New-Product Development Spurs Promotion at Mag-Tek

Business Wire, July 11, 1997

CARSON, Calif.--(BUSINESS WIRE)--July 11, 1997--Mag-Tek Inc., the leading provider in advanced card solutions, announced the promotion of Larry Meyers as the firm's director of engineering.

Meyers has been with Mag-Tek 10 years. As project manager, he was instrumental in developing the line of Mag-Tek motorized card readers used worldwide today.

Meyers' new responsibilities include overseeing new-product development. ``We are extremely pleased with Larry's promotion,'' Thomas McGeary, president of Mag-Tek, said. ``He has always been a positive source of energy for our engineering department. We look forward to his continued insight and leadership in new-product development.''

Mag-Tek (http://www.magtek.com) is an international leading provider of card technology solutions for OEMs, retailers and financial institutions. Since 1972, its headquarters have been in Carson, with sales offices throughout the United States and international distribution in more than 40 countries.

Mag-Tek pioneered magnetic-stripe technology with its card readers, encoders and check readers, known worldwide for their technology, innovation and reliability.

Mag-Tek technology is used in millions of point-of-sale (POS) financial applications, including: PIN-secured ATM cards, credit cards, grocery-store checkouts, automated gas pumps and credit-card- payment airplane cellular-based telephones throughout the world. For more information on Mag-Tek, call 800/788-6835.

CONTACT: Mag-Tek Inc.

Brenda Schultz, 310/631-8602

or

Shoultz & Associates

Barry Shoultz, 612/653-0849