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Author: digitalmarket One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 151  
Subject: 724 Turnkey Systems to Expand Into Middle East Date: 4/25/2001 12:14 PM
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724 Solutions Teams With International Turnkey Systems to Expand Into the Middle East Qatar Islamic Bank, the Bank of Kuwait & Middle East and Doha Bank-Qatar Launch Mobile Internet Banking Services

Press Release - Wednesday April 25, 6:30 am Eastern Time


TORONTO & AUSTIN, Texas--(BUSINESS WIRE)--April 25, 2001-- 724 Solutions (Nasdaq:SVNX - news; TSE:SVN - news), in an agreement with International Turnkey Systems (ITS), will enable mobile banking services for three of the leading banks in the Middle East. This mobile banking service represents the first of its kind in the region and is an important step towards advancing the mobile revolution in the Middle East. Qatar Islamic Bank launched its wireless Internet banking capabilities in the State of Qatar last January and The Bank of Kuwait & Middle East and Doha Bank-Qatar plan to launch by summer 2001. With the selection of the Wireless Internet Platform, these three Middle Eastern banks join a growing list of mobile banking providers around the globe who utilize 724 Solutions' expertise in providing and integrating mobile Internet infrastructure software into the customer's hardware.

The 724 Solutions' Wireless Internet Platform will allow the banks to provide their customers with banking services through a wide range of leading mobile devices and networks. Whether making transfers or simply checking a balance, customers can now enjoy the convenience of mobile financial services.

``We selected 724 Solutions as our mobile banking solution provider because of its global reputation and the open structure of its Wireless Internet Platform, allowing us to integrate the systems quickly and efficiently,' commented Khalifa Al Soulah, Deputy Managing Director, ITS. ``The solution had to be global and the service fast - these factors were a given with 724 Solutions. Most importantly, and perhaps the deciding factor in our choice to work with 724 Solutions, was that the solution was highly scalable and reliable.'

The Wireless Internet Platform consists of adaptors, gateways, core engine services and an application framework for powering highly scalable, secure mobile transactions on different devices, networks and protocols. The award-winning platform has successfully completed performance testing confirming its capacity to support a financial institution with 10 million customers and handle the demands of 100,000 concurrent users executing 10,000 transactions per second.

``Our knowledge of the mobile market and the technology needed to unlock it has enabled companies like International Turnkey Systems to break into new markets, maximizing the opportunity that the mobile Internet offers,' remarked Roger Bellass, General Manager, EMEA, 724 Solutions. ``This new relationship confirms the global appeal and demand for the mobile Internet and, in particular mobile banking.'

International Turnkey Systems and 724 Solutions are working together to integrate 724 Solutions' Wireless Internet Platform into the respective banks' existing electronic banking infrastructures. International Turnkey Systems has already provided the Qatar Islamic Bank's host systems and the delivery systems of The Bank of Kuwait and Middle East.

According to a new study released by The Strategis Group, cellular and third generation (3G) technology subscribers in the Middle East and Africa will increase from 15 million in 1999 to 65 million in 2007. The study ``Middle East and Africa Cellular Markets' further projects that by 2007, 2.5/3G subscribers will make up 22 percent of the total subscriber base in countries where the next generation is deployed. GSM mobile penetration is now eclipsing wireline in many world markets, and in the Middle East GSM penetration is already leading current PC-based Internet penetration.

About 724 Solutions

724 Solutions Inc. is a leading global provider of Internet infrastructure software that enables the delivery of secure mobile transaction solutions across a wide range of Internet-enabled devices. The 724 Solutions suite of products and services enables companies to realize value through the exploitation of the mobile Internet by building, deploying and integrating personalized and secure mobile commerce and lifestyle applications. 724 Solutions' customers include leading financial institutions such as Credit Suisse, SEBanken, JP Morgan Chase & Company, Citigroup, Bank of America and Bank of Montreal. With dual headquarters in Toronto, Canada, and Austin, Texas, the company has development and sales offices around the world. 724 Solutions' common shares are listed on the NASDAQ National Market (SVNX) and The Toronto Stock Exchange (SVN). For additional information visit www.724.com.

About International Turnkey Systems

ITS has been a major supplier of products and solutions to the banking and financial industries in the Middle East for the past 20 years, with over 600 employees and 11 offices in eight countries. ITS is strategically positioned to offer a quick and efficient response to its customers' requirements. ITS has focused on complementing its total banking solution to serve banks' business visions and directives; and adopting superior products which meet the in-depth business requirements of various units of each bank or financial institution. ITS is proud to currently serve more than 50 banks in the Middle East.

For additional information visit www.itsq8.com

This press release contains statements of a forward-looking nature. These statements are made under the ``safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements include the statements herein regarding the services and features that will be offered by International Turnkey Systems and the time at which these services will be introduced, the benefits that customers and consumers will obtain through these services, and future demand for these services. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that 724 Solutions and International Turnkey Systems will be unable to deploy services based on the Wireless Internet Platform, the risk that demand for mobile financial services and for mobile transactions will not increase as anticipated, and other risks described in 724 Solutions' SEC filings, including its annual report on Form 10-K. These risks are also described in 724 Solutions' filings with the Canadian Securities Administrators, including its prospectuses, material change reports, Annual Information Form and Management Information Circular. 724 Solutions does not undertake any obligation to update this forward-looking information, except as required under applicable law.


--------------------------------------------------------------------------------
Contact:

724 Solutions Inc., Austin
Public Relations
Brooke Bulow, 512/306-4206
bbulow@724.com
or
Investor Relations
Monica Zaied, 416/228-2369
mzaied@724.com
or
ITS
Public Relations
Adel Al Buaijan, +965/240-9100
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