VHS Network, Inc. Announces Visa Canada Approves SmartCards for Banks
MISSISSAUGA, Ontario, Feb 4, 2000 /PRNewswire via COMTEX/ -- VHS Network, Inc.
(OTC Bulletin Board: VHSN) announced today that Visa Canada approves SmartCards
for Banks.
The acceleration of the demand for "smartCARD" applications alone will focus
major players, such as Institutions and Banks, on this technology. VHSN has been
a major proponent of application on chip cards for many years. VHS Network
released the news today that, "Visa Members in Canada analyze SmartCards."
According to VHS Network, "Visa issuers in Canada have taken the first step
toward replacing their 22 million magnetic-stripe credit cards with ChipCards,"
as the Visa Canada board this week approved in principle a migration to
SmartCards and asked member banks to get internal approval for such a move.
MasterCard's Canadian board will take up a possible switch to SmartCards this
Spring.
The Company is also in the final phase of testing with their set-top box at
several major companies that place set-top boxes in housing developments, using
advanced fiber optics systems. Their set-top box has passed its initial testing
and is in its final phase.
It will provide the most advanced streaming video with unsurpassed clarity. The
Company has tested their set-top box alongside three major manufacturers' boxes.
VHSN's box has outperformed all other and is the only box to successfully
provide streaming video at a cost effective base. The potential for this box is
phenomenal and will be sold aggressively.
Industry sales in set-top boxes in the year 2000 are expected to be in the
billions. The VHS Network will be aggressively taking its share of this market.
"It would appear that our predictions are becoming reality," stated Mr. Elwin
Cathcart, CEO and Director of VHS Network, Inc. The new Millennium would be a
turnaround for the Company.
SOURCE VHS Network, Inc.
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