04/02/02 Koala Announces Supply Agreement with Ingenico Canada, Limited for Short-Range Wireless Point-of-Sale Terminals
Business Editors/High-Tech Writers
TORONTO--(BUSINESS WIRE)--April 10, 2002
Koala International Wireless Inc. (OTCBB:KIWI) announced today that it has executed a supply agreement with Ingenico Canada, Ltd.
The agreement calls for Ingenico to supply Koala with 10,000 units of the Ingenico 770 Elite wireless payment terminal over the next 12 months for deployment in the hospitality and retail food and beverage sectors. Ingenico Canada is a subsidiary of Ingenico S.A. of France, the worldwide leader in secure, wireless payment transaction systems. Ingenico provides proven, comprehensive value-added solutions, competitive differentiation, open network architecture, service and support to a distinctive line of countertop, short-range and long-range portable wireless transaction terminals. In Canada, Ingenico is at the forefront of the electronic payment industry, having deployed over 72% of the entire terminal base active in Canada.
The Elite 770 is a compact, lightweight and portable short-range radio frequency point-of-sale terminal with debit/credit/EBT and smart card transaction capability. The wireless transaction terminal is designed for use in the restaurant, nightclub and other hospitality industries, resulting in improved customer service, loyalty and security due to the fact that the transaction is taken to the customer and the customer's card never leaves their possession. Up to five Elite 770 terminals can communicate with a single base for transaction authorization and settlement, resulting in an economical payment solution for businesses that need multiple short-range wireless terminals to optimize customer service while reducing the opportunity for credit card skimming.
Michael Johnston, President of Koala, stated: "The hardware solutions provided by Ingenico, coupled with the transaction processing and clearing capabilities being integrated into Koala's Network, will fulfill Koala's ability to deliver electronic banking and POS transaction services as a valuable adjunct to our business model. As we deploy our POS solution in the hospitality industry, we will generate immediate revenue through the sale (or lease) of the devices, as well as ongoing processing and settlement fees for every transaction that the devices clear."
Koala International Wireless, Inc. has assembled and is integrating a virtual network and applications platform that uniquely positions the Company to capitalize on several existing and complementary market opportunities. By aggregating and consolidating the available infrastructure of existing cellular carriers, Koala is building a Mobile Virtual Private Network (MVPN) that enables the KIWI, Koala's next-generation personal communications device, and other wireless devices to access the Internet and other services. The applications platform developed by Koala incorporates state-of-the-art encryption and data compression techniques that ensure secure, real-time data transmission throughout the network. These capabilities allow Koala to provide network server-based data, voice and media communications, e-Banking, entertainment, information and service applications directly to its targeted subscribers on a portable, hand-held unit. Koala's MVPN and applications capabilities create a number of opportunities for the Company to exploit underserved and/or emerging markets. Initial targets for Koala include the upgrade of fixed-base (wired) Point of Sale (POS) systems to a more efficient wireless system for the restaurant, hospitality, and entertainment industries, other financial (debit and credit) transaction processing, and entry into the PDA/personal communications device market with the KIWI, a superior device with a price substantially less than other products currently available.
This material includes forward-looking statements based on management's current reasonable business expectations. In this document, the words "will," "positions," and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes. The material should be read in conjunction with the Company's current annual and quarterly reports filed with the SEC, which contain discussions of currently known factors that could significantly impact the Company's future expectations.
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