Syosset, New York, October 30, 2002 - Lipman has announced the availability of NURIT VIP, part of the MyNURIT.com business portal, supporting the entire Lipman product line. Financial institutions and ISOs registering for the NURIT Value Incentive Program earn points for products purchased through an authorized distributor. These points are then redeemed for Lipman equipment or other valuable rewards.

"Lipman's NURIT Value Incentive Program and MyNURIT.com are the latest examples of how Lipman truly supports the POS community," said Sam Zietz, President, PayRight Merchant Services. "We are all very excited about Lipman's new programs, and are quickly signing up our sales force. Lipman has again found a way to help us enhance our bottom line."

Another exciting feature available to MyNURIT users is Lipman's new Interactive Training Tool. NURIT resellers can now use the Web to obtain immediate, hands-on training for Lipman's most popular POS solutions. The NURIT 3020 Countertop Payment Solution and the NURIT 2059i Integrated Transaction Register are the first of many planned additions to the Interactive Training Tool. Other popular Lipman products including the NURIT 2085 Card Payment Terminal and NURIT 8000 Wireless Palmtop Solution will be available online in the coming weeks.

Video surveillance and dispute management solution
ATMeye^.iQ video security management solution reduces the risks of fraud and vandalism, resolves conflicts with clients, and allows monitor security events 24/7 to whole ATM network remotely. Watch ATMeye.iQ video.

"At Lipman, we've always considered our resellers to be our business partners," said Mony Zenou, President and CEO at Lipman. "MyNURIT was built with resellers in mind. Now they have a full range of promotion and training tools that they can customize for use within their own organizations, all while reducing their effective cost per terminal. Even distributors have the ability to participate in these programs, enabling them to increase their bottom line as well."

Lipman's Value Incentive Program, Interactive Training Tools and FAQ are available at www.mynurit.com .

About Lipman USA, Inc.

Lipman (www.lipmanusa.com ) is a wholly owned subsidiary of Lipman Electronic Engineering, Ltd. Operating worldwide, Lipman ranks among todays premiere providers of robust, flexible, and highly customizable electronic payment solutions. As the leading supplier of wireless point-of-sale terminals in the United States, Lipman manufactures fixed and handheld transaction solutions that seamlessly integrate hardware, application, and back-office software to help processors, providers, and the merchants they serve do business better. Lipman Electronic Engineering, Ltd. is listed on the Tel Aviv Stock Exchange under the symbol LPMA.TA

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From time to time the Company may issue forward-looking statements that involve a number of risks and uncertainties. The following are among the factors that could cause actual results to differ materially from the forward-looking statements: business conditions and growth in the electronics industry and general economies, (both domestic and international); lower than expected customer orders; delays in receipt of orders or cancellation of orders; competitive factors, including increased competition, new product offerings by competitors and price pressures; the availability of third party parts and supplies at reasonable prices; changes in product mix; significant quarterly performance fluctuations due to the receipt of a significant portion of customer orders and product shipments in the last month of each quarter; and product shipment interruptions due to manufacturing problems. The forward-looking statements contained in this document regarding industry and revenue trends, new markets, new product introductions, technology adoption, and future business activities should be considered in light of these factors.