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To: bigbuk who wrote (52168)	7/25/2001 10:39:49 PM
From: Rocket Red	Respond to of 62347

724 Solutions Inc - News Release 724 Solutions loses $1.08 per share in Q2 2001 724 Solutions Inc SVN Shares issued 35,402,426 2001-07-25 close $9.2 Wednesday Jul 25 2001 News Release Mr. John Sims reports All amounts are in United States dollars. 724 Solutions has released results for the second fiscal quarter ended June 30, 2001. Second fiscal quarter revenues increased approximately 255 per cent to $14.1-million from $4.0-million in the same period of fiscal 2000. Pro forma net loss for the second fiscal quarter was $15.9-million, compared with $11.7-million in the same period last year. Pro forma loss per share in the second fiscal quarter was 27 cents compared with 32 cents in the same period of 2000 -- an improvement of 16 per cent. Pro forma net loss and net loss per share includes net loss for the period, adjusted for amortization of intangibles, equity in income (loss) of affiliate, stock-based compensation, writedown of long-term investments and certain non-recurring expenses (including one-time costs incurred in connection with the integration of Tantau Software and the realignment of 724 Solutions' business). Reflecting the company's focus and investment in Europe and Asia, revenue from these regions represented 40 per cent of total revenue in the second fiscal quarter, an increase from 30 per cent in the prior quarter. As of June 30, 2001, the company's cash, cash equivalents and short-term investments were $138.0-million. "This quarter we delivered 255 per cent revenue growth year-over-year. I am pleased by our ability to diversify and expand our global customer base and exceed our quarterly pro forma earnings expectations through the early realization of benefits from the integration of Tantau Software," said John Sims, chief executive officer, 724 Solutions. "We continue to feel that we are uniquely positioned -- with our technology, our people, and our unrivalled global customer base -- to be the long-term winner in the secure mobile Internet transactions marketplace." Expanding 724 Solutions' addressable market 724 Solutions began to experience a number of the benefits envisaged from the Tantau acquisition. Specifically, in one of the first examples of cross selling between the two companies' products, Wells Fargo, an existing financial services applications customer, selected the wireless Internet platform as the services infrastructure to deliver internal and external wireless solutions across its business divisions. In North America, Raymond James also plans to enable its 4,300 financial advisers to deliver highly-personalized client-side service through 724 Solutions' innovative technology. The broader product suite and global infrastructure extended the company's market in Asia where Bank of America (Asia) launched service to personal banking customers and Asia MobileNet gave Hong Kong brokerages the ability to send, transform and personalize content to brokers via wireless devices. Subsequent to the quarter end, South Korean-based Hanvit Bank also launched aggregation services to its 11 million customers. Extending the company's reach New vendors and strategic relationships enabled 724 Solutions to extend its reach to new customers and geographies. 724 Solutions and Online Resources teamed to offer wireless banking and payment services to Online Resources' 500 regional and community financial institutions. The company entered the Middle East marketplace with International Turnkey Systems, a major supplier of products and solutions to the banking and financial industries enabling Qatar Islamic Bank, the Bank of Kuwait & Middle East and Doha Bank-Qatar to offer mobile banking services. Expanding functionality 724 Solutions launched new products and expanded the functionality of its solutions in the second quarter. The company introduced the Mobile Commerce Services Platform (MSP) -- a highly-scalable and modular solution designed to drive consumer-friendly secure payment transactions in the mobile commerce arena. As a critical component in stimulating transactions, the company also introduced two alerts solution sets. It launched Market Connect Premier -- a comprehensive out-of-the-box brokerage solution featuring more than 20 alerts related to price, volume, news, market activity, account activity, market research and personal convenience -- as well as its Turnkey Alerts Platform 3.0, enterprise edition, which enables businesses to offer an internally-based personalized alerts service for its customers worldwide in multiple languages. With the introduction of message service subsequent to the quarter end, 724 Solutions' customers will also be able to send alerts (generated either by their own applications or 724 Solutions' alerts products) to their customers over more than 90 per cent of the world's carriers without having to go and build relationships with each of those carriers. In addition, 724 Solutions and CashEdge reported plans to provide next-generation aggregation technology. This newest solution combines advanced aggregation technology with actionable alerts and wireless access to create a flexible, multifeatured platform for financial institutions. Conference call information 724 Solutions will host a conference call at 5 p.m. EST, today to discuss the results. Participants can access the call via the company's Web site at www.investors.724.com or by dialling 416-620-2406 (Canada) or 1-888-434-1242 (international). A replay of the teleconference will also be available for 48 hours and can be accessed by dialling 416-626- 4100, reservation No. 19309027.