re: bqt updated announcement BQT Updates Announcement to the ASX...

re: bqt updated announcement BQT Updates Announcement to the ASX of the 9th June 2005 regarding A$32,500,000 Project.
John Genner, Managing Director of BQT Solutions Limited announced "Our client Monoco Limited has officially released to the market their breakthrough Brand Card Payment technology which will have a major impact on the Credit Payment Cards worldwide.

Identity theft in the USA alone exceeds US$ 52 Billion per annum. On a world wide basis identity theft is massive and needs a major technology breakthrough to stop it. Our client, Monoco Limited, will help solve this problem within the Card Payment industry.

BQT's R&D team has spent over 2 years in working with Monoco Limited on a special component for integration into their technology. The relationship with Monoco Limited is ongoing as the BQT technical team will work on future technology rollout.

Monoco is Introducing BRAND CARDS TECHNOLOGY

Introducing the worlds first automated transaction system for retailers to issue and accept Brand Cards at terminals in retail outlets. Each transaction is processed and audited in real-time for retailers to receive daily record of every valid transaction. Retailers will save millions of Dollars in card charges using Brand Cards.

Brand Cards eliminate identity theft and account fraud. No personal identifiers are displayed or carried on Brand Cards; therefore no reference to an individual person exists on a Brand Card for identification use or transaction use. Brand Cards are impersonal cards.

Impersonal cards protect the inviolable rights of the individual person - security and privacy. The network operator installs the network systems and manages the network services for the processing of millions of transactions per hour at the prime security level.

Prime Security

When a Brand Card is inserted in the terminal a set of numeric constants are generated, and each numeric constant is a discrete identifier for the card - face - user which combine to form a binary matrix, a precision identifier which validates a card and user in real-time at the server for the cost of a phone call.

A facial image is retrieved from the card and displayed on the POS terminal. The fingerprint template is stored in the card and verified by a physical match or a scramble pin pad number, unique to the card holder. Note there is no name physically on the card which enhances security especially if the card is lost or stolen.

From this data an accurate comparison is made with enciphered number sent to the back end for approval. This transaction is immediate. Any person wrongly trying to use the card will be detected instantly. This process alone will reduce the $Billions lost on card theft.

Everyone in the world has a unique binary-matrix to validate each transaction in real-time across all time-zones. A unified state exists wherein the National Network for Brand Cards is replicated in each country to form the global platform for the routing of the binary-matrix - the unified protocol for impersonal identifiers.

This application is specific for all retailers globally. The cost savings to the retailers globally could well be in the $Billions per annum.

Monoco Limited Technology answers the following questions of retailers:

* "Why can't I have a payment system without card charges"

* "Why can't retailers have their own transaction system"

* "Why can't I have a real-time system that validates the card and user at the point-of-sale"

* "Why can't I have a transaction system which audits every transaction in real-time"

* "Why can't I issue my own payment cards to my own customers with a preferential APR"

* "Why can't I combine a credit card and trust card for the benefit of my customers"

* "Why can't I have a transaction system which can eliminate account fraud and identity theft"

* "Why can't I receive a full payment of all retail sales to my customers"

* "Why can't I have a retail counter that issues cardware products for all financial services"

* "Why can't I be a card issuer"

BQT announced to the market on the 9th of June 2005 the following:

1. Due to signed confidentiality agreement, BQT could not name its client or its client's Technology until the client released its announcement to the public. Our client has now released its announcement.

2. In our announcement of the 9th June 2005 we advised a consensus that has been reached on the following:

a. Acceptance of the BQT price.
b. BQT appointment as approved supplier.
c. BQT's technology approved as an "integral part" of our client's technology.
d. BQT's technology approved as "standard equipment"
e. Payment terms agreed.
f. Client's acceptance of the BQT technology meeting all specifications and testing.
g. BQT receives £4,000,000 (A$9,500,000) on the assignment of BQT's intellectual property.
h. BQT to supply product to the value of £9,600,000 (A$23,000,000) on Stage1.

Summary

The next stage in this major project is the completion of fund raising by our client. When funding is completed, the Holding Company will be established and will be made up of (A) Our client Monoco Limited as a major share holder and (B) Other Investors. Once the above is completed, our client's global rollout will take place which lead into the payment of £13,600,000 (A$23,500,000) under the terms set out above.



Monoco Ltd has been specifically formed to represent the Consortium Of Designers and Engineers (CODE), the technical resource for the project development of the Transaction System for Brand Cards - the worlds first precision system which can identify every individual person in the world with 100% accuracy at any terminal location within 10-seconds. A Brand Card terminal generates impersonal identifiers for prime security transaction.

PERSONAL IDENTIFIERS

The disadvantage in using identity cards and payment cards with personal identifiers is that they are worth stealing by fraudsters and counterfeiters for identity theft and account fraud. In 1694 the Bank of England issued bank notes which were originally hand written on stationers' paper and signed by the Bank of England cashier - a personal identifier. The first watermarked bank note printed with a personal identifier was issued in 1697.

The Bank of England also issued bank cheques and bank drafts with personal identifiers and by 1845 the Bank of England was forced to recognise the problem of forged cheques and drafts drawn against the Bank of England. The banking practice of using personal identifiers on bank notes, bank cheques and bank drafts has prevailed for over 300 years. The bank card for account holders was introduced in 1966 with unchanging consequences of identity theft and account fraud, still using personal identifiers up to this present day - worldwide

IMPERSONAL IDENTIFIERS

The advantage in using identity cards and payment cards with impersonal identifiers when an individual person is present at a terminal is that a set of numeric constants are generated at the terminal to form a unique Binary Matrix to protect the inviolable rights of the individual person- security and privacy.

Each numeric constant is a discrete identifier for the CARD-FACE-USER which combine to form the Binary Matrix for a card-user. Every Binary Matrix is originated and duplicated precisely at any terminal location for registering and validating the same card and user in the same datafile record at the same server location. The Binary Matrix is a precision identifier for impersonal cards and anonymous users and for recording and matching in national databases with millions of datafile records.


Announcement 2

BQT's Biometrics' selected by the Nomura Bank, London.

"This prestigious bank has selected the BQT Biometric Access Control technology for installation in their London offices.