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Rapidtron Signs Memorandum of Understanding with Smart Card Integrators, Inc.
July 28, 2004
Rapidtron Signs Memorandum of Understanding with Smart Card Integrators, Inc.
WEDNESDAY, JULY 28,2004 03:24 PM
COSTA MESA, CA –July 28, 2004 – Rapidtron, Inc., (OTCBB: RPDT), announced the signing of a memorandum of understanding (“MOU”) with Smart Card Integrators, Inc. (“SCI”), a developer and marketer of smart card technology, to acquire SCI and operate it as a wholly-owned subsidiary under SCI’s existing management team. The two companies have been conducting joint marketing efforts for the past year in the smart card field and are currently working together to secure new major customers in both the commercial and government markets.
The transaction is contingent upon both parties completing due diligence and negotiating a definitive agreement over the next 90 days, and upon Rapidtron raising an additional $10 million of debt and/or equity financing, prior to January 29, 2005. There can be no assurance that the transaction will close.
The MOU provides for Rapidtron to issue 5 million shares of a new series of convertible preferred stock in exchange for all of the issued and outstanding securities of SCI. Based upon future revenues of SCI, the SCI shareholders will own approximately 30 % to 35% of the total number of RPDT shares outstanding on April 15, 2006. The convertible preferred stock must be converted to common stock between April 15, 2006 and April 15, 2009.
John Creel, Rapidtron CEO, stated, “By bringing together our technology and hands-on experience in smart cards and access control, Rapidtron and SCI expect to provide a complete solution and become a contractor in large projects throughout the world.”
Francois Allal, SCI President, stated, “The combination of the companies will provide a significant strategic advantage as we compete for projects. We plan to be competitive by offering an innovative and advanced product combining Smart card, biometric identification and access technology.”
The companies expect to enter into a definitive agreement within the next 90 days and close the transaction by January 29, 2005. The two companies will continue to work as strategic partners during the due diligence period and prior to closing. Currently, the companies are collaborating on projects for fitness clubs, resorts and various Mexican government ministries.
About Smart Card Integrators, Inc. (SCI)
SCI, formed in 1996, is one of the leading North American smart card technology companies that designs, develops, and markets smart card products and related systems. SCI is a pioneer in smart card technology and has produced a proprietary family of s-Choice™ Products and Services that allow for cashless transactions for greatly reduced costs and significantly increased efficiency and revenue for their clients.
JPMorgan Chase licensed the s-Choice™ OS and s-Choice™ E-Purse for use in the Navy Cash™ and Marine CashSM project which is now being expanded to include the s-Choice™ Java E-Purse.
The Naval Supply Systems Command (NAVSUP) and Navy Family Support, in partnership with the Financial Management Service (FMS), a bureau of the Department of the Treasury, conducted a highly successful pilot program, Navy Marine Cash, which was deployed from 2001 to 2003 on eight U.S. Navy ships representing six ship classes. The new financial cash management system allows afloat Sailors and Marines to conduct personal banking and purchasing electronically while deployed. The system consists of an "electronic purse" on a commercial debit card, which utilizes both stored-value chip and magnetic strip technology. Navy/Marine Cash™ reduces the need for cash aboard the ship and significantly reduces workload afloat. Fleet wide deployment of 175 Navy ships in this program is scheduled to be completed by2008.
SCI recently opened offices in Europe, staffed with a team of software engineers who are writing web enabled AFIS (Automated Fingerprint Identity Systems) applications for the global market. This SCI unit has also developed three new biometric applications – BioEntry, TimePass, and IDTech – which the Company plans to launch this year.
About Rapidtron
Rapidtron is one of the leading smart card-access control companies in the United States, serving universities, fitness clubs, resorts, and amusement parks. Headquartered in Costa Mesa, CA, Rapidtron is currently providing its smart card-access control systems to Copper Mountain (Colorado) and Park City Mountain Resort (Utah), and its bar code system to U C Berkeley, UCLA, and several leading fitness clubs with over 150 systems shipped to date. Rapidtron is the exclusive North American distributor for AXESS AG, a Austrian corporation. AXESS AG is at the forefront of radio frequency smart card technology and has installed over 2,500 smart access gates and 1,500 point-of-sale systems to transit companies and resorts in Europe.
Rapidtron will continue to be traded on the Over-the-Counter Bulletin Board (OTCBB). Rapidtron was listed on the OTCBB (RPDT – OB) in May 2003. More information about Rapidtron may be obtained at www.rapditron.com
Forward-looking statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. These risks include the possibility that Rapidtron or SCI will not satisfy their contingencies and will not complete the transaction, and that even if the transaction is closed, the combination of their respective business and technologies will not result in new businesses.
Contact:
Rapidtron Inc.
John Creel (Media), 949-798-0652
jcreel@rapidtron.com
or
Brad Long (Media), 800-913-8588
brad@rapidtron.com
or
Liolios Group Inc.
Scott Liolios (Investors), 949-574-3860
scott@liolios.com
Rapidtron to Install Smart Access System at Tamarack Resort, A Prestigous, New All-Season Resort In Idaho
Tamarack Resort, North America’s first all-season ski and golf resort to be permitted in 22 years, will install Rapidtron’s hands-free access system for convenient ski-lift entry
July 12, 2004
Rapidtron to Install Smart Access System at Tamarack Resort, A Prestigous, New All-Season Resort In Idaho
MONDAY, JULY 12, 2004 08:30 AM
COSTA MESA, Calif.—(July 12, 2004)– Rapidtron, Inc. (OTC BB: RPDT), a provider of smart card access controls, today announced that the company will install its cutting-edge Smart Access System at Tamarack Resort in Idaho, and will have it operating on all lifts in time for the resort’s inaugural alpine season this winter.
