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Technology Stocks : BGT (Bit Integration Technology) -- Ignore unavailable to you. Want to Upgrade?

To: john mark olearo who wrote (34)	10/19/1998 12:15:00 AM
From: toccodolce	Respond to of 53

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...