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Nautilus Hyosung America signs strategic partnership agreements

February 27, 2011

Nautilus Hyosung America Inc. today announced that it has signed strategic partnership agreements with three companies. The deals illustrate Nautilus Hyosung's growth in U.S. financial services sector, although the manufacturer is yet to hire a vice president of financial institutions.

Nautilus Hyosung America, which is based in Coppell, Texas, signed contracts with Bancsource Inc., Burroughs Payment Systems and Wittenbach Business Systems. Republic, Mo.-based Bancsource is one of the largest independent providers of ATM maintenance services, with a nationwide network of service technicians and support personnel.

Nautilus Hyosung also signed an agreement with Burroughs Payments Systems of Plymouth, Mich. Burroughs specializes in check-image capture and cash automation solutions.

In addition, Nautilus Hyosung reached a contract agreement with Wittenbach Business Systems, a Talaris distributor. Wittenbach offers a complete line of money processing products, including teller cash automation, service-service coin and currency counters.

"These partnerships are critical to our ability to effectively service our financial institution customers," said  Charles C. Jung, president and CEO of Nautilus Hyosung America. "Each partner brings a unique set of expertise and experience with products and services that add additional value to the solutions our channel partners have been providing to the U.S. financial industry for the past several years."

During last week's ATM Industry Association (ATMIA) conference and expo in Doral, Fla., Jung said Citibank, a major bank customer, is installing image-deposit modules throughout its network of ATMs. The modules, and some cases new ATMs, will enable bank cardholders to make envelope-free depositsof cash and checks.

Jung added he is hopeful that the Citibank agreement will lead to other contracts with financial institutions.

The company, however, is still searching "for a good candidate" for the job of vice president of financial institutions, he said. "It is taking a lot of our time," Jung added.

Historically, Nautilus Hyosung America has been known as a major player, supplying ATMs to the retail, off-premises market. In the last few years, the company has turned more of its attention to supplying ATMs to banks and other financial institutions.

Last year, Nautilus Hyosung shipped more than 30,000 ATMs, Jung added.

Nautilus Hyosung America is a subsidiary of Nautilus Hyosung Inc., which has its headquarters in Seoul, South Korea.

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The ATM Industry Association, founded in 1997, is a global non-profit trade association with over 10,500 members in 65 countries. The membership base covers the full range of this worldwide industry comprising over 2.2 million installed ATMs.

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