SSTY -- True Product ID, Inc. Grants Exclusive Rights to Utilize TPID Technology on Smart Cards in Korea and Japan to Mondex Capital, Inc., a Part of MasterCard International's Suite of Smart Card Products
BEIJING and PHILADELPHIA, July 27, 2006 /PRNewswire-FirstCall via COMTEX/ -- Richard A. Bendis, CEO and President of True Product ID, Inc. (OTC Bulletin Board: TPDI), today announced that it has signed a licensing agreement with Mondex Capital, Inc., (MCI) whose parent Mondex(R) is a part of the MasterCard International (NYSE: MA) suite of smart card products.
The terms of the agreement grant MCI the exclusive rights to utilize TPID's technology in Korea and Japan for an initial term of three years. The use is limited to the manufacture and distribution of credit cards and card-related services such as smart card products. The exclusivity is subject to performance minimums.
TPID will receive a royalty of 7.5% of the gross receipts received by MCI and its affiliates from sales utilizing the licensed technology and an up-front rights acquisition fee of US$100,000 (US$50,000 per country), which is not an advance against nor recoupable from royalties otherwise payable under the agreement.
TPID was granted exclusive rights to this technology under a Master License with Sure Trace Security Corporation (OTC: SSTY), which has also approved this agreement.
TPID CEO Richard Bendis stated, "TPID is excited to partner with Mondex/MasterCard International, recognized as innovative leaders in the rapidly growing smart card industry. This agreement is confirmation by an industry leader that TPID's anti-counterfeiting technology continues to be recognized as a flexible integrated solution that is capable of addressing complex challenges for many diverse industries and product applications."
About True Product ID
True Product ID produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. The Company delivers turnkey solutions for governments, armed forces, and industry, through its own proprietary technology and through aggregating the technology, products, and services of third parties via licensing agreements and/or joint ventures. For more information go to: tpid.net.
About Mondex(R)
Mondex(R), part of the MasterCard International suite of smart card products, enables cardholders to carry, store and spend cash value using a payment card. It is faster than handling conventional currency, and in many cases safer. It behaves exactly like cash, offering immediate transfer of value while requiring no signature, PIN or transaction authorization. The unique Mondex(R) platform allows its use in multiple channels where cash cannot be used, including the Internet, mobile phones and interactive television.
MasterCard Worldwide is a driving force at the heart of commerce, enabling global transactions and bringing insight into the payments process to make commerce faster, more secure, and more valuable to everyone involved. As a critical link among financial institutions and millions of businesses, cardholders and merchants worldwide, MasterCard provides services in more than 210 countries and territories. MasterCard advances commerce worldwide by developing more secure, convenient and rewarding payment solutions, processing billions of payments seamlessly across the globe, and building economic connections that accelerate business.
For company information visit mondex.com and mastercardinternational.com.
About Sure Trace Security Corporation
Sure Trace Security Corporation (OTC: SSTY) produces integrators for anti-counterfeiting and security surveillance applications and is a provider of integrated tracking devices. Globe Staff Consulting Corp. (Pink Sheets: GSFC), a subsidiary of SSTY, is one of France's leaders in the field of wireless security communications. GSFC has partnerships with Orange, French Telecom and Thales. GSFC was formed for the purpose of selling and distributing wireless security communications services and is focusing on tracking, tracing and geolocalization of products and people. GSFC has developed a mix of security tracking services targeting businesses, governments and consumers. GSFC's product and service offerings provide advantages to customers, including the smallest tracking modules with GSM and GPS dual capability, innovative specialty cellular phone models, and data capability, all hosted on an ASP server platform. True Product ID, Inc. (OTC Bulletin Board: TPDI), is a former subsidiary of SSTY For more information on SSTY and GSFC go to: suretrace.com and to gsc.fr.
SOURCE True Product ID, Inc.
CONTACT: Richard A. Bendis, CEO and President of True Product ID, +1-215-496-8110
URL: prnewswire.com
tpid.net
suretrace.com
mondex.com
mastercardinternational.com
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