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   Gold/Mining/EnergyCSI Credit Systems CSU.VSE

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To: Stephen O who wrote (80)6/14/1999 8:44:00 PM
From: Ally
   of 90
CSI Management is keen to accept Royal Bank's offer simply because management's agenda is different from shareholders' agenda. Once the company is sold to Royal Bank, the shareholders have lost the complete stake in the company. Management, OTOH, have not lost total owership. Instead, management will have simply exchanged ownership for jobs with Royal Bank, plus conceivably, incentive options.

Therefore, let us not be fooled by supporting management on this deal. It is not to shareholders interest to give away the company at a meager price of $1.30. It is not to shareholders interest to create jobs for managment with Royal Bank. This deal should only go through for the right price... at least $2 per share, as estimated by the analyst.

So, hold on to your shares my fellow SI members. As described in the news article, Royal Bank is likely going to profit handsomely from this deal. So let us not sell out unless the price is right.

Say NO to the $1.30!

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To: Ally who wrote (81)6/14/1999 9:24:00 PM
From: richieg
   of 90
Hear! Hear ! Hold out at least until we have all the facts so we can make an educated decision.

I am STILL looking for a piece of software that integrates (easily or otherwise) into a retailer's web site that does what CSI's does... can't find any .. need help finding them, I guess.

If there isn't any other software like this then $1.30 per share isn't even the tip of the iceberg for it's real value both NOW and in the short term future.

And I still don't completely understand the secrecy regarding the above web integration.

We've only about 1/2 percent but holding.

cheers all !

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To: richieg who wrote (82)6/15/1999 9:45:00 PM
   of 90
I am with you guys. Hold out for a higher price. I would like to know what kind of deal management got.

Ed B.

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To: ED BAARTMAN who wrote (83)6/16/1999 10:57:00 AM
From: Stephen O
   of 90
Total volume yesterday 515,000 and a new high. Canaccord bought 361,000 shares. Is there another player coming in to this stock?

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To: Stephen O who wrote (84)6/16/1999 2:25:00 PM
From: richieg
   of 90
I've been monitoring this stock very closely and I would suggest that there are more than probably three parties buying. It will be interesting to see what the Royal does as I don't believe they are going to get control at $1.30 ... at least I hope not ...

Here's a place to start some interesting thought... There is approximately 1 large food store for every 10,000 population ... we have 30 million plus people in Canada ....all do FAR IN EXCESS of 100 transactions per day to regular customers ... There are 5 major banks (Royal - 1st and CIBC - 2nd)... most of these stores are open 7 days a week. Remember, this is only the large FOOD stores ! Not Sears, Canada Tire or the corner store etc. let's say they get 2 cents per transaction ( I have no idea of the real rates but understand it is as high as 5 cents)
At minimal amounts this suggests that a bank could easily generate 4.2 million per annum just from it's major food chain clients.
Work this out with whatever numbers you can find for various business ventures in Canada... Add in foreign business potential (???)...Let's not forget the internet (What potential we have here is still a mystery as we have no particulars)...

What we have gentlemen is a lot of funds generated by this small Vancouver venture when in the right hands... I think we may now envision management's stand. It's a nice dream to grow wildly with lots of backing and a huge ready made market on your plate.

How much are the shares worth ? A lot more than the current offering, it has been suggested ... I concur...

Depending on your school of thought the price may vary between one and five years gross return at a P/E of five to fifteen (or more if you live in Vegas)..When we have 14 mill fully diluted shares based on one years bank return when going full bore in a year or two or three we have again a value far in excess of the current offering.

I would be most interested in your interpretation of the value both to us and to a large financial institution like the Royal Bank.

I have held shares for about 2 years and am fully prepared to continue even if the wait is long.. someday we may even see a dividend !

I am surprised that a recommendation to sell can be made without FULL disclosure of all current and known future market potential, particularly when the internet market is so very explosive.

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To: richieg who wrote (85)6/17/1999 1:00:00 AM
   of 90
A very interesting post. Why don't you think the Royal Bank will get control at $1.30?

Ed B.

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To: ED BAARTMAN who wrote (86)6/17/1999 10:04:00 AM
From: keith schaefer
   of 90
Say goodbye to CSI, Canaccord accepts $1.30
Thursday, June 17, 1999

Canaccord makes surprise
endorsement of CSI deal

John Schreiner
Financial Post

VANCOUVER - In a surprising turn of events, Canaccord Capital
Corp. yesterday decided to endorse Royal Bank of Canada's
$1.30-a-share takeover offer for CSI Credit Systems International
Inc. of Burnaby, B.C.

"We think it's a fair offer, so we're going to recommend tendering to
the offer," Peter Brown, Canaccord chairman, said after getting a
report from a team of Canaccord analysts who visited CSI earlier
this week.

With Royal Bank seeking a minimum of 75% of the 14 million
shares in the offer mailed yesterday, Canaccord clients could
frustrate the takeover because they hold about a third of the shares.

John Pryde, a Canaccord broker whose clients account for most of
those shares, confirmed some of his clients are disappointed but
said he will recommend they take the bank's offer.

