)     $(5,841)    $(9,749) $(8,578)

    Net loss per
     common share
    Loss per common
    share from continuing
    operations before loss
    from non-recurring
    charges, amortization
    of goodwill and acqu.
    charges         $ (0.76)     $(0.65)      $(0.57)      $(0.59)  $(0.57)

    Loss per common share
    from non-recurring
    charges and amortiz.
    of goodwill and acqu.
    charges           (0.04)      (0.04)       (0.04)       (0.34)   (0.20)

    Loss per common share
    from continuing
    operations        (0.80)      (0.69)       (0.61)       (0.93)   (0.77)

    Income (loss) per
    common share from
    operations         0.09       (0.08)       (0.03)       (0.06)   (0.05)

    Net loss per common
    share           $ (0.71)     $(0.77)     $ (0.64)      $(0.99)  $(0.82)
    Weighted average
    common shares
    outstanding     8,276,415   8,444,111    9,060,726   9,892,454  10,523,921
    Common shares
    outstanding at
    end of period   8,426,425   8,619,873    9,471,892  10,487,245  10,616,518
    Number of financial
     S1 Data Center        21          18           18          17          17
     Third Party Data
      Processors            9          24           32          43          56
     Direct license
      in-house              4           6            6           6           7

    Number of completed
      S1 Data Center        3           3            6           8          12
       using third party
       data processors     —         3            3          11          16
      Direct license
       in-house            —       —          —           4           4

    Number of accounts
    processed in S1
    Data Center**        15,700     21,000       37,000     49,500      69,400
    Number of VFM
    Customers in
    S1 Data Center**     12,100     17,600       28,000     32,700      44,000

    *  Certain amounts in prior periods have been reclassified to conform to
       the fourth quarter 1997 presentation.

    ** Includes Security First Network Bank accounts and customers.

      Selected Financial Data (In thousands, except share and per share data)

                                          Three Months Ended
                                              March 31,
                                     1998                    1997
    Software license fees            $669                   $ 673
    Professional services           2,449                     973
    Data center fees                  310                      24
    Total revenues                  3,428                   1,670

    Direct costs
    Software license fees              20                     490
    Professional services           1,570                   1,237
    Data center fees                1,823                   1,507
    Total direct costs              3,413                   3,234
    Gross margin                       15                  (1,564)

    Operating expenses
    Selling and marketing           1,071                   1,083
    Product development             3,383                   2,375
    General and adminstrative       1,204                   1,369
    Depreciation and amortization     637                     310
    Amortization of goodwill and
    acquisition charges             2,088                     341
    Total operating expenses        8,383                   5,478
    Operating loss                 (8,368)                 (7,042)

    Interest income                   255                     419

    Loss from continuing
     operations                    (8,113)                 (6,623)
    Income (loss) from
     discontinued operations         (465)                    755
    Net loss                      $(8,578)                $(5,868)

    Net loss per common share
     Loss per common share
      from continuing operations
      before loss from non-
      recurring charges,
      amortization of
      goodwill and
      acquistion charges           $(0.57)                $ (0.76)

    Loss per common share from non-
     recurring charges and
     amortization of goodwill
     and acquisition charges        (0.20)                  (0.04)

    Loss per common share
     from continuing operations     (0.77)                  (0.80)

    Income (loss) per common share
     from discontinued
     operations                     (0.05)                   0.09

    Net loss per common share      $(0.82)                 $(0.71)

    Weighted average common shares
    outstanding                10,523,921               8,276,415
    Common shares outstanding at
    end of period              10,616,518               8,426,425

                                  March 31,            December 31,
                                    1998                    1997

    Cash and investment securities 15,352                  19,951
    Accounts receivable, net        5,181                   4,297
    Other current assets            1,083                   1,141
    Noncurrent assets               8,660                  10,803
    Total assets                   30,276                  36,192
    Current liabilities            14,298                  12,654
    Stockholders’ equity           15,978                  23,538


Beijing Card Test Center

China opened the National Credit Card Test Center yesterday in Beijing to enforce standards for mag stripe and chip-based cards. China said the Center will examine the quality of materials used for payment cards including the cards’ abilities to withstand chemical corrosion and create enviromental pollution. The Center will also monitor up to 32 indices of mag cards and about 18 indices of chip cards. The Chinese government estimates 72 million payment cards have been issued in the country.


Home ATM

Comerica introduced ‘Comerica Home ATM’ yesterday which transfers the universal experience of using an ATM to the consumer’s personal computer. The ‘Comerica Home ATM’ program screens look and work just like a typical ATM that consumers already know how to use, as a matter-of-fact the guide to get started is only one page.  Customers have the ability review accounts, retrieve monthly statements, perform balance inquiries, and transfer funds between accounts. Customers can also use the new service to pay bills, using screens that look just like a check. Monthly service fees will vary according to region, but will generally range between $5.95 – $7.95.  The software is free and customers receive the first 60 days free. Comerica worked with software developers at Home Financial Network in Westport, CT to create ‘Comerica Home ATM’.


Beating Fraud

MasterCard International reported Monday the lowest fraud to sales ratio since the association began tracking fraud statistics. Worldwide fraud basis points (the measurement of fraud against sales volume) for 1997 declined to 7.7, representing a 14.4% decrease in basis points and the lowest basis points level in more than ten years. This compares to 9.0 basis points in 1996. Total dollar losses were $462 million – down from $499 million in 1996 representing the greatest decline in total dollar amount ever recorded. MasterCard attributes its successful fight against fraud to its tamper-evident signature panel, the use of three-dimensional holograms,  and card validation codes including CVC1 and CVC2. MasterCard says its current biometrics pilot may drive fraud even lower. MC  FRAUD  HIGHLIGHTS

1. Counterfeit fraud decreased 25.2% last year to 1.6 bp

2. Asia Pacific region fraud down 20.7%

3. Latin America region fraud down 33.5%.

4. Worldwide counterfeit category accounted for 20.5% of total fraud, down from 25.4% in 1996

5. Fraudulent applications declined 3.6%


VF’s New PayPort

VeriFone revealed Monday its ‘VeriSmart’ architecture now allows the delivery of secure consumer smart card applications for the Internet. The capability is enabled through the ‘VeriSmart’ architecture and the new smart card consumer appliance called ‘PayPort’.  Taiwan-based Chia Hsin will be first to utilize ‘VeriSmart’ to deliver secure Internet-based smart card applications to its customers. The new ‘PayPort’ appliance is a low-cost peripheral that incorporates the smart card capability into a consumer’s personal computer. With the ‘PayPort’ appliance, a consumer’s PC becomes enabled for a new set of applications that range from electronic cash to smart card security for Internet-based and other applications. The ‘PayPort’ is a palm-sized smart card reader/writer appliance, like VeriFone’s Personal ATM device, that offers consumers the ability to access smart card-based services in the convenience of their home or office. Where the Personal ATM connects through a phone line, the PayPort product plugs into a personal computer’s serial port.


Advanta Picks New CFO

Advanta Corporation announced yesterday that it has appointed Philip M. Browne as Senior Vice President and Chief Financial Officer.  Mr. Browne joins Advanta from Arthur Andersen where he is an Audit and Business Advisory Partner.  He has worked with Advanta since 1986 and has been Arthur Andersen’s engagement partner for Advanta since 1994.

Commenting on Browne’s appointment, Chairman and Chief Executive Officer Dennis Alter said, “Phil is exactly the type of person you would want as your chief financial officer.  He is a skilled executive with 16 years of experience in corporate finance, and he knows Advanta extremely well.  We have been working with Phil for over twelve years, and he has consistently made significant and positive contributions to the Company.”

Mr. Browne began his career at Arthur Andersen in 1982 after graduating from Washington and Lee University.  He has served clients in a range of industries, though his practice has been concentrated in the financial services industry.  Mr. Browne  has extensive experience in structuring securitizations and is an Arthur Andersen firm-wide expert in accounting and reporting for securitization transactions.  His diverse experiences include acting as the chief financial officer for public clients, auditing private and public companies, and providing business advisory and consulting services to financial services companies.

Mr. Browne said, “I am excited and honored to be joining Advanta during this time of strategic repositioning.  There is tremendous opportunity for creating substantial long-term shareholder value.  After being an advisor to the Company for the past 12 years, I am looking forward to concentrating my energies solely on Advanta and being an active and integral member of the management team.”

Mr. Browne is a Certified Public Accountant (CPA) and a member of the American Institute of Certified Public Accountants (AICPA).  He is also a member of the Equipment Leasing Association where he is a past Eastern Regional Board member.

Advanta is a highly focused financial services company with 2,300 employees, approximately $10.0 billion in managed assets and an additional $8.8 billion in assets serviced for third parties.  Advanta provides consumers and small businesses with innovative products and services including mortgages, equipment leases, corporate credit cards, insurance and deposit products.  The Company also provides a full range of loan purchasing, contract servicing and securitization services to the mortgage industry.


dbProphet Adopted

Trajecta, Inc. announced Monday an agreement to provide products and services to IntelliQuest Information Group, Inc.,  a leading provider of information-based marketing services to the technology industry. IntelliQuest will utilize Trajecta’s dbProphet software to provide its clients with the most sophisticated analysis available of their marketing and awareness building efforts.

The relationship with IntelliQuest is the latest step in Trajecta’s ongoing commitment to forming alliances that leverage its technological strengths with data providers and market research firms that serve vertical industries. Trajecta’s multi-patented data mining solutions determine cause and effect from multi-source data to facilitate more accurate business decisions.  In the value chain that spans from raw data to actionable information, corporate investment has migrated toward analytical solutions. These solutions produce the greatest returns and routinely turn gigabytes of data into meaningful decision points and marketing plans.

