NORTH YORK, On.--(BUSINESS WIRE)--Feb. 23, 2000--Motorola, Inc. (NYSE:MOT), a leading provider of integrated communications and embedded electronic solutions, and 724 Solutions (TSE: SVN; Nasdaq: SVNX), a leading Internet infrastructure software developer for financial services providers, today announced that they have signed a Memorandum of Understanding (MOU) to develop world-class wireless financial solutions to help meet the growing demand for high-value, secure financial transactions. Under the terms of the MOU, Motorola states that it plans to enable 724 Solutions to deploy its financial software applications in a variety of Internet-enabled Motorola wireless devices, expanding the customer reach of financial institutions working with 724 Solutions. The two companies also plan to work together to identify and create solutions that meet the ongoing needs of financial institutions and network operators. Additionally, in connection with 724 Solutions' recent IPO, Motorola has purchased an equity stake in the company.
"Motorola is committed to offering consumers a secure and simple solution to performing financial transactions via their Web phones," said Janiece Webb, Senior Vice President of Motorola's Personal Networks Group. "Motorola is excited about working with 724 Solutions to bring consumers and network operators a world-class wireless financial solution."
"We are pleased to start working with a global leader like Motorola, in conjunction with leading financial institutions, to speed delivery of a secure and personalized platform for consumers to access their financial information anywhere, anytime on some of the best selling devices available on the market," said Greg Wolfond, CEO of 724 Solutions. "We believe that a relationship with Motorola will not only allow us to work with advanced telecommunications networks and help shape emerging standards, but will also accelerate the adoption of high-value services on wireless data and Internet networks."
Dataquest estimates that the number of wireless data subscribers worldwide will grow from approximately 16 million at the end of 1998 to approximately 111 million at the end of 2003. In addition, IDC analysts predict that by 2003, approximately 40 million consumers - or 30 percent of all U.S. households - will be banking online.
About 724 Solutions
724 Solutions provides an Internet infrastructure solution to financial institutions that enables them to offer personalized and secure on-line banking and brokerage and e-commerce services across a wide-range of Internet-enabled wireless and consumer electronic devices. 724 Solutions currently enables consumers to access on-line banking and brokerage services through network service providers using digital mobile phones, PDAs, two-way pagers and personal computers. To enable its customers to offer their services to these subscribers, 724 Solutions is currently working with network service providers including Bell Mobility and Sprint to provide broad geographic coverage. 724 Solutions is also working with device manufacturers including Motorola, Ericsson, Nokia, Neopoint, Palm Computing, Qualcomm and Research in Motion to support a wide range of Internet-enabled devices. Headquartered in Toronto, Canada, 724 Solutions has offices in London, Tokyo and San Francisco. 724 Solutions is listed on the NASDAQ (SVNX) and TSE (SVN) stock exchanges. For additional information visit www.724.com
About Motorola
Schaumburg, Ill.-based Motorola, Inc. is a global leader in providing integrated communications and embedded electronic solutions. Sales in 1999 were $30.9 billion. For more information about Motorola, visit the web site at http://www.motorola.com/.
Motorola is a registered trademark of Motorola, Inc. 724
Solutions is a registered trademark of 724 Solutions.
This press release contains certain statements of a forward-looking nature. Such 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 services over the Internet and wireless networks will not be developed or be attractive to consumers as anticipated; the risk that 724 Solutions and Motorola will not enter into any definitive agreement for the development of any technology or products; the ability of Motorola and 724 Solutions to successfully develop products and technologies; and other risks outlined in 724's SEC filings, including but not limited to 724's registration statement on Form F-1. Neither Motorola or 724 undertake any obligation to update this forward-looking information.
