Printer Friendly

TOTAL SYSTEM SERVICES, INC. AND AT&T UNIVERSAL CARD SERVICES ANNOUNCE SEVEN-YEAR CREDIT CARD PROCESSING AGREEMENT

 COLUMBUS, Ga., Aug. 4 /PRNewswire/ -- Total System Services, Inc. (NYSE: TSS), the Columbus-based bankcard data processing company, and AT&T Universal Card Services (UCS) of Jacksonville, Fla., today announced the signing of a new, seven-year credit card processing agreement.
 This contract supersedes the existing contract signed in March 1990 and extends the term of the service agreement until the year 2000. Terms of the new processing agreement, which, over its life, could result in revenues to Total System Services (TSYS) in excess of $300 million, are not anticipated to materially change TSYS's results of operations. Warrants granted to UCS in 1990 to purchase TSYS common stock do not survive nor are they part of this new processing agreement.
 Commenting on the new contract, Richard W. Ussery, chairman and chief executive officer of TSYS, stated: "We are very happy to extend our contract with AT&T Universal Card Services. UCS has enjoyed remarkable growth in the bankcard industry and we are extremely pleased to be a part of their success. We enjoy a special relationship with UCS and we are delighted to have them as a customer through the rest of this century."
 David Hunt, president and chief executive officer of UCS, commenting on the new contract, stated: "The AT&T Universal Card program is a very successful and rewarding product for AT&T, and for the 16 million customers who use our card. Total System Services, Inc. has provided UCS with outstanding service and reliability that has helped us give our customers world-class service. We think TSYS is a premier credit card processing company and we are excited about the opportunities that the future will present for both our organizations."
 TSYS is the second-largest credit card and private label transaction processing company in the world. The company is based in Columbus and provides credit card institutions with a comprehensive on-line system of data processing services marketed as THE TOTAL SYSTEM(sm). TSYS serves 114 credit card issuers in 34 states, Puerto Rico and Canada, representing over 32 million cardholders and 258,000 merchant accounts. TSYS also provides correspondence products, fulfillment services, direct marketing and promotional services, directly or through its two subsidiaries, Mailtek, Inc.-Atlanta and Lincoln Marketing, Inc.- Moorestown, N.J., to financial institutions, airlines, health care organizations and other businesses, representing over 20 million customers. TSYS is presently an 80.7 percent owned subsidiary of Synovus Financial Corp. (NYSE: SNV), a $5.4 billion multi-financial services company composed of TSYS, 31 banking affiliates in three states and a full-service brokerage firm.
 -0- 8/4/93
 /CONTACT: Kenneth E. Evans, vice chairman of the board of Total System Services, 706-649-4457/
 (TSS SNV)


CO: Total System Services, Inc.; AT&T Universal Card Services ST: Georgia, Florida IN: FIN SU: CON

BN-RA -- AT002 -- 9229 08/04/93 09:16 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 4, 1993
Words:469
Previous Article:FLOOD RELIEF FUND EXCEEDS $1 MILLION; ADDITIONAL $500,000 TO BE MATCHED DOLLAR FOR DOLLAR
Next Article:VULCAN AND COMINCO SODA ASH PROJECT PERMITTING ON SCHEDULE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters