GASCARD INC. ANNOUNCES MAJOR TECHNOLOGY INVESTMENT
GASCARD INC. ANNOUNCES MAJOR TECHNOLOGY INVESTMENT CARLSBAD, Calif., March 26 /PRNewswire/ -- GASCARD Inc. (GASCARD or
the company) of Carlsbad today announced installation of a state-of-the- art TANDEM CLX multi-processor computer system to replace an older model TANDEM Non-Stop II system and hiring of three additional programmers.
Lindsay B. Holland, the company's chief executive officer, stated "GASCARD made this nearly half-million dollar upgrade to provide capacity for its rapidly growing commercial and governmental fuel management market segments as well as the transaction surge expected when the Sinclair Fleetcard system begins to roll out the hundreds of locations in its planned network. Pilot programs in and potential contracts with several other states and GASCARD's existing State of Utah contract indicate that 1992 will be a banner year for the company." GASCARD's director of computer operations, Richard L. Foulkes, said, "The TANDEM CLX system almost triples the raw processing power of its predecessor yet uses far less electrical power, air conditioning, and floorspace. All the proprietary GASCARD software programs developed over the past 11 years are 100 percent compatible with the new equipment. The installation entailed only a brief outage to transfer the database and communications system and was completed without a hitch." Background -- GASCARD Inc.: GASCARD provides fuel management services to tens of thousands of commercial fleets that transact more than 14,000,000 gallons of fuel per month through more than 2,630 locations in 38 states. Since 1981 GASCARD has transacted more than 1,150,000,000 gallons. The company has contracts to provide fuel management services for the California Energy Commission and the State of Utah and to process a proprietary fleetcard for Sinclair Oil Corp. The GASCARD network also has interchange agreements with ARCO's PayPoint and Sinclair's Fleetcard networks. GASCARD has developed and markets nationally a comprehensive card- activated fuel management system designed to reduce commercial and governmental fleet fueling costs. The GASCARD system can prevent unauthorized purchases; lower accounting, administrative and other costs of fleet fueling; and eliminate or lessen the environmental risks of underground fuel storage tank ownership or operation. Each billing cycle, the GASCARD system reports complete fleet fueling transaction data -- date, time, site, vehicle, driver, odometer, miles per gallon, cents per mile, product, volume, price, extension and excise tax details -- which fleet managers can use to maximize fleet efficiency. Through GASCARD's 125 franchisees, which are typically independent petroleum marketers, more than 500 salespeople market the GASCARD system primarily to local and regional delivery, sales and service fleets, such as fuel and beverage distributors, overnight package delivery services, taxis, public utilities and governmental agencies. GASCARD was originally organized in May 1981 and went public through an offering of its common stock in March 1987. In January 1990, the U.S. Patent Office issued Patent No. 4,891,503 to GASCARD for its distributed authorization system. This sophisticated data base management program automatically maintains individualized subsets of GASCARD's national data base in local point-of-sale terminals which enables them to authorize and process
transactions almost instantaneously without recourse to GASCARD's central computer and thus at a greatly reduced telecommunications cost. GASCARD's common stock is traded on the over-the-counter market.
-0- 3/26/92 /CONTACT: Lindsay B. Holland of GASCARD, 619-431-3200, ext. 120/ CO: GASCARD Inc. ST: California IN: AUT OIL TRN SU:
AL-EH -- SD004 -- 2055 03/26/92 14:54 EST
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|Date:||Mar 26, 1992|
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