IVI awarded $1.5 million contract to supply CIBC with POS printers over the next 12 months.TORONTO and BOULDER, Colo.--(BUSINESS WIRE)--Nov. 7, 1996--IVI (International Verifact Inc.) announced Thursday that it has been awarded a contract to supply the Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). (CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company ) with Point-Of-Sale (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) printers for the next 12 months. The contract has a minimum value of $1.5 million and the potential to reach $2.5 million if CIBC deploys the maximum number of printers covered under this agreement. "IVI is very pleased to once again be working with the CIBC as we view them as a valuable customer and major deployer of POS terminals and printers. In previous years, IVI has supplied CIBC with POS printers and other custom bank automation products, but over the past 12 months IVI has seen virtually no revenue from the CIBC. "This contract re-establishes our working relationship with Canada's largest issuer of credit cards," said Geoff Bowen, VP Sales, IVI Toronto. The entire POS market is continuing to grow at astounding a·stound tr.v. a·stound·ed, a·stound·ing, a·stounds To astonish and bewilder. See Synonyms at surprise. [From Middle English astoned, past participle of astonen, rates throughout Canada. INTERAC reports show that over 1.4 million new bank cards have been issued so far in 1996 and that monthly transactions at the point of sale are up by over 58%, totalling over 58 million transactions for the month of September, 1996. "POS debit/credit is currently deployed in about 35% of Canadian retail locations. With the recent test marketing of new card technologies and the continued support of Canadian shoppers, the future for POS terminal growth looks very promising," said L. Barry Thomson, 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. , IVI. IVI is engaged in the design, development and sale of electronic payment solutions for retailers, financial institutions, governements and other businesses. IVI's hardware and software products include point-of-sale debit/credit/EFT/EBT terminals, check readers, smart card readers, check encoders, and secure PIN entry devices. IVI trades on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol 'IVI' and on the 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 as 'IVIAF'. CONTACT: IVI L. Barry Thomson, President and CEO, 416/245-6700 |
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