Insolvency Service Agreement with British Dept of Trade and Industry

THIS AGREEMENT is made on 2nd May 2000 BETWEEN

(1) THE SECRETARY OF STATE FOR TRADE AND INDUSTRY (the Secretary of State) for the purposes of this Agreement of 21 Bloomsbury Street, London WC1B 3SS.

(2) ADAR INTERNATIONAL INC. (Adar), a corporation incorporated under the laws of the commonwealth of Massachusetts whose principal place of business in England and Wales is c/o Shareholder Investments Research plc, Crosby Court, 38, Bishopsgate, London EC2N 4AF.

(B) The Secretary of State has agreed to supply Adar with particular information (the Information) subject to the provisions of this Agreement.

(C) Adar has agreed to use the information only in the course of its proper business, namely tracing beneficiaries, and subject to the provisions of this Agreement.

1.1.5 beneficiaries means individuals or organisations entitled to payments, as identified by the Information.

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First Online Credit Authorization System in the U.S.

The history of the development of the first online credit authorization system in the US took place in 1972 while I was a Treasurer and Director of a major New England department store.

I saw the need for an improved system that would speed the authorization of sales throughout the Gilchrist chain of stores. Accordingly, I commissioned a local firm to develop a proprietary system to that end.  After about a year of development, late nights, weekends, and endless software and hardware design sessions in 1973 Gilchrist Department Store introduced the first and only electronic transaction authorization system in the world. It was the precursor to what we all now take for granted when we make credit card purchases.

The system communicated over telephone lines at 300 BAUD, a creeping pace in today’s environment.  However, transactions that previously had taken from 10 to 20 minutes to authorize took mere seconds.  The effect on efficiency. customer relations and operating economies was astounding.

The event was even more monumental, as for the first time a major full–line retail chain incorporated both Master Card and Visa (then BankAmericard) integrated with its own in-store credit process.

As a result of the success, I was asked to become a director of MasterCard of New England and to speak at major bank conferences regarding the success of the system.

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