Girovend Cashless - Re Agreement Signed

RNS Number:1557I
Girovend Cashless Systems PLC
30 March 2000

                               
                 GIROVEND CASHLESS SYSTEMS PLC
              (soon to be renamed Transacsys plc)
                               
PREFERRED SUPPLIER AGREEMENT SIGNED TO SUPPLY CASHLESS SYSTEMS
                       TO 2,000 SCHOOLS

GiroVend  Cashless  Systems plc ("GiroVend"),  shortly  to  be
renamed  Transacsys plc, announces that it has been  named  by
Initial  Catering  Services ("Initial") as preferred  supplier
for e-purse   solutions.

Initial  has  won  contracts to provide catering  services  to
nearly  2,000  independent and state schools - with  up  to  2
million  meals being served each week.  As preferred supplier,
GiroVend  will  deliver  and implement  systems  which  enable
pupils and staff to load cash onto a smart card which is  then
used  to  buy meals and other refreshments.  Once these  cards
have  been introduced, the smart card systems can be  extended
to provide access, security control and other services.

This  major  new opportunity arises from schools  being  given
full  budgetary  responsibility with the freedom  to  purchase
services on a competitive basis.

In  addition  to  the major opportunity to supply  systems  to
schools, GiroVend is preferred supplier to Initial for all its
catering services contracts.


Paul McGrane, Chief Executive of GiroVend said :

"GiroVend  is  in  the  process of moving  strongly  into  the
development  of business-to-business vertical market  internet
services,  having  restored the original e-purse  business  to
health.    This  important  agreement  with  Initial  Catering
Services means that the e-purse business also has an excellent
future  and the anticipated involvement with so many education
establishments is likely to create new opportunities  for  the
group  s new internet activities.

"GiroVend  will  change its name to Transacsys  plc  in  early
April  and  will  shortly  launch  its  first  major  internet
application  -  a  vertical  market  portal  for  the   dental
industry."


Enquiries: Paul McGrane                   Tel:   01628 539000
           Robin Fieth

           Steve Liebmann
           Buchanan Communications       Tel:   020 7466 5000

About Transacsys / GiroVend

As  Transacsys,  the company will focus on the development  of
business-to-business   vertical   market   internet    portals
("vortal")  with  a  vision to become a leading  European  B2B
vortal  operator,  drawing  revenues  from  the  provision  of
transactional  services to a comprehensive range  of  vertical
markets and its intention to change its name to Transacsys plc
in  the  near future.  GiroVend is currently raising some  #19
million  to  fund these developments and changes its  name  to
Transacsys plc in early April.

The  original  GiroVend Cashless Systems is  Europe  s  leading
provider  of money substitute solutions for in-house catering,
vending  and  other  related payment  services.   The  Group  s
systems  are  designed  to eliminate the  problems  and  costs
associated  with traditional cash handling by replacing  coins
and  notes with e-purses   in the form of magnetic stripe  and
smart cards or tags.  GiroVend  s systems are also designed  to
work  with  a  wide  range  of other applications  to  deliver
efficient control solutions for managed environments based  on
multi-function staff and user cards or tags.

END
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