Regina -- Stan Kuss, Chief Executive Officer, announced today that Regina-based CU Electronic Transaction Services Inc. (CUETS) has purchased CU Credit Inc. from Credit Union Central of Ontario, effective October 31, 1995. The two operations will be combined and centralized in Regina, adding the full time equivalent of more than 40 persons to CUETS' current staff of 90.

CU Credit Inc. is a Mississauga-based credit card services organization delivering Credit Union MasterCard services to hundreds of Canadian credit unions. CUETS provides a broad range of electronic payment services to the entire Canadian credit union system.

"The purchase of CU Credit by CUETS allows us to provide the best card-related services available to the Canadian credit union system," explained Kuss in staff meetings this morning. "Credit unions and their members will ultimatey benefit from our ability to achieve greater economies of scale in delivering card services and eliminate operational redundancies between the two organizations."

Kuss announced the phased-in transfer of CU Credit services from Mississauga to Regina is expected to be complete by December 31, 1995, or sooner. Although some staff members at CU Credit may be offered employment in Regina with CUETS, the majority of new positions will be opened to internal, and perhaps external, competition.

As part of the deal, Credit Union Central of Saskatchewan and Credit Union Central of Alberta -- previously 2/3 of the ownership group of CUETS -- have purchased Credit Union Central of Ontario's 1/3 ownership share in CUETS.


For more information:
Bob Lane
CUETS Communications
(306) 566-1772