Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: caly who wrote (203)	3/30/2000 8:41:00 AM
From: caly	Respond to of 337

Thursday March 30, 8:03 am Eastern Time Company Press Release SOURCE: 724 Solutions Inc. 724 Solutions Acquires YRLess Internet Corporation Ontario-based Internet Company's Software Will Help 724 Solutions Connect to Carriers Around the World TORONTO, March 30 /PRNewswire/ -- 724 Solutions Inc. (Nasdaq: SVNX - news; Toronto: SVN - news), a leading Internet infrastructure software developer for financial services providers, has acquired Internet messaging gateway developer YRLess Internet Corporation of Oakville, Ontario. YRLess' software will help speed-up deployment of the 724 Solutions Financial Services Platform. The agreement is worth Canadian $8.4 million over three years. An initial Cdn $1.2 million is paid in cash along with a $600,000 non-competitive agreement fee, and the remaining Cdn $6.6 million will be paid in shares at the then-current market rate over the next three years. YRLess Internet Corporation developed the YMG-2000 -- a fully scalable, platform-independent short messaging service (SMS) gateway for wireless carriers. The YMG-2000 product is licensed by Bell Mobility, Telus Mobility, and U.S. satellite network provider ORBCOMM Global. With this acquisition, 724 Solutions takes full control over YRLess, and will honor the service agreements signed with its three users. YMG-2000 is an extremely fast, reliable, and modular gateway product to which new features -- including additional networking protocols, and interfaces to billing and customer-care systems -- can be easily incorporated. With features such as message throttling to control the volume of messages crossing the network, SSL security and anti-spamming technology, the YMG-2000 will provide 724 Solutions with a more network-friendly way of delivering its application. YMG-2000 enhances 724 Solutions' connectivity to carriers, and ensures the message gets where it's going efficiently and reliably. ``The two most important factors in the decision to acquire YRLess Internet Corporation were the strength of its product and the expertise of its people,' said Greg Wolfond, Chief Executive Officer, 724 Solutions. ``The YRLess technology offers one of the most carrier and network-friendly solutions on the market. By incorporating that technology into our Financial Services Platform, we enhance our ability to quickly connect to carriers in a way that is easier on their network.' About 724 Solutions Inc. 724 Solutions provides an Internet infrastructure solution to financial institutions that enables them to offer personalized and secure online banking, brokerage and e-commerce services across a wide range of Internet-enabled wireless and consumer electronic devices. The company's solution currently enables consumers to access online banking and brokerage services through network service providers using digital mobile phones, personal digital assistants, two-way pagers and personal computers. 724 Solutions' customers include Citigroup, Bank of America, Bank of Montreal, Wells Fargo and Claritybank.com. 724 Solutions' common shares are listed on the NASDAQ National Market (SVNX) and the TSE (SVN) stock exchanges. Headquartered in Toronto, Canada, the company has offices in London, San Francisco, Sydney, and Tokyo. For additional information visit www.724.com . This press release contains statements of a forward-looking nature. These statements are made under the ``safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as ``will,' ``expects,' ``anticipates,' ``future,' ``intends,' ``plans,' ``believes,' ``estimates' and similar expressions. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that technologies for the delivery of financial or e-commerce services over the Internet and wireless networks will not be developed or be attractive to consumers as anticipated; the risk that 724 Solutions and YRless will not successfully deploy or operate services based upon the 724 Solutions Financial Services Platform; and other risks outlined in 724 Solutions' SEC filings, including but not limited to 724 Solutions' registration statement on Form F-1 or filings on Form 6-F. Neither YRless nor 724 Solutions undertakes any obligation to update this forward-looking information, except as required under applicable law. SOURCE: 724 Solutions Inc.