Becky Dewan, Trajecta’s Vice President of Sales states, “We are pleased to have such a highly regarded and analytically astute market research company adopt our technology. The value of the partnership is similar to the relationships we have in the pharmaceutical and financial services sectors.  IntelliQuest already has the skill sets and infrastructure in place to effectively leverage Trajecta’s accurate predictive capabilities.  We anticipate that our products will enhance IntelliQuest’s service offerings, playing a key role in delivering substantially more value to its clients.”

According to Dr. Won-Yong Kim, Senior Vice President of Research and Development at IntelliQuest, “Trajecta’s state-of-the-art neural network technologies will allow IntelliQuest to build non-linear predictive models using the company’s various syndicated databases of technology markets.  My feeling is that the integration of survey data with historic customer activity is the only way to do predictive analysis. Neural networks are at the core of the predictive analysis. Our strategic alliance with Trajecta also means that we can really process what the technology market calls a plethora of data. IntelliQuest will be one of the first market research firms to conduct marketing research with data mining capability”.

Trajecta, Inc., based in Austin, Texas, provides greater certainty in assessing risk and predicting consumer behavior. Trajecta’s solutions utilize state-of-the-art technologies spawned from over $75 million of scientific research at the Microelectronics and Computer Technology Corporation (MCC). Trajecta serves the financial services, telecommunications, pharmaceutical, and database marketing industries. For more information see Trajecta’s web site at [][1].

Headquartered in Austin, Texas with offices in Atlanta, Silicon Valley, New York and London, IntelliQuest provides information-based marketing services to the technology industry. IntelliQuest uses its proprietary databases and software to help technology companies track product performance and customer satisfaction, measure advertising effectiveness, assess brand strength and competitive position, determine price sensitivity, and evaluate new products, markets or other business opportunities. IntelliQuest also licenses custom proprietary software applications for electronic product registration and offers associated database marketing products and services, including data enhancement, data cleansing, data mining and professional services. IntelliQuest has over 400 employees worldwide.



Impulse Buying

Impulse buying has come to the Web with the the launch of ‘Impulse Deals’ in Yahoo!’s ‘Visa Shopping Guide’ area. Created in conjunction with Impulse! Buy Network, Inc. of Burlingame, CA,  ‘Impulse Deals’ gives visitors one-stop access to charter sellers including ACER America, Chip Shot Golf, Fragrance Net, Garden Escape, Hammacher Schlemmer, Hickory Farms, J.Crew, NEC, NECX, Omaha Steaks, Packard Bell, Red Rocket, The Sharper Image, The Territory Ahead, Virtual Vineyards, Wal-Mart and 1-800 Flowers. The Impulse Deal enables sellers to produce their own sales events, including auctions, blowouts and falling price promotions, in a variety of customizable formats, which are then served to the ‘Impulse Deals’ area within the appropriate category of the ‘Visa Shopping Guide’ by Yahoo!.  Consumers simply click on the Impulse! offer button to reach the seller’s offer, get detailed product information and obtain the form for submitting their credit card and shipping information.  Impulse! then pre-qualifies orders and transmits them directly to the seller, who processes and fulfills the order.


NBS Appoints Chase’s Walsh

NBS Technologies Inc  announced the appointment of Charles R. Walsh to the Board of Directors, effective April 16. He will replace outgoing director Richard J. Schmeelk, whom the Company recognized for his invaluable contributions. Mr. Walsh retired in 1997 from his position as Executive Vice President and CEO of the Chase Manhattan Bank’s nearly $30 billion worldwide credit card business. Mr. Walsh headed this business for 23 years at Chase, Chemical Bank, and Manufacturers Hanover Trust, respectively, prior to those banks’ mergers with Chase.

Among the various Boards on which he has served, Mr. Walsh retired as a director of MasterCard International as well as a member of the Board of Directors of Chase Manhattan Bank USA, NA, and Chase Insurance Agency Inc. He also was a director of Eastern States BankCard Association and served as a member of the Government Relations Council of the American Bankers Association.

Currently, he serves on various charitable and educational Advisory Boards. Mr. Walsh holds a Bachelor of Science degree from Fordham University and both a Masters of Business Administration and an honorary Doctor of Commercial Science from St. John’s University in New York.

NBS Technologies Inc. is a multinational company that designs, manufactures and markets an integrated line of card, card issuance, identification and point-of-sale products, services and software. Customers, who cover a wide range of market segments and applications, include financial institutions, retailers, government agencies, and healthcare organizations. The Company is a Toronto-based public company that sells to customers in over 85 countries through facilities located in Canada, the United States and the United Kingdom.