News

Cheq Information Technology enters Indian market

March 30, 2006

LAS VEGAS ¯ Cheq Information Technology Inc. announced in a news release that in conjunction with BUIC Systems A.G. the Cheq-IT XPress range of systems are being upgraded to fully comply with the regulations issued in February by the Reserve Bank of India for Cheque Truncation.

According to John V. Ashley, chief executive officer of Cheq Information Technology Inc., "These changes specifically refer to the Reserve Bank of India's requirements for endorsement prior to Image Capture."

Stefano Trincard, head of the Image Systems Division of BUIC Systems A.G., the manufacturing strategic alliance partner of CIT Inc., said, "Our engineers have already implemented the ability to perform this task on the Cheq-IT 388 XPress System. We expect to be fully completed across the entire range of Cheq-IT XPress Systems in the next 60 to 90 days."

"On my recent visit to Europe, I had the opportunity of reviewing the new configuration with BUIC engineers," said Mr. Mukul Singhal, chairman of Lipi Data Systems. "The quality of engineering not only meets our high standards in India, but also reinforces the decision we made late last year, after a detailed evaluation of all vendors, to become allied with CIT Inc. The combination of BUIC Systems engineering with CIT Inc.'s intellectual property is a perfect solution for cheque truncation systems that are being sourced in India."