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Nautilus Hyosung, BANQIT to partner on R&D, sales

February 23, 2004

SEOUL, South Korea - Nautilus Hyosung and BANQIThave signed a memorandum of understanding for mutual collaboration on research and development, sales and marketing for ATMs, cash dispensers and recycling technologies, the two companies announced.

One of the main interests of both companies is maintaining and extending international cooperation for the improvement and rational use of cash handling of all kinds, according to a news release.

The two companies plan to develop and implement multi-national programs and projects in areas of common interest and to facilitate participation by the two organizations in the design, manufacturing, engineering, marketing and implementation of these cooperative efforts.

Another aspect of the agreement calls for the multifaceted exchange of information between BANQIT and Nautilus Hyosung.

Dr. BI Choi, chief executive of Nautilus Hyosung, said in the release, "Cooperation on global sales and market research will enable both companies to better position and prepare ourselves in a highly competitive global market."

"Both organizations are convinced that their activities complement each other and therefore wish to intensify their cooperation, especially fluid exchange information and technologies that in turn allows for more efficient and effective use of both parties' resources," said Gunnar Malm, chief executive of BANQIT AB.

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