The Rapidtron Smart Access System will provide an exclusive pass to members of “The Club” at Tamarack. This pass will give club members quick and easy access to an express lane at each of the resort’s lifts. Using automated turnstiles powered by Rapidtron, the versatile system facilitates rapid, operator-free and hands-free entry by utilizing Rapidtron’s RF smart cards, which are individualized by a code and/or a customer’s photograph.
“During peak seasons, members of The Club at Tamarack will be delighted to have quick access to the mountain,” said Jim Spenst, Tamarack’s Vice President of Operations. “This is a major benefit to our club members and another unique amenity that positions Tamarack Resort as an exciting, innovative and convenient area to play, stay and enjoy.”
Rapidtron President John Creel said, “Rapidtron would like to welcome Tamarack Resort, North America’s newest premiere resort to its family of customers. By investing in Rapidtron’s Smart Access System, Tamarack joins the ranks of Copper Mountain, Park City Resort, UC Berkeley, UCLA and more than 180 fitness clubs throughout the US.”
About Rapidtron
Headquartered in Costa Mesa, Calif., Rapidtron has established itself in the North American marketplace by currently providing its Smart card access control systems to Copper Mountain in Colorado and Park City Mountain Resort in Utah, and its bar code access system to the University of California at Berkeley, UCLA and several leading fitness clubs. Rapidtron has forged a strategic partnership with AXESS AG, a European (Austria) corporation. AXESS AG is at the forefront of Radio Frequency Smart card technology and has installed over 2,500 Smart access gates and 1,500 point-of-sale systems to transit companies and resorts in Europe. Rapidtron intends to become the leading provider of Radio Frequency (RF) Smart card access control and ticketing/membership systems by providing the premier technology for operator-free entry and exit turnstiles. For additional information visit: www.rapidtron.com.
About Tamarack Resort
Tamarack Resort is the first all-season ski, golf and lake resort to be permitted in the U.S. in 22 years, taking advantage of a rare combination of Mountain, Meadow and Lake. The resort site is 90 miles north of Boise, Idaho on the west shore of Lake Cascade. The ski hill and 18-hole Robert Trent Jones II championship golf course are in their second year of construction with opening expected in Christmas 2004 and summer 2005, respectively. For more information, please see www.tamarackidaho.com.
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Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
Contacts: Investor & Media Relations –
For investor information:
Scott Liolios at Liolios Group: (949) 574-3860 or scott@liolios.com
Rapidtron Provides Second Quarter Business Update
June 14, 2004
Rapidtron Provides Second Quarter Business Update
MONDAY, JUNE 14, 2004 08:30 AM
COSTA MESA CA, June 14, 2003– Rapidtron, Inc. (OTC BB: RPDT), a provider of Smart card access controls, today announced projected revenues of $1.0 million for second quarter, 2004. According to year-to-date figures released by the Company, there are a record number of fitness installations, creation of new resort sales, and signing of a major university in the United States.
According to President and CEO John Creel, the company expects to place its access control systems in more than 70 new clubs during the second quarter. “The total installation base will be almost 165 health clubs by the end of the quarter, and we anticipate record revenue of $1.0 million for the period. The current fitness market backlog is over 60 units, and we expect to have systems installed in 300 clubs by the year-end,” Creel said. Installations include Bally’s, Gold’s Gym, Super Fitness, and California Family Fitness according to Creel.
Creel noted that the success of Rapidtron systems has exceeded the expectations of the owners and managers of large chains as well as even a small club in Lewiston, Maine.
“Most of the clubs have recovered the cost of the system within 30 days, and we expect our access control system to become a new industry standard.” Creel added, “We are beginning to see the acceptance of Smart technology as two Gold’s Gyms ordered our Smart key fobs for all their members. There are over 5 million aggregate members within the clubs that we have started to install.”
With the previously announced addition of Chris Perkins, Vice President -- Sales, Resorts and Amusement, the company is in negotiation with six winter resorts including one as a beta site for Rapidtron’s new biometric solution for validation of season’s passes. Transferability of season’s passes is one of the resort industry’s major ticketing and administration problems. Perkins stated, “Since our participation in the RTP Conference in March and the NSAA Trade Show in May, we have received tremendous response to our new, single-lane system and programs dealing with transferability. There are over 300 potential resorts in North America and the need for our system is finally being realized as more resorts are dealing with problems in hiring minimum wage personnel and problems with validation of passes including transferability.”
Based on the success of the access control systems placed at the University of California at Berkeley (UCB) and the University of California at Los Angeles (UCLA), the company met with 38 universities in attendance at the NIRSA trade show in May, a trade association meeting of university recreational and health center administrators. Creel indicated that there was “tremendous response from some of America’s largest universities, and we are in the process of sending out proposals to at least six institutions for installation in 2004.”
Terry Curtis, Vice President, Universities is supervising the sales for this target market.
About Rapidtron
Headquartered in Costa Mesa, California, Rapidtron has established itself in the North American marketplace by currently providing its Smart card access control systems to Copper Mountain in Colorado and Park City Mountain Resort in Utah, and its bar code access system to the University of California at Berkeley, UCLA and several leading fitness clubs. Rapidtron has forged a strategic partnership with AXESS AG, a European (Austria) corporation. AXESS AG is at the forefront of Radio Frequency Smart card technology and has installed over 2,500 Smart access gates and 1,500 point-of-sale systems to transit companies and resorts in Europe. Rapidtron intends to become the leading provider of Radio Frequency (RF) Smart card access control and ticketing/membership systems by providing the premier technology for operator-free entry and exit turnstiles. For Additional information visit: www.rapidtron.com
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
Contacts: Investor & Media Relations –
For investor information:
Scott Liolios at Liolios Group: (949) 574-3860 or scott@liolios.com
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