U.S. Wireless Data and Paymentech Sign Three-Year Wireless Agreement
NEW YORK--(BUSINESS WIRE)--Sept. 5, 2002--U.S. Wireless Data (USWD) (OTC: USWE), the leader in wireless transaction processing, said today that it has signed a three-year agreement with Paymentech, L.P., under which Paymentech or its affiliates will purchase wireless-based transaction processing products and services from USWD.
Further details of the transaction were disclosed in a USWD filing with the SEC, on form 8-K.
"This agreement with Paymentech is a landmark event that will extend our leadership position in wireless transaction processing," said Dean M. Leavitt, Chairman and CEO of U.S. Wireless Data. "It brings us a significant, multi-year contract with one of the industry's largest payment processors, that we hope will greatly expand the use of our core products and services among merchants."
"Wireless transport continues to grow in importance in the payments industry, and it has become a strategic priority for us," said Mike Duffy, CEO and President of Paymentech. "U.S. Wireless Data has proven itself to be the leading resource for wireless payments, and we believe their Synapse(SM) products and service will provide the platform necessary to extend the many benefits of wireless technology to our customers."
USWD intends to provide additional information about its operating and financial expectations during its upcoming conference call in late September, which will coincide with the release of its financial results for the year ending June 30, 2002. |
