Default Proof Credit Card System Inc. and Benefit Technologies Inc. engage in negotiations

Business Wire, Feb 15, 1996

MIAMI--(BUSINESS WIRE)--Feb. 15, 1996--Default Proof Credit Card System Inc., and Benefit Technologies Inc. ("BTI"), White Plains, N.Y., are engaged in negotiations regarding a possible agreement pursuant to which BTI intends to market and offer, within its Flexible Benefits Plan, through a Multiple Employers Trust, Default Proof's patented secured credit/debit cards program.

The negotiations contemplate a program under which MASTERCARD and/or VISA bankcards, collateralized with the cash values of the life insurance policies of the cardholders, will be issued by a group of credit unions and other participating financial institutions throughout the country. The negotiations are in a preliminary stage and there can be no assurance that a binding agreement will be reached.

CONTACT: Default Proof Credit Card System Inc., Miami

Vincent Cuervo, President & CEO, 305/856-4711