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| Subject: Re: CAT Catuity Inc CDI 3/1/03 | |
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Author: Profatibility 2003 |
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Date Posted: 00:50:18 02/03/03 Mon In reply to: Good volume for CAT today 's message, "CAT Catuity Inc CDI 3/1/03" on 21:22:36 02/02/03 Sun Posted By Subject Post Time Post ID phart23 (ID#: 323649) Any Thoughts? 3/2/03 3:16:45 PM 5993712 « Previous Message Next Message » CAT Description: CATUITY CDI Market Status: Open ASX Time: 3/02/03 14:00:22 -- Real time quote ASX Code Last Bid Offer High Low Open Closed Trades Volume Value Traded CAT 3.45 3.45 3.6 3.46 3.45 3.46 3.46 27312 94367 Time Units Price Time Units Price 3/02/03 14:00:22 2000 3.45 3/02/03 11:22:59 850 3.46 3/02/03 11:26:45 222 3.45 3/02/03 10:34:54 100 3.46 3/02/03 11:22:59 5000 3.45 3/02/03 10:07:55 13140 3.46 3/02/03 11:22:59 6000 3.45 This message has been viewed 9 times Report a BullBoards Violation Ignore phart23 Post Reply View Threads pourquoi5 (ID#: 224751) RE: Latest News-Bust?Don't Think so 30/1/03 11:50:22 PM 5981891 « Previous Message Next Message » The announcement is below. Reading between the lines I see Mike Howe extending his contract through to 2007-another five years.And taking part payment in shares.But reading further between the lines Mike told me in a conversation over coffee after the AGM that at last count he had about 8 children.Does the CEO then think this ship is sinking.Don't think so. Guidance is re-affirmed but do they mean calendar 2003 or FY 2003?CAT announcements can be cryptic at times,to say the least. CATUITY INC 2003-01-30 ASX-SIGNAL-G HOMEX - Sydney +++++++++++++++++++++++++ CATUITY EXPECTS PROFITABILITY IN 2003 AND PROPOSES TO EXTEND CEO'S CONTRACT Catuity Inc (NASDAQ: CTTY; ASX: CAT), a leading loyalty software solutions company that provides technical and marketing expertise to credit and gift card issuers, merchants and processors, today released guidance for 2003 and announced its intention to convene a special shareholder meeting on March 26, 2003. At the meeting the shareholders will vote on proposals to approve the private placement of shares to Mr Duncan Mount a non-executive director, to approve the extension of the Company's contract with its President & CEO Mr Michael Howe, and to approve the issue of shares in lieu of salary to Mr Howe and Catuity Chairman Mr David Mac Smith. Based on its 2003 business plan, Catuity anticipates significant growth in its revenue and anticipates it will achieve profitability in 2003 before non-cash stock compensation expenses. "We expect significant growth in 2003," Howe said. "Although license revenue is extremely difficult to specifically forecast due to the timing and plans of our customers, based on our business plan and current indications, we believe revenue will exceed costs in 2003. At the special meeting the shareholders will consider: 1. A resolution to approve an amendment to the executive employment agreement of Michael V Howe, President & CEO and a director of the Company and the options award thereunder. This amendment includes the extension of the contract to December 2007, an increase in basic salary (the first such increase since his employment began in January 2000) and a bonus based on performance criteria. In addition the revised employment agreement includes the surrender of 96,000 unvested options held by Mr Howe on January 1, 2003, and the issue of 100,000 new options that expire December 31, 2005, at an option exercise price of $2.64 USD (equivalent to $4.70 AUD on January 2, 2003). This price is 20 percent above the closing price of Catuity shares on NASDAQ on January 2, 2003. These options vest immediately. 2. A resolution to approve the issue of 90,000 shares of common stock to Mr Duncan P F Mount, a non-executive director of the Company. As previously announced on November 26, 2003, Mr Mount's participation in a private placement required the purchase of a unit that included three shares of common stock and one warrant. Mr Mount's purchase must be approved by shareholders of the Company prior to completion. Upon such approval, Mr Mount will purchase 90,000 shares of Catuity stock at a price of $3.75 AUD per share (equivalent to $2.11 USD on the date of the placement) for aggregate proceeds of $337,500 AUD (equivalent to $189,900 USD). These shares - like the shares sold to the other unrelated investors - will be sold without registration under US securities laws pursuant to an exemption from such regulation. As a result, Mr Mount will not be able to publicly re-sell these shares