CORRECTING and REPLACING QI Systems Inc. Releases Stock Analyst Report.Business Editors CORRECTION...by QI Systems Inc. RICHMOND, British Columbia--(BUSINESS WIRE)--May 20, 2004 In BW5563 issued May 19, 2004: The date of the analyst report in both the signature and the first graph of the release dated May 19, 2004, should read May 12, 2004 (sted March 12, 2004). The corrected release reads: QI SYSTEMS INC. RELEASES STOCK ANALYST REPORT QI Systems Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :QIIIF) today released a report on their Company prepared by Analyst Howard N. Stillman on May 12, 2004. The complete, unedited text of that report is as follows.
Speculative Buy Price Objective: $1.00 - $1.50
QI SYSTEMS INC.
OTCBB Symbol: QIIIF
Price: $0.27 52 Week Range: $0.50 high $0.075 low
Capitalization
Common Stock: 18,785,000 Outstanding
Float: 1,800,000 approximate
Warrants: 9,000,000 exercisable at $0.20-$0.40 per share
Corporate Strategy Charging for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. has become pervasive in our society with the use of plastic cards with a magnetic strip or an embedded chip See embedded processor. either as a credit or debit device. The company produces chip card payment terminals and operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , collectively known as "SMART CARDS Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. ," which are gaining greater recognition 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. everyday following significant acceptance abroad. QI Systems Inc. has developed a complete smart card hardware and software package which it initially employed in many fields. New management entered the company less than one year ago and restructured operations and revitalized its business plan to concentrate on niche markets that afford the best growth prospects, such as municipal parking and Indian gaming casinos. In this regard, a $280,000 order was received from Cale Parking just recently, which can springboard significant business from major U.S. cities seeking and needing additional revenues. Initial approaches have secured interest in Baltimore, MD, Portland, OR and Lakewood, CO, with many more in the offing coming; arriving in the foreseeable future. visible but not nearby. See also: Offing Offing . This could result in multi-millions in business for the company as these Smart Card systems are adopted. Furthermore, a $400,000 order was just obtained from Cyberdyne Gaming, a major manufacturer of gaming equipment and services. Cyberdyne produces a broad line of slot machines for casinos and intends to employ smart cards that will allow players at these establishments to use the cards in lieu of cash to operate the machines. Players will insert the smart cards into the gaming devices and winnings will be automatically loaded on to the card. This is viewed by casino operators as a positive step that will increase play. QI Systems has raised over $1.1 million in new capital this year, while cutting operating costs operating costs npl → gastos mpl operacionales . Cash on hand, plus expected revenues, are expected to meet current capital funding requirements through fiscal 2005, year ending June 30. Moves to enter new fields are moving forward selectively. Negotiations are underway with USA TODAY USA Today National U.S. daily general-interest newspaper, the first of its kind. Launched in 1982 by Allen Neuharth, head of the Gannett newspaper chain, it reached a circulation of one million within a year and surpassed two million in the 1990s. to increase smart card usage with systems installed in stand alone newspaper boxes. At current price levels, the shares of QI Systems Inc. have speculative merit for risk oriented investors seeking material capital gains. Howard N. Stillman Security Analyst May 12, 2004 For more information on QI Systems Inc. please visit the Company's website at www.qisystems.ca This report should be read at your own risk. It is based upon information believed to be reliable but cannot be guaranteed as to its accuracy or completeness. Howard Stillman was retained by QI Systems Inc. to produce an independent analysis of the company's market position and was prepaid a fee of $2,500 for his services. Statements in this news release may not be historical facts, including statements about plans and expectations regarding products and opportunities, demands and acceptance of new or existing products, capital resources and expected future funding results. These and other such statements are forward-looking and should be treated as such. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involve risks and uncertainties that may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. This report is not intended to be a direct solicitation on the part of the Company to buy or sell stock. All stock offers made by the Company are subject to regulatory policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental to which the Company strictly adheres. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the adequacy of this news release and has not investigated the validity of these claims. Approved on behalf of the Board Steven R. Garman President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. QI Systems Inc. |
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