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Gold/Mining/Energy CSI Credit Systems CSU.VSE

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To: Stephen O who wrote (52)	4/28/1999 1:05:00 PM
From: richieg	of 90

Volume not racing today as previous few days .... understand there has been at least one newsletter (MiniCap ?) picked up on CSU ... sending out 6000 odd copies. Will probably hit Friday or Monday .. I'm looking for 1.15 to 1.20 but the good news is yet too come ... getting rumblings of something largess... scuttlebutt is major bank contract ... will have to wait and see... if my suspicions are correct this will be very good and maybe even some day give us a little dividend ... now wouldn't that be nice !

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To: richieg who wrote (53)	4/29/1999 10:16:00 AM
From: keith schaefer	of 90

CSI Credit Systems third quarter results CSI Credit Systems International Inc CSU Shares issued 11,912,907 1999-04-27 close $0.95 Wednesday Apr 28 1999 Ms. J. Caren Holtby reports Revenue for the third quarter of fiscal 1999, ended Feb. 28, 1999, is lower than expected, but sales activity has been high. Orders were slow to close in this quarter. In addition, inventory levels have been increased to take advantage of bulk purchases. During this quarter the company signed Rocky Mountain Chocolate Factory to an Ernex customer loyalty and tracking program at all 11 corporate locations across Canada. The company also operates 17 franchise locations in Canada and 221 in the United States. CSI installed Ernex in Nike Canada's flagship store, Nike TO, in Toronto. Nike is using Ernex real-time points and Ernex e-gift to enhance customer loyalty and tracking. Nike has 71 corporate stores in the United States. CSI completed certification for its GT-100 terminal with the credit union, Desjardins, the largest financial institution in Quebec. CSI is now certified with six banks and credit unions in Canada and three processing companies in the United States. The company expanded its Family Golf Ernex program, which began as a pilot program during the second quarter in the Southeastern United States and has now increased to a total of 62 locations in the third quarter in Canada and the United States. The company completed a private placement of 300,000 units at 75 cents per unit for gross proceeds of $225,000 with FutureFund Capital (VCC) Corp. on April 27, 1999. Ernex Insight, a comprehensive data mining and reporting service was launched in the quarter. It allows Ernex customers secure multidimensional and interactive access to all their program data via the Internet. Condensed Statement Of Operations Three months ended Feb. 28 1999 1998 Sales $ 683,727 $ 684,916 Gross margin 422,054 424,647 Operating expenses 607,183 508,663 --------- --------- Net income (loss) before non-controlling interest (185,129) (84,016) Non-controlling interest 12,462 - Net income (loss) (172,667) (84,016) --------- --------- Earnings (loss) per share (1.4 cents) (8 cents) Condensed Statement Of Operations Nine months ended Feb. 28 1999 1998 Sales $2,140,024 $1,710,241 ---------- ---------- Gross margin 1,147,917 658,443 Operating expenses 1,813,657 1,000,886 ---------- ---------- Net income (loss) before non-controlling interest (665,740) (342,443) ---------- ---------- Non-controlling interest 47,059 - Net income (loss) $ (618,681) $ (342,443) ========== ========== Earnings (loss) per Share (5.2 cents) (3.3 cents)

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To: keith schaefer who wrote (54)	5/11/1999 10:12:00 PM
From: richieg	of 90

CSI sells parking division assets CSI Credit Systems International Inc CSU Shares issued 11,912,907 May 11 close $1.09 Tue 11 May 99 News Release Ms. J. Caren Holtby reports CSI Credit Systems International has sold the assets of its parking division to enable the company to focus on its growing ERNEX business. ERNEX offers real time transaction processing solutions to retailers using turnkey electronic marketing programs, such as customer loyalty points, electronic gift certificates, and electronic coupons, all in real time. The parking division has been an expense to the company for some time, with limited revenue from its current products. CSI has decided to divest itself of its parking operations and continues to pursue its mandate, focusing all of its energies on the expanding customer loyalty business, through ERNEX the real time electronic marketing, customer loyalty system. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com I must admit to some curiousity as to the selling price but read it as a very good news announcement. The next good news must be extremely close at hand, I suspect, as they have been very tight lipped about new contracts.

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To: richieg who wrote (55)	5/12/1999 9:15:00 PM
From: Ally	of 90

Seems to me that selling the parking division is a good move by management. There's more growth potential in the ernex biz. Stock has been doing well lately.