for at least one year absent a registration or other available exemption from registration. The private placement unit also calls for Mr Mount to receive 30,000 warrants exercisable at $4.20 AUD (equivalent to $2.37 USD on the date of the placement) per share until November 1, 2004 and a three percent placement fee. 3. A resolution to approve the 2003 Executive Director Stock Purchase Plan adopted by the Board of Directors on January 21, 2003, which provides a means for two executive directors, David Mac Smith and Michael V Howe, to invest, on a routine, predetermined monthly basis, a percentage of their after tax cash compensation in shares of the Company's Common stock at the closing price of such shares on the last trading day of each month. "These proposals reflect a commitment by senior management and members of the Board to the long-term growth and profitability of the Company," stated David Mac Smith, Chairman of Catuity. "Duncan's commitment by participation in the private placement of last November is obvious and very much appreciated. The two-year extension of Mike's contract without any significant further dilution to shareholders and with performance related bonuses shows Mike's commitment. Finally, the 2003 Executive Director Stock Purchase Plan is something that enables Mike and myself to demonstrate our commitment to the Company through regular, systematic purchase of Company stock at the fair market price." The special meeting of shareholders will be held on March 26, 2003, at 9:30 am local time in Sydney Australia (Tuesday, March 25, 2003, 5:30 pm EST in the United States). The meeting will convene at the AAP Centre Theatrette, 259 George Street, Sydney, Australia. Formal notices of meeting, proxy forms and other material will be forwarded to shareholders shortly. A Notice of Meeting and Proxy Form has been lodged with the US Securities and Exchange Commission and released to the ASX. « Previous Message Next Message » This message has been viewed 72 times Report a BullBoards Violation Ignore pourquoi5 Post Reply View Threads Posted By Subject Post Time Post ID pourquoi5 (ID#: 224751) RE: Latest News-Correction 30/1/03 11:52:19 PM 5981896 « Previous Message Next Message » Sorry-in my last post I should have said Mike extended his contract for a further two years to 2007.Doesn't change the post though.-apologies. This message has been viewed 72 times Report a BullBoards Violation Ignore pourquoi5 Post Reply View Threads Posted By Subject Post Time Post ID pourquoi5 (ID#: 224751) Card Fraud To Spur US S Card Market 31/1/03 11:14:25 PM 5986672 « Previous Message Next Message » The rate of card fraud in the US has not in the past been a matter of substantial concern,and has been one factor in slow smart card adoption. But it seems the landscape will change dramatically over the next few years as UK/Europe and Asia-Pacific move to adopt smart card technology,forcing the crims to seek greener pastures.Seems like spraying for cockroaches is going to force them next door-and this will be USA.This has been the theme of a few articles I have read over the last months,and it is worth noting that card fraud rates were on the rise in the USA last year. Chip-And-PIN 'Will Be Retailers' Holy Grail' American Banker Jan 30 2003 : In March, the first trial of chip-and-PIN activated EMV smart cards will start in the UK town of Northampton, for merchants and banks to identify any bugs before the national rollout. While the move to chip-and-PIN“ will be costly”, says APACS’ Gary Hocking, “retailers will benefit from reduced fraud”. For “retail outlets like gas stations, which are plagued with card fraud, chip-and-PIN will be the Holy Grail”, Hocking predicts. Up to 50 per cent of UK retailers are unprepared for the fraud liability shift, however, while 40 per cent lack a chip-and-PIN migration plan, according to UK research firm, Consult Hyperion. “It’s possible that by the end of 2003, some retailers may be asking for an extension to the liability shift deadline”, predicts Consult Hyperion director, Dave Birch. Retailers will pay about a third of APACS’ estimated USD 1.7 billion (Stg 1 billion) total cost of migrating to chip and PIN systems. “For a large retailer, with thousands of POS terminals, chip-and-PIN will cost tens of millions of pounds”, Birch advises, but large retailers “can’t afford [not to implement] chip-and-PIN”, says Peter Forbes, of Marks & Spencer, “as the card criminals …will always look for easy targets”. “Once the UK and other regions implement EMV, fraudsters will migrate to other territories, such as the US, which still rely on mag-stripe”, Forbes continues. In this respect, “retailers who decide there is no business case for upgrading to chip-and-PIN could become targets”, according to Card Technology. “The biggest challenge of EMV …will be PIN management”, says Visa UK’s Colin Grennell, and shoppers may initially favor debit cards over credit cards, but credit users will be able to use ATMs to align all their PINs for easy memorization, or to swipe their cards during the initial period. « Previous Message Next Message » This message has been viewed 45 times Report a BullBoards Violation Ignore pourquoi5 Post Reply View Threads Posted By Subject Post Time Post ID bwicked1 (ID#: 371417) Target Costs?? 