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Ultra-thin Flexion® Batteries to Power Secure One-Time Password ICT DisplayCards
Lakeland, Fla. and Los Angeles, CA—January 29, 2008—Innovative Card Technologies, Inc. (NASDAQ: INVC), developer of the ICT DisplayCard for e-banking, e-commerce and data access authentication, and Solicore Inc., a worldwide leader of embedded power solutions, today announced that both companies have entered into a multi-year purchase agreement. Under the terms of the agreement, Innovative Card Technologies has agreed to purchase several million of Solicore’s patented ultra-thin Flexion® batteries to be used in the ICT DisplayCard.
This purchase agreement underscores the rapidly growing demand for Innovative Card Technologies’ innovative dual-factor authentