STRATEGIC PARTNERS
November 17, 1999
SAN FRANCISCO -- InnoVentry announced a contract to install 27 of its new RPM machines in Texaco- and Shell-branded retail outlets in the Southwest over the next three months. InnoVentry's agreement is with Equilon Enterprises LLC, a joint venture between Texaco and Shell in the U.S., and Motiva Enterprises LLC, a U.S. Joint venture involving Texaco, Shell and Saudi Aramco. Equilon and Motiva provide Texaco- and Shell-branded products to more than 23,000 retail outlets nationwide. The machines will be located primarily in Houston and Phoenix, two markets in which InnoVentry hopes to install significant numbers of RPM units by the fourth quarter of 2000. A pilot at a Texaco Star Mart in Tempe, Ariz., has been underway since April of 1998. Mike Iribarren, general manager of marketing and merchandising for the Texaco and Shell brands, said the companies have been "quite pleased with the results we've seen at our pilot location." InnoVentry is attempting to position itself as a top provider of financial services to "self-banked" consumers. The company defines "self-banked" to include the estimated 40 million adults in the U.S. Who do not have bank accounts or who do not rely on banks for routine financial transactions. The RPM machines feature an attached second screen that can be programmed to deliver promotional, advertising or public service messages in several different languages. The machines use a biometric face-recognition system to authenticate customers, reducing fraud risk for InnoVentry and enhancing security for customers. InnoVentry distributes its cash-management machines to retail stores and entertainment ventures under the RPM and Atreva brands. InnoVentry has enrolled more than 350,000 customers, cashed more than one million checks and established relationships with retailers such as Circle K and Kroger.