Christopher Harrop, chairman of Northern Securities Inc. in
Toronto, and Steve Ottridge, a Vancouver broker with Nesbitt
Burns Inc. -- each believed to represent clients holding close to one
million shares -- also said their clients are not happy with the offer.
"But I can't fight the Royal Bank and Peter Brown," Mr. Harrop

CSI is a small firm that has developed and is marketing leading edge
software for retailers using customer loyalty cards.

CSI's directors have endorsed the takeover and said in their circular
they will not solicit other takeover or merger proposals. They have
left the door open to unsolicited proposals but will have to pay the
Royal Bank a $400,000 fee if they back another bid. There are no
known other bidders.

The market clearly had expected a competing bid would emerge.
Since the offer for CSI was announced on June 4, the
Vancouver-listed shares have traded actively and often in large
blocks. On Tuesday, when 511,500 shares traded, several trades
were done at $1.31 and other blocks were offered briefly at $1.50.
Yesterday, 84,400 shares changed hands. They closed at $1.28, off

Formed in 1992, CSI appears poised to become profitable after
several years of losses because it has won software contracts with
such major retailers as Nike Canada Inc.

The directors' circular said CSI accepted Royal's offer, which is at a
modest premium to where the shares were trading, because of the
commercial risks faced by CSI "without a strategic partner, the
increase in the level of competition in the U.S. market and the need
for capital that would be required to achieve CSI's plans of
expansion into the United States."

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To: ED BAARTMAN who wrote (86)6/17/1999 2:32:00 PM
From: richieg
   of 90
Canaccord and a handful of others control (or their clients do) too many shares for the bank to grasp 75% of the total shares. Many of these people have said "no".

However, now with the turn of events at Canaccord I believe the(the Royal) will get control and so goes our thoughts on a real winner.

I am still curious regarding the internet possibilities but have this A.M. resigned myself to the facts of the existing offer and have sold.. taking the capital another venture ... check out DXT on VSE

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To: richieg who wrote (88)7/6/1999 1:35:00 PM
From: Stephen O
   of 90
CSU CN: Eddie Bauer Moves To Ernex (tm) Loyalty Solution
7/6/99 0:9

99/07/06 Market News Publishing Inc. No: 000034

- Eddie Bauer Moves To Ernex (tm) Loyalty Solution

Installing 201 Terminals in 38 stores across Canada--Each terminal
will offer the ERNEX Real-Time Points program-
CSI Credit Systems International Inc. ("CSI") announces that they will
launch their ERNEX real-time electronic marketing program at 38 Eddie Bauer
stores across Canada this summer.
Eddie Bauer, one of Canada's premier clothing retailers has chosen CSI
to operate their loyalty program - the Eddie Bauer Rewards program. CSI
will replace the existing static point collection system that requires the
mailing of gift certificates to complete the customer reward loop. In its
place, Eddie Bauer will use CSI's ERNEX Real-Time points program. This
system will save Eddie Bauer the expense associated with direct mail as
fulfilment is done at the cash register, in real time.
Two hundred and one (201) GT-100 terminals will be installed in all 38
Eddie Bauer stores across Canada. All GT-100 terminals will support
marketing transactions to the ERNEX host and debit card transactions to the
Bank of Nova Scotia. ERNEX will track cardholder point levels and
automatically issue customer specific messages and reward certificates when
customers reach pre-assigned point levels.
"ERNEX offers Eddie Bauer a cost-effective and simple means to capture
important purchase information and to reward our Eddie Bauer Reward Club
members immediately, and at the point of sale," says Bill Michel, SVP,
Marketing at Eddie Bauer. "In addition, CSI and its ERNEX electronic
marketing programs have proven to be extremely flexible allowing us to be
able to create our program the way we want it."
"CSI has again proven that the real-time capability of ERNEX is the
right solution in the fast paced retail market." stated James Christensen,
President & CEO of CSI. "Loyalty marketing means recognizing and rewarding
your best customers immediately - not four weeks later. With ERNEX, Eddie
Bauer will now know when their best customers are standing in front of
CSI Credit Systems International Inc. is a transaction information
company specializing in business-to-customer transactions. 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.
CSI Credit Systems International Inc. will shortly change its name to
ERNEX Marketing Technologies Inc.

TEL: (604) 415-1517 J. Caren Holtby, Corporate Communications

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To: richieg who wrote (88)10/7/1999 6:50:00 PM
From: Stephen O
   of 90
CSI Cred Sys: Delisting from Trading on the VSE
10/7/99 14:16

99/10/07 Market News Publishing Inc. No: 000259

- Delisting from Trading on the VSE

Michael Lukas, Vice-President and Director of CSI Credit Systems
International Inc. ("CSI") announces that CSI has applied to the VSE to
delist its shares from trading on the VSE. The reason for the delisting is
because CSI's shares are no longer held by a sufficient number of
shareholders to meet the minimum listing requirements of the VSE, which
include the requirement to have a minimum of 100 public shareholders
(excluding directors, officers and persons holding not less than 10% of
CSI's securities) holding at least 100 shares. As a result of the
successful completion of the takeover bid, there are now a total of only 46
shareholders who hold at least 100 shares.
CSI's delisting of its securities will be effective approximately 10
days after the VSE issues a notice approving the delisting of CSI's
Notwithstanding delisting from the VSE, CSI will continue to be a
reporting issuer in accordance with the B.C. Securities Act. As such, it
will continue to meet its obligations under that Act.

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