Belco Systems Technologies signs letter of intent.LANGHORNE, Pa.--(BUSINESS WIRE)--Feb. 18, 1997--Belco Systems Technologies, Inc. (Symbol: BLCO BLCO Bonnie Light Crude Oil BLCO Brass Locomotive Company ) announced today that it signed a non-binding Letter of Intent with Iron Holdings Corp. of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Letter of Intent, Iron Holdings Corp. is purchasing an exclusive one year license to use certain proprietary technology of Belco Systems Technologies, Inc. in Ontario, Canada for equity in Iron Holdings Corp. Iron Holdings Corp. intends to use Belco's technology for applications in both the real estate and construction industries. The Letter of Intent provides that the parties execute a definitive license agreement on or before February 28, 1997 subject to the approval of the Boards of Directors of both companies. Belco Systems owns patent pending technology which permits secure credit card transactions from any remote location. Belco's personal reader capture transfer technology (PRCTT) has been designed to permit direct contact between the customer and the merchant via a telephone line and electronically sends appropriate credit card information safely and economically to the merchant. "Belco Systems Technologies, Inc. is very pleased to have signed this Letter of Intent with Iron Holdings Corp.," said Lionel Beloyan, Chairman of the Board of Belco Systems Technologies, Inc. "It is the first proposed licensing agreement for Belco's proprietary technology. Wherever you have a purchaser and a seller trying to complete a credit card transaction, you have a potential application for the Belco technology," stated Beloyan. Belco Systems Technologies, Inc. is a diversified diversified (di·verˑ·s licensing and technology company. The Company has a marketing agreement with Luxor Corp. of Bensalem, Pennsylvania to license and market the PRCTT technology in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company also has a marketing and distribution agreement with Automated Financial Systems, Inc. of Clearwater, Florida Clearwater is a city located in central Pinellas County, Florida, USA, nearly due west of Tampa. As of the 2000 census, the city had a total population of 108,787; however, according to the 2005 U.S. Census Bureau's estimates, the city's population fell slightly to 108,687. to market and distribute ATMs (Automated Teller Machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. ) in the state of Pennsylvania. CONTACT: Belco Systems Technologies, Inc. Lionel Beloyan, 215/702-8712 or Forte Communications, Inc. Patricia Meding, 212/785-6300 Fax: 212-785-6205 email: todayinvest@earthlink.net CompuServe: 76702,2130 |
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