Catuity Announces Management Changes.Business Editors DETROIT--(BUSINESS WIRE)--April 22, 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 the company is transitioning the role of Chairman to a nonexecutive chairman. As part of this transition, the company has determined not to renew David L. Mac Smith's employment agreement, which expires August 31, 2003, and Mr. Mac Smith has voluntarily stepped down as Chairman, effective immediately. Duncan P. F. Mount, a major Catuity shareholder and a non-executive board member, has been elected as Chairman. Mr. Mount made the announcement adding "the Board of Directors and I wish to thank David for ten years of energy and service to Catuity and its shareholders. David was the founder and a major driver of Catuity's vision and business to create a valuable loyalty system, which can be directly connected to the retail payment system. This vision is now becoming a reality." Mount noted that board members, management and Mr. Mount would share the areas of responsibility previously managed by Mr. Mac Smith. Mr. Mac Smith has advised that he is considering his position on the Board. 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 statement 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. 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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