STRATEGIC PARTNERS
March 7, 2002
LOS ANGELES -- Cash Technologies, Inc. (Amex: TQ) has signed a letter of intent to license its EMMA system and associated transaction processing technology to TII Smart Solutions, a Costa Rica-based company with over 60 data processing switches operating in five Latin American countries.
Ken Paull, senior vice president of sales and marketing of Cash Technologies, said, "Our goal will be to help TII offer new advanced-function applications, such as check cashing and bill payment, to its existing and prospective customers. This partnership will accelerate our plans to expand our presence outside of the U.S."
Through a cross-licensing agreement, Cash Tech will integrate the advanced functionality of EMMA with the traditional ATM and POS processing capabilities of TII's TranServer system. Cash Tech will also take advantage of e-commerce applications that TII is developing. Further, Cash Tech shall have exclusive distribution rights to license TranServer solutions throughout the U.S.
"In addition to operating TranServer software at our Los Angeles data center, we will also license this software to customers who desire to operate their own switch. In this scenario, customers will use TranServer as a gateway to Cash Tech's EMMA host for access to the EFT networks, the Internet and other advanced function hosts," Paull said.
