Catuity Announces Board Change.Business Editors DETROIT--(BUSINESS WIRE)--June 10, 2003 Catuity, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CTTY CTTY Control Teletype CTTY Console Teletype ; ASX ASX See: Australian Stock Exchange : CAT), a leading loyalty software solutions provider to card issuers, merchants and processors, today announced that Rob Robins, who was recently named Executive Vice President of Business Development at National Processing Corporation (NPC 1. (complexity) NPC - NP-complete. 2. (architecture) NPC - Next Program Counter. ), has submitted his resignation as a Board member of the Company. Duncan P.F. Mount, Chairman of Catuity, made the announcement, noting that increased responsibilities have necessitated Mr. Robins' resignation at this time. "All at Catuity thank Rob for his support and guidance during his three-year tenure on our Board," stated Mount. Michael V. Howe, President and 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. of Catuity, added: "Rob has been a strong supporter of Catuity and provided significant insights in contributing to our growth. We recognize that his expanded responsibilities at NPC will not allow him the time to continue to serve on the Board. We are thankful he has indicated his willingness to continue to assist us in meeting our objectives." "It has been my pleasure to serve on Catuity's Board of Directors," stated Robins. "During this time I have seen the company grow, as well as accomplish many objectives. I have always considered it an honor to be a part of this success." Robins resignation is effective June 10, 2003. Catuity indicated that there are no plans at this time to replace him. Catuity's Board will now number four, consisting of three non-executive directors and one executive director. The Board is made up with equal U.S. and Australian representation. Catuity, Inc. is a leading provider of application software that allows merchants, transaction processors and card issuers to establish and administer customer loyalty programs integrated to the payment system at the point of sale. The patented Catuity system can be deployed using a mag stripe, smart card, memory card, RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. or contactless token. Catuity's smart card applet has been included on millions of chip-based credit cards. Catuity's loyalty software can be used by a broad range of sellers of 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. , particularly those who sell through both store locations and over the Internet. In addition to its innovative software products, Catuity also provides marketing expertise and service to its clients, so that with Catuity's loyalty solution merchants can offer their customers valuable benefits, thereby attracting and retaining customers as well as encouraging increased purchases. More information on Catuity is available at its website: http://www.catuity.com. In conjunction with the provisions of the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " section of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, this release may contain forward-looking statements pertaining to future anticipated projected plans, performance and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates of future results and there can be no assurance that actual results will not materially differ from expectations. Further information on potential factors that could affect Catuity, Inc. is included in the Company's Form 10-K, which is filed with the U.S. Securities & Exchange Commission. |
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