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To: Ally who wrote (56)	5/12/1999 10:12:00 PM
From: ED BAARTMAN	of 90

Great potential. If only we could start seeing some sales growth. When all these contracts come through, it should add significantly to the bottom line. Ed B.

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To: ED BAARTMAN who wrote (57)	6/4/1999 10:24:00 AM
From: keith schaefer	of 90

ROYAL BANK OFFERS TO ACQUIRE CSI CREDIT SYSTEMS 6/4/99 9:36 I never would have guessed this in a million years. Talked to mgmt, they say on valuation terms they got a very good deal, I think it works out to something like 8X revenue (and nobody can argue that that's not a good deal, but...)though I think a Joint Venture with the Royal would have sent the stock to $2.00, and then they could have raised all the money they need to compete in the market. But evidently the Royal could play hard ball and say it's all or nothing. They certainly came in at the right time, just as this company was going to rock. Certainly not the deal I was expecting. Is this the final offer or just the first? Could this stock go higher than $1.30? Here it is. CSI Credit Systems International Inc. ("CSI") announced today that, subject to certain terms and conditions, Royal Bank of Canada, through an indirect wholly owned subsidiary (the "Offeror") will make an offer (the "Offer") to acquire all the outstanding common shares of CSI for $1.30 cash per share. Under the terms of an acquisition agreement, dated as of June 3, 1999 between the Offeror and CSI, the Board of Directors of CSI has agreed to recommend the offer to its shareholders and to cooperate with Royal Bank to complete the transaction. An offering circular containing details of Royal Bank's offer is expected to be mailed to registered holders of common shares on or about June 15, 1999. A directors' circular supporting the transaction will be mailed to the shareholders at the same time. The Offer is being made through 583969 B.C. Ltd., an indirect wholly owned subsidiary of Royal Bank, and is expected to expire at the close of business on July 6, 1999, unless extended. The transaction is conditional upon, among other things, regulatory approval and there having been deposited under the offer and not withdrawn at least 75% of the CSI shares outstanding (calculated on a fully diluted basis at the expiry of the Offer). It is anticipated that the transaction will close by July 19, 1999. If the Offer is successful CSI will operate as an indirect wholly-owned subsidiary of Royal Bank and remain under its current management. CSI will continue to offer ERNEX(tm) loyalty marketing solutions, loyalty program consultation and development for retailers. CSI is a transaction information company specializing in business to customer transactions for the purposes of electronic marketing. CSI offers retail businesses the opportunity to market products and services on a customer specific basis through a comprehensive and fully integrated network of customer information gathering software and hardware. For more information contact: J. Caren Holtby, Corporate Communications, at (604) 415-1517 or email: choltby@csicredit.com website - www.ernexinc.com

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To: Ally who wrote (56)	6/4/1999 11:02:00 AM
From: keith schaefer	of 90

After the mergers were denied by the feds, the Royal Bank and other banks said they were going to concentrate on certain aspects of their business that were core, profitable operations. Obviously, the Royal, as the largest terminal supplier in Canada, is moving into terminal sales and debit/credit for the very lucrative transaction fees. The type of online loyalty programs that CSI can offer - electronic gift certificates, points programs etc., has always been ahead of the market. They can do it cheaper and be more flexible than any custom software house or in-house IT dept. Bar none. Now that smart cards are really no longer an issue for the next five years (the market, consumers, didn't want them, and all the companies touting smart cards 5 years ago are consolidating like made just to stay alive - see IVI, see CSI's US partner, FirstData) mag stripe based loyalty programs are where it's at for loyalty. And loyalty is the next step in the debit/credit revolution. CSI has the best system out there, just never had the marketing dollars to get the product out. If CSI is getting $100 - $200 per terminal in leasing and transaction fees per month, and the Royal Bank has how many thousands of terminals? 80,000 terminals or something? 80,000 times $150 = $12 million per month in revenue $12 MILLION PER MONTH - $144 MILLION PER MONTH OF HIGH MARGIN (LIKE, 90% PLUS), RECURRING REVENUE

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To: Stephen O who wrote (49)	6/4/1999 11:05:00 AM
From: keith schaefer	of 90

