Concord EFS makes announcement.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Sept. 30, 1996--Concord EFS 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 :CEFT CEFT Czech Educational Foundation of Texas CEFT Competitive Evaluation Field Test CEFT Certified Electronic Funds Transfer ) announced today that it has amended its previously announced processing agreement with ComData Network Inc. to include two additional debit card products in conjunction with ComData's services available to casinos. The new agreement allows for the immediate roll-out of POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale debit products to the gaming industry. The two new services allow customers of the casino (i) to purchase a COMCHECK COMCHECK Communications Check on a POS debit card and (ii) to receive a cash advance from an ATM card without leaving the gaming table at selective gaming properties. "The amended agreement was formed to strengthen the overall contract for both companies," stated Edward Labry, president of Concord EFS. "Once the debit and ATM roll-out is complete, the larger revenue component, the credit card services portion of the agreement, will begin late first quarter or early second quarter of 1997," Labry added. Despite the delay in the start-up of ComData's credit card revenues, management remains comfortable with research analysts' earning estimates for the third and fourth quarters of 1996. CONTACT: Concord EFS Inc., Memphis Edward A. Labry, 901/371-8000 |
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