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Subject:

Author:
2003-04-23--Macca steps down

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Date Posted: Sunday, May 04, 08:32:18am
In reply to: and to go with Visa--at the time of writng this appears correct 's message, "The Catuity Common business model has always been with an American focus" on Saturday, February 15, 06:47:28pm

CATUITY INC 2003-04-23 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
CATUITY ANNOUNCES MANAGEMENT CHANGES

Detroit, MI, (April 23, 2003) Catuity Inc (NASDAQ: CTTY; ASX:
CAT), a leading loyalty software solutions provider to card issuers,
merchants and processors, today announced that the company is
transitioning the role of Chairman to a nonexecutive chairman.

As part of this transition, the company has determined not to renew
David L. Mac Smith's employment agreement, which expires August 31,
2003, and Mr Mac Smith has voluntarily stepped down as Chairman,
effective immediately. Duncan P F Mount, a major Catuity
shareholder and a non-executive board member, has been elected as
Chairman. Mr Mount made the announcement adding "the Board of
Directors and I wish to thank David for ten years of energy and
service to Catuity and its shareholders. David was the founder and a
major driver of Catuity's vision and business to create a valuable
loyalty system, which can be directly connected to the retail payment
system. This vision is now becoming a reality." Mount noted that
board members, management and Mr Mount would share the areas of
responsibility previously managed by Mr Mac Smith.

Mr Mac Smith has advised that he is considering his position on the
Board.

Catuity, Inc is a leading provider of application software that
allows merchants, transaction processors and card issuers to
establish and administer customer loyalty programs integrated to the
payment system at the point of sale. The patented Catuity system can
be deployed using a mag stripe, smart card, memory card, RFID or
contactless token. Catuity's smart card applet has been included on
millions of chip-based credit cards. Catuity's loyalty software can
be used by a broad range of sellers of goods and services,
particularly those who sell through both store locations and over the
Internet. In addition to its innovative software products, Catuity
also provides marketing expertise and service to its clients, so that
with Catuity's loyalty solution merchants can offer their customers
valuable benefits, thereby attracting and retaining customers as well
as encouraging increased purchases. More information on Catuity is
available at its website: http://www.catuity.com.

In conjunction with the provisionsof the "Safe Harbor" section of
the Private Securities Litigation Reform Act of 1995, this release
may contain forward-looking statement 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 onpotential
factors that could affect Catuity, Inc. is included in the Company's
Form 10-K, which is filed with the US Securities & Exchange
Commission.

Contact: Duncan P F Mount
CHAIRMAN
(Australia) 9281 4188
dmount@bigpond.com

Or

Jack Lowry CFO, or
Michael Howe President & CEO
(US) 313-567-4348
jackl@catuity.com or
mikeh@catuity.com

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