IVI Checkmate (CMIV) Message Board

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Technology Stocks : IVI Checkmate (CMIV)

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To: hsg who wrote (3509)	4/26/2000 7:54:00 AM
From: hsg	Read Replies (1) of 3721

Re: Revy, Safeway, etc...Part 1 by: taurus_inv 4/26/00 1:17 am Msg: 1071 of 1072 I was in a Revy store in North Vancouver which had new Attalla keypads installed to replace the old Attalla pads. It sounds as if the Bank of Montreal is scrambling to find any keypads in inventory which can be re-deployed. The fact some of these newly deployed keypads are IVI-Ingenico may signal a) a shift in future keypad purchasing by B of M, or at very least b) a vote of confidence as IVI being their "next best" supplier. B of M already buys its printers from IVI. A question...where have all the "insiders" gone? Surely IVI management is aware of this message board...do they read it? If so, here in my humble opinion are several areas of concern which I would like to see adressed in management correspondence to shareholders: 1. Diversification: (a)Product Offering - The firm continues to rely on the sale of hardware for the majority of its revenues. Companies such as NBS and others are involved in other areas of activity such as debit/credit/smart card manufacturing and credit/debit card stamping equipment for personalizing the cards. Certainly the demand for cards provides for steady and recurring revenues, unlike terminal sales which occur only after existing equipment is obsolete. Is the company seeking new, but related product markets? (b) Geographic - It has been said that Ingenico has the best of both worlds...it has kept IVI out of Europe and Asia as the lack of revenue from IVI products sold abroad can attest...while having access to the North American market through IVI as the most recent annual report indicates (ie. more Ingenico product was sold by IVI in 1999 at lower margins). Latin America...well, that joint venture is an absolute JOKE. Will the company not seek to improve this agrweement with Ingenico? In other words, Ingenico...piss or get off the pot...buy IVI or cut it loose! (c) Suitors - Ingenico has been the preferred partner of IVI since 1996. However, Ingenico seems to be doing little to increase IVI shareholder value. The recent writedowns certainly appear to be paving the way for a takeover. My question is...why just rely on Ingenico...why not seek alliances with Hypercom and/or Verifone to increase the number of potential suitors for the company? (d)Revenues - a more steady stream of revenue is required if the volatility is to be removed from the stock. A more stable stock price would in turn make acquisitions via stock issuance easier. What is the company doing to obtain such revenue streams...software licencing?, transaction fees?, products with nore routine demand cycles?.

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