HERE IT IS!
Patriot Scientific Announces Major PSC1000 Microprocessor E-Commerce Design Win from Universal Processing Companies
BUSINESS WIRE - May 01, 2000 14:42
SAN DIEGO, May 1, 2000 (BUSINESS WIRE) --
New Credit Card Validation Products Would Use Patriot-Powered Java Software
Patriot Scientific Corp. (OTCBB:PTSC), the developer of the first, market-ready microprocessor for Java(TM), today announced, at its annual meeting of shareholders here, a major e-commerce design win for the company's powerful PSC1000 microprocessor.
It said that Universal Payment Processing (Universal), a Milwaukee-based subsidiary of Universal Savings Bank, a member bank of Visa(R) and MasterCard(R) with more than 60,000 business customers nationwide, has selected Patriot's technology to be incorporated into its design solution for a new generation of credit card validation terminals, currently under development.
"In recent years, there has been growing concern about the security aspects of data transmission," said Jim Lunney, Patriot's president & chief executive officer. "Electronic transaction specialists like those at Universal are becoming increasingly convinced that Java software can add additional security to the process, and are incorporating it into designs for future credit transaction hardware."
"Java's growing importance to the e-commerce business world in general, and to our business in particular, cannot be overemphasized," said Ken Biel, chairman & CEO of Universal Savings Bank. "We're very happy to be working closely with Patriot Scientific in pursuit of developing a higher, more sophisticated and more secure level of credit card validation."
"This design win is a very strong validation of Patriot's business plan," Lunney noted. "Initially, it would require a very substantial number of PSC1000 microprocessors to be provided to Universal for early applications. In the second anticipated phase, Universal would license the intellectual property of the chip to develop its own unique 'systems on a chip' (SOC) architecture for its credit validation products. This would result in a continuing and significant revenue stream for Patriot," the CEO said.
"This design win underscores the superior technology and intellectual property of our PSC1000 family of microprocessors," said Lunney, "It also shows the breadth of Java embedded applications, and could lead to additional e-commerce solutions powered by Patriot."
Universal Payment Processing, a wholly owned subsidiary of Universal Savings Bank, F.A., a federally chartered savings bank, is a vertically integrated electronic transaction processor. Universal is one of the industry's only truly integrated transaction processors. It owns its own front-end switch (formerly BancTec Payment Systems), has its own back-end merchant accounting system, and provides transaction authorization, data capture, settlement and funds transfer services to more than 60,000 business clients nationwide. Universal offers credit and debit card processing, electronic check processing & check guarantee, prepaid phone products, electronic gift cards, and e-commerce solutions. Visit Universal online at usb.com.
Founded in 1987, Patriot Scientific Corp. designs, markets and manufactures: the PSC1000, based on the patented ShBoom technology, a 32-bit microprocessor targeted at Java and Internet appliances as well as the traditional embedded systems markets; high-performance ISDN Basic Rate and Primary Rate products for digital communications and ground penetrating radar. For more information on Patriot Scientific Corp., visit ptsc.com.
Java is a registered trademark of Sun Microsystems Inc.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
CONTACT: Patriot Scientific Corp. Linda Romero, 858/674-5000, ext. 235 lromero@ptsc.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
BANKING
E-COMMERCE
INTERNET
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Patriot Scientific Announces Major PSC1000 Microprocessor E-Commerce Design Win from Universal Processing Companies
BUSINESS WIRE - May 01, 2000 14:42
SAN DIEGO, May 1, 2000 (BUSINESS WIRE) --
New Credit Card Validation Products Would Use Patriot-Powered Java Software
Patriot Scientific Corp. (OTCBB:PTSC), the developer of the first, market-ready microprocessor for Java(TM), today announced, at its annual meeting of shareholders here, a major e-commerce design win for the company's powerful PSC1000 microprocessor.
It said that Universal Payment Processing (Universal), a Milwaukee-based subsidiary of Universal Savings Bank, a member bank of Visa(R) and MasterCard(R) with more than 60,000 business customers nationwide, has selected Patriot's technology to be incorporated into its design solution for a new generation of credit card validation terminals, currently under development.
"In recent years, there has been growing concern about the security aspects of data transmission," said Jim Lunney, Patriot's president & chief executive officer. "Electronic transaction specialists like those at Universal are becoming increasingly convinced that Java software can add additional security to the process, and are incorporating it into designs for future credit transaction hardware."
"Java's growing importance to the e-commerce business world in general, and to our business in particular, cannot be overemphasized," said Ken Biel, chairman & CEO of Universal Savings Bank. "We're very happy to be working closely with Patriot Scientific in pursuit of developing a higher, more sophisticated and more secure level of credit card validation."
"This design win is a very strong validation of Patriot's business plan," Lunney noted. "Initially, it would require a very substantial number of PSC1000 microprocessors to be provided to Universal for early applications. In the second anticipated phase, Universal would license the intellectual property of the chip to develop its own unique 'systems on a chip' (SOC) architecture for its credit validation products. This would result in a continuing and significant revenue stream for Patriot," the CEO said.
"This design win underscores the superior technology and intellectual property of our PSC1000 family of microprocessors," said Lunney, "It also shows the breadth of Java embedded applications, and could lead to additional e-commerce solutions powered by Patriot."
Universal Payment Processing, a wholly owned subsidiary of Universal Savings Bank, F.A., a federally chartered savings bank, is a vertically integrated electronic transaction processor. Universal is one of the industry's only truly integrated transaction processors. It owns its own front-end switch (formerly BancTec Payment Systems), has its own back-end merchant accounting system, and provides transaction authorization, data capture, settlement and funds transfer services to more than 60,000 business clients nationwide. Universal offers credit and debit card processing, electronic check processing & check guarantee, prepaid phone products, electronic gift cards, and e-commerce solutions. Visit Universal online at usb.com.
Founded in 1987, Patriot Scientific Corp. designs, markets and manufactures: the PSC1000, based on the patented ShBoom technology, a 32-bit microprocessor targeted at Java and Internet appliances as well as the traditional embedded systems markets; high-performance ISDN Basic Rate and Primary Rate products for digital communications and ground penetrating radar. For more information on Patriot Scientific Corp., visit ptsc.com.
Java is a registered trademark of Sun Microsystems Inc.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, technical development risks, seasonality and other risk factors detailed in the company's Securities and Exchange Commission filings.
Distributed via COMTEX.
Copyright (C) 2000 Business Wire. All rights reserved.
-0-
CONTACT: Patriot Scientific Corp. Linda Romero, 858/674-5000, ext. 235 lromero@ptsc.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
BANKING
E-COMMERCE
INTERNET
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page. |
