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Miles, wonder if you still own this stock; if you do, this article might be of interest to you. I'm an owner and this sure sounds like a good news, wonder why it drops so much today.
CIDCO Plans to Enter the Banking Market with Proposed VeriFone Smart Card Agreement
13:43 Oct 01, 1996
MORGAN HILL, Calif., Oct. 1 /PRNewswire/ -- CIDCO Incorporated (Nasdaq: CDCO), the world's leading producer of subscriber terminal equipment that supports intelligent network services being offered by telephone operating companies, announced plans today to integrate VeriSmart(TM) smart card technology into its line of intelligent phones under a proposed licensing agreement with VeriFone, Inc. (NYSE: VFI). The enhanced CIDCO phones will bring smart cards into the home for personal use.
With the new system, consumers will be able to use their personal phone to transfer funds from a bank or other cash account directly to a smart card. The smart card can then be used like cash for retail purchases, with the previously transferred funds debited to each store.
CIDCO will integrate the smart card technology into its ADSI screen phone and other future products and plans to co-develop a dual use Personal/ATM(TM) (P-ATM) Caller ID device with VeriFone.
"Smart card technology is the latest innovation promising to simplify our lives with push-button ease -- and the latest example of how advanced phone services are creating new markets," said Paul Locklin, CIDCO president. "Despite the the promise, however, smart cards won't be successful until consumers have direct, easy access to the service."
"This is our role in the alliance. ClDCO has a track record of developing next-generation phones with easy access to advanced features, including Caller-ID for the telecommunications industry. In the same way, we will provide banking customers with easy access to their banking services by integrating the VeriSmart technology into CIDCO's family of products", he said.
The VeriSmart System is being developed independent of credit card and hardware vendors. It is being supported by a cross-section of leading industry providers. In addition to CIDCO, these include GemPlus, Hewlett-Packard, Key Tronic, Mondex International and Scientific Atlanta.
"The VeriFone and CIDCO P-ATM with Caller ID will be designed to enable a consumer to access everything from electronic cash to loyalty programs from one device on their kitchen counter," said C. Lloyd Mahaffey, Vice President of Global Marketing for VeriFone.
"CIDCO has placed Caller ID devices into millions of households. With P-ATM and Caller ID in one unit, the market opportunity is expected to be substantially greater. We're pleased to be teaming with CIDCO and believe this alliance will benefit both conmpanies," he said.
CIDCO Incorporated is the world's leading producer of subscriber terminal equipment that supports intelligent network services being offered by telephone operating companies. Its products, of which over twelve million have been sold, include network feature telephones and Caller ID display units, in addition to advanced cordless telephones and an ADSI smart phone scheduled for introduction later in 1996. These products are provided to telephone subscribers through a variety of channels which include distribution arrangements with over 100 telephone companies worldwide and through retail sales at more than 20,000 store fronts located throughout North America.
NOTE: VeriFone is a registered trademark of VeriFone, Inc. VeriSmart, Personal ATM and P-ATM are trademarks of VeriFone, Inc. SOURCE CIDCO Inc.
Copyright 1996, PR Newswire
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