1/2/03 4:18:04 AM 5988097 « Previous Message Next Message » Does anyone have other cost info that might apply better to the Target situation? [$30 on a per-terminal basis minimum for an integrated solution to a high range of $1,000 per store for a non-integrated terminal solution.] Target has ~1148 stores or ~37,000 POS terminals. Does anyone know if Target received a discount and/or if their discount was the subsidization by Visa? I also remember reading something about 34-45 cents per card and/or some type of per transaction fee but can't find the article. This is a lot of speculation on my part, so any additional information or thoughts would be much appreciated. B. Wicked1 This message has been viewed 27 times Report a BullBoards Violation Ignore bwicked1 Post Reply View Threads Posted By Subject Post Time Post ID pourquoi5 (ID#: 224751) RE: Target Costs??Answers? 1/2/03 10:16:16 AM 5989667 « Previous Message Next Message » BW1-I will do my best.Anyone else please correct me if I get it wrong. Below is reproduced the latest guidance I can recall on revenue model of Catuity,including per terminal and per card activated revenues(the Target deal as we would understand it) ,but it is dated as it was in an announcement of 12/12/01-however it would reflect contracts signed at that time as it says and i think Target was signed at the time this guidance was issued.I cannot find anything later on the model. As for Target subsidies etc info is scanty from published accounts,however it would seem major discount came from Visa subsidy for being first retailer to issue.BUT a few conference calls ago Jerry Storch of Target referred to the fact that major manufacturers had backed the rollout with funding(the likes of J&J,Mattel,Unilever were mentioned)(either in the main or the Q&A session).You would find that in my accounts of the calls but that is difficult to find/access from the S/House archive of my posts because I post too often(!).You can of course listen to Target conference calls at their website and they are archived,as you probably know. Sorry but there is a veil of secrecy we are contending with! From 12/12/01 Announcement- REVENUE MODEL Catuity believes it has demonstrated that its revenue model is acceptable to customers. Catuity today obtains three types of revenue: * Time-based or fixed, project by project fees for services for software development, integration, customisation and installation. * A percentage of technology license fees paid for software maintenance, support and upgrades. * Usage-based fees for technology licenses. The usage-based fees for technology licenses is based on one or a combination of * Fee per card issued with applet loaded ranging from 60 cents to 110 cents depending on volumes. * Fee per card activated on a host for use in loyalty programs ranging from 70 cents to 120 cents Australian depending on volumes. * Fee per transaction from 8 cents to 16 cents Australian depending on volumes. * Fee per payment device software installed in multi-lane systems, in POS terminals and on web sites ranging from A$20 - A$40 per terminal to several thousand dollars for web sites depending on volumes. At the top end of the market, Catuity has signed technology license agreements that provide for payment of fees per card activated on a host for use in loyalty. At the lower end of the market Catuity has signed technology license agreements that provide for the payment of fees per transaction. Catuity expects to sign future contracts with substantially the same fee arrangements. « Previous Message Next Message » This message has been viewed 81 times Report a BullBoards Violation Ignore pourquoi5 Post Reply View Threads [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Re: CAT Catuity Inc CDI 3/1/03 profatibility | before non-cash stock compensation expenses. | 00:56:23 02/03/03 Mon |
| Re: CATThe special meeting of shareholders will be held on March 26, 2003, | Sydney Australia (Tuesday, March 25, 2003, | 01:02:08 02/03/03 Mon |