Royal Bank of Canada - Press release Royal Bank to acquire CSI Credit Systems Royal Bank of Canada RY Shares issued 313,597,457 1999-06-03 close $67.55 Friday Jun 4 1999 Ms. Jane Sedgewick reports Subject to certain terms and conditions, Royal Bank, through an indirect wholly owned subsidiary, will make an offer to acquire all the outstanding common shares of CSI Credit Systems International Inc. (CSI), for $1.30 cash per share. Under the terms of an acquisition agreement dated June 3, 1999, between the offeror and CSI, the board of directors of CSI has agreed to recommend the offer to its shareholders and to co-operate with Royal Bank to complete the transaction. The net value of the transaction is estimated at $15-million. CSI is a Burnaby-based electronic marketing company that specializes in loyalty marketing solutions for retailers. With CSI's ERNEX point-of-sale software, merchants can, in addition to processing debit and credit card transactions, offer customers instant reward points, electronic coupons, electronic gift certificates, instant redemption and personalized receipt messages. CSI's loyalty programs can also be easily integrated into a retailer's Web site to ensure that on-line customers benefit from the same valuable savings and rewards. "Royal Bank's commitment to our organization is a huge vote of confidence for our real-time electronic loyalty marketing solutions," says James Christensen, president and chief executive officer, CSI. "With Royal Bank's backing, our dynamic e-marketing solutions will continue to set the global standard for electronic loyalty programs." "Retailers are demanding more functionality from the existing payment infrastructure. They want to build stronger relationships by providing customers with instant gratification from their loyalty programs," says Mark Tonnesen, executive vice-president, card products and point of sale for Royal Bank. "CSI's expertise and innovation will be utilized by Royal Bank to deliver multipurpose point-of-sale equipment that will enable real-time electronic marketing solutions for merchants. Merchants, in turn, will be able to offer their customers more personalized rewards." ERNEX is operating throughout North America in restaurants, retail outlets including Original Levi's Stores and NIKE, Superstar Group Limited, and resorts including Blackcomb in Whistler, B.C., and Stratton in Vermont. Upon successful completion of the offer, CSI will operate as an indirect wholly owned subsidiary of Royal Bank and remain under its current management. CSI will continue to offer ERNEX loyalty marketing solutions, loyalty program consultation and development for retailers. An offering circular containing details of the offer is expected to be mailed to registered holders of common shares on or about June 15, 1999. The offer is being made through 583969 B.C. Ltd., an indirect wholly owned subsidiary of Royal Bank, and is expected to expire at the close of business on July 6, 1999, unless extended. The transaction is conditional upon, among other things, regulatory approval and there having been validly deposited under the offer and not withdrawn at least 75 per cent of the outstanding CSI shares (calculated on a fully diluted basis). It is anticipated that the transaction will close on or about July 19, 1999, unless extended. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com Royal Bank of Canada - Royal Bank offers to acquire CSI Royal Bank of Canada RY Shares issued 313,597,457 1999-06-03 close $67.55 Friday Jun 4 1999 See CSI Credit Systems International Inc (CSU) News Release Mr. J. Caren Holtby reports CSI Credit Systems International Inc., has declared that, subject to certain terms and conditions, Royal Bank of Canada, through an indirect wholly owned subsidiary, will make an offer to acquire all the outstanding common shares of CSI for $1.30 cash per share. Under the terms of an acquisition agreement, dated as of June 3, 1999, between the offeror and CSI, the board of directors of GSI has agreed to recommend the offer to its shareholders and to cooperate with Royal Bank to complete the transaction. An offering circular containing details of Royal Bank's offer is expected to be mailed to registered holders of common shares on or about June 15, 1999. A directors' circular supporting the transaction will be mailed to the shareholders at the same time. The offer is being made through 583969 B.C. Ltd., an indirect wholly owned subsidiary of Royal Bank, and is expected to expire at the close of business on July 6, 1999, unless extended. The transaction is conditional upon, among other things, approval and there having been deposited under the offer and not withdrawn at least 75 per cent of the CSI shares outstanding (calculated on a fully-diluted basis at the expiry of the offer). It is anticipated that the transaction will close by July 19, 1999. If the offer is successful, CSI will operate as an indirect wholly owned subsidiary of Royal Bank and remain under its current management. CSI will continue to offer ERNEX loyalty marketing solutions, loyalty program consultation and development for retailers. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)

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To: Spock who wrote ()	6/4/1999 12:14:00 PM
From: keith schaefer	of 90

Bids are building, offers light - could trade through 130 here. EOM

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To: keith schaefer who wrote (61)	6/4/1999 12:24:00 PM
From: ED BAARTMAN	of 90

I think this offer from the Royal Bank stinks. CSI has huge potential. At a $1.30 this only represents a 30% premium over the recent trading price. I can't believe that management is actually recommending to shareholders to accept it. Feeling very ticked off and betrayed, Ed B.

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