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Catuity to miss Target smart-card system.

Publication: Crain's Detroit Business
Publication Date: 08-MAR-04 		Format: Online - approximately 759 words
Delivery: Immediate Online Access
Full Article Title: Catuity to miss Target smart-card system.(News)

Article Excerpt
Byline: Andrew Dietderich

Target Corp. plans to drop its smart-chip technology program, a year after its launch had begun to improve revenue and narrow losses for Detroit-based Catuity Inc.

Catuity (Nasdaq: CTTY) developed the technology behind the smart chip, the part of the Target credit-card reward program that stores information about the holder along with electronic coupons and other promotional items.

Catuity got licensing and maintenance revenue through the program, although exact figures have never been disclosed.

Michael Howe, president and CEO, said the loss would be "material.'' Since Catuity announced Target's plans Feb. 29, shares have sunk to 52-week lows of less than $1.30.

Details about how Catuity would be affected will...



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