Hi Mark,
This was the PR from Friday.
BIT Enters Agreement with Lasso Communications as
Exclusive Supplier of Smart Card Technology
MARKHAM, ONTARIO--BIT Integration Technology Inc. (BIT) today
announced an agreement with Toronto-based Lasso Communications
Inc. to provide technology and systems for VIP Toronto, one of the
largest Smart Card Loyalty programs ever planned.
The Agreement identifies BIT as the exclusive supplier of Smart
Card technology and related services for the VIP Toronto loyalty
and other similar programs.
Eugene Lo, President of BIT, is very pleased with the development
of this relationship. "This is a very significant event for BIT.
It not only speaks volumes about the sophistication of BIT's
expertise in this specialized field, but it underscores BIT's
commitment to be a Global leader in offering Smart Card technology
and comprehensive solutions."
VIP Toronto launches in 1999. A 500,000 card beta program begins
in the first quarter of 1999 with full roll out to millions of
users scheduled to begin in the third and fourth quarters of 1999.
Coordinated in conjunction with Tourism Toronto (Toronto
Convention and Visitor Association), the program will promote
commercial establishments in the Toronto area to visitors and
residents through the free distribution of VIP Toronto Smart
Cards.
VIP Toronto Smart Cards delivers to consumers immediate rewards
and privileges for visiting participating establishments. The
cards collect transactional information that is used to deliver
targeted rewards based on individual purchasing behaviour. Program
funding is achieved primarily through sponsorship and advertising
rights.
"The success of VIP Toronto creates new business opportunities for
the travel and service industries," says Gordon Ross, President,
Lasso Communications Inc. "VIP Toronto would not be possible
without the innovative technology and support BIT brings to the
program. Smart Cards add a further element of immediacy and
accountability to the realm of relationship-driven business and
marketing."
Under the terms of the Agreement, BIT is scheduled to receive in
excess of $1.7 million from the beta project. Revenues from
project implementation will depend directly upon the breadth of
the program. It is estimated that Toronto receives in excess of
20 million visitors per year.
Lasso Communications Inc. (http://www.lasso.net) develops business
solutions that help organizations work smart in real time. By
developing global solutions that operate across computing and
telephony networks, Lasso allows businesses to manage and utilize
data effectively and efficiently. Lasso is an international
affiliate of the Grey Worldwide Network of companies with offices
in Canada, South Africa, Brazil and Australia. The VIP program
will be marketed worldwide and upon implementation will offer
inter-country and inter-city loyalty rewards.
BIT Integration Technology Inc. is a Canadian systems integration
company specializing in the development of Digital Imaging and
Smart Card Solutions. BIT's other projects include some of the
largest Smart Card installations such as BIT's Drivers License and
Infraction Management Systems installed in the Provinces of
Shaanxi and Guangxi, Peoples Republic of China.
Tom...
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