Catuity to Divest Patented Offline Smart Card Loyalty Technology.Business Editors SYDNEY, Australia & DETROIT--(BUSINESS WIRE)--May 13, 2004 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.AX), a U.S. and Australian developer of loyalty software for retailers and their partners, today said that it will begin to either sell or exclusively license its patented offline smart card loyalty technology as the company focuses solely on the growing market for online loyalty and other retail POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale software and service solutions. "Catuity is now focused on serving the majority of retailers that have already or are rapidly moving toward online POS management for their diverse POS applications. The demand for our offline smart card loyalty platform, has been limited," said Michael V
Michael V the Caulker or Kalaphates (Greek: Μιχαήλ Ε΄ Καλαφάτης, . 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 Inc., as he detailed the company's new strategy today "There are markets where the economic benefit of offline smart card loyalty systems makes sense. We are no longer focused on those markets." He added, "The effort to divest of our offline system is intended to allow the company to recoup some of the investment we have made in our offline smart card loyalty system by letting another company focus on these markets." Howe said that Catuity will actively consider proposals to acquire its smart card loyalty technology and associated patent rights or to exclusively license the technology, either globally or geographically. Interested parties can contact the company directly. The company plans to make an additional announcement about the release of its next generation loyalty software product and its refocused strategy at the company's annual shareholder meeting on Thursday. Catuity, Inc. is a provider of POS-focused applications, including real-time loyalty management, for retailers and their partners across North America. Catuity's technology is used on nearly 40,000 points of sale throughout the U.S. 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 10-K, which is filed with the U.S. Securities & Exchange Commission. |
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