Canada Revenue Agency Inks $1.4 million Contract with Creditron

TORONTO, CANADA (January 21, 2005) Creditron Inc. announced today that they have been awarded a contract to provide Canada Revenue Agency (CRA) with check processing equipment and related implementation and maintenance services for their tax processing centers across Canada. The total potential value of the contract including future maintenance and other options is $1,399,000 with approximately $900,000 to be delivered immediately.

Creditron has been a solution provider to the revenue agency since 1996, and has provided both traditional check processing (MICR encoding) solutions, as well as image enabled solutions for data capture, storage and retrieval. Their solutions are already in use in most of the tax centers. This most recent contract strengthens Creditron’s position and role in the future of the agency’s check processing operations.

Creditron’s President, Wally Vogel commented “We are pleased to have won this business, which represents the next step in our relationship with CRA. This is the fifth contract which we have been awarded by them, and it is also the largest. Further, with recent changes to U.S. banking laws and planned changes to the Canadian check clearing system, we are experiencing an increased demand for check image systems from all of our clients.”