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Article: Hart Helps Patent Holder Get Access to Smart-Card Issuers.(Quest Products Corp. retains Alex W. Hart)
- Article from:
- American Banker
- Article date:
- March 23, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Alex W. "Pete" Hart, the former head of MasterCard International and of Advanta Corp., has signed a five-year contract to promote a company that owns a smart card patent and plans to hit up the major U.S. card issuers for licensing fees.
The company, called Quest Products Corp., expects to earn the fees from a patent it holds on multiapplication smart cards -- cards able to store more than one account.
Hiring Mr. Hart, who formally is a "special consultant" to Quest Products, was an explicit part of the company's strategy to gain the attention of big card issuers and extract fees from them, according to Herbert M. Reichlin, president of the company, which is based in ...