TTR Technologies ComSign Subsidiary Upgrades to VeriSign Processing Center
NEW YORK--(BUSINESS WIRE)--July 19, 2001--TTR TECHNOLOGIES, INC., (Nasdaq NM: TTRE - news), a leading developer of digital anti-piracy technologies, today announced that its 50% owned subsidiary, ComSign Ltd., has upgraded its status to a full VeriSign (Nasdaq: VRSN - news) processing center and will become a non-VeriSign Issuing Authority within the VeriSign Public Certification Services.
The upgrade from a service center to a processing center allows ComSign to improve its service capabilities by issuing and distributing certificates directly from its facility in Israel. It also facilitates the provision of services to large accounts and will enable ComSign to increase its gross margins on certain products.
In July 2000, TTR established ComSign, a joint venture with Comda Ltd., as VeriSign's sole affiliate in Israel and the Palestinian Authority. ComSign markets VeriSign's digital authentication certificates and payment services to banks, financial institutions, government organizations and a full range of commercial entities. ComSign's existing service center has already delivered hundreds of Web certificates to customers and the company recently signed its first pilot program with a major government energy corporation. ComSign is close to signing pilot agreements with several other institutions that are seeking to conduct secure e-commerce and communications with a large number of disparate users.
Marc Tokayer, chairman and chief executive officer of TTR, commented, ``We are very pleased with the progress ComSign has made in the past year. Israel is the world's 20th largest economy with a gross domestic product of over $100 billion. It is also a world leader in software technology. We believe that ComSign has a significant opportunity to sell VeriSign's market-leading products in the Israeli market.''
About TTR Technologies, Inc.
TTR designs, markets and sells proprietary anti-piracy products. The company has developed and commercialized products for the software and entertainment industries and is expanding its product range and reach through in-house development and joint ventures. TTR has a joint development and marketing agreement for music CD copy protection with Macrovision Corporation (Nasdaq: MVSN - news). The Company also owns 50% of ComSign Ltd., the exclusive Israeli affiliate of VeriSign, Inc. (Nasdaq: VRSN - news). For more information about TTR Technologies, visit ttrtech.com.
About VeriSign, Inc.
VeriSign, Inc. (Nasdaq: VRSN - news) is the leading provider of trusted infrastructure services to web sites, enterprises, electronic commerce service providers and individuals. The company's domain name, digital certificate and payment services provide the critical web identity, authentication and transaction infrastructure that online businesses require to conduct secure e-commerce and communications. VeriSign's services are available through its web sites (www.verisign.com and www.netsol.com) or through its direct sales force and reseller partners around the world.
Forward-Looking Statement
All statements contained herein, as well as oral statements that may be made by the Company or by officers, directors or employees of the Company acting on the Company's behalf, that are not statements of historical fact, constitute ``forward-looking statements'' and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties are outlined in the Company's Annual Report on Form 10-K for 2000, its Quarterly Reports on Form-10Q, and such other documents as are filed with the Securities and Exchange Commission from time to time. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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Contact:
TTR Technologies, Inc., New York
Matthew L. Cohen, 212/527-7599
matthewc@ttrtech.com
or
Lippert/Heilshorn & Assoc., New York
Investor Relations
Harriet Fried/Klea Theoharis
212/838-3777
hfried@lhai.com
or
Lippert/Heilshorn, New York
Media
Chenoa Taitt, 212/838-3777
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