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Technology Stocks : 724 Solutions (NASD: SVNX, TSE:SVN) -- Ignore unavailable to you. Want to Upgrade?

To: bwtidal who wrote (172)	2/23/2000 4:20:00 PM
From: caly	Read Replies (1) \| Respond to of 337

Top billing on Wireless Week's News at 2.... wirelessweek.com And this summary release.... Wednesday February 23, 3:49 pm Eastern Time 724 in equity, technical tie-up with Motorola TORONTO, Feb 23 (Reuters) - 724 Solutions Inc.(NasdaqNM:SVNX - news), a Canadian maker of Web banking software, said on Wednesday that Motorola Inc.(NYSE:MOT - news) had taken an equity stake in the company and that it would work to ensure its programs were compatible with the wireless phone maker's Internet devices. The Toronto-based company said Motorola bought a stake in the company at the time of its blisteringly hot initial public offering in January. At the time of the share offering, 724's customers included Bank of America (NYSE:BAC - news), Citigroup Inc.(NYSE:C - news) and Bank of Montreal(Toronto:BMO.TO - news), all of whom were pre-IPO investors in the firm. 724's shares rose C$6.95 to C$194.95 on the Toronto Stock Exchange on Wednesday amid a strong market for wireless-related stocks. The shares gained more than 165 percent on their first day of trading on January 28. Motorola did not disclose what percentage of 724 it now owns. ``They were able to purchase shares as part of the IPO process,' said Alistair Rennie, 724's senior vice-president of marketing. ``Part of the value that we bring to financial institutions is ensuring that the applications we deliver to them are available to the widest possible audience on the most popular devices,' said Rennie. This relationship with Motorola is important because of the device maker's global reach, added Rennie. Although the relationship with Motorola is exclusive, 724 is not prevented from establishing similar relationships with other device makers. 724's software is currently functional on the 3Com (NasdaqNM:COMS - news) palm computing platform and Neopoint's Internet-enabled phones. ($1=$1.46 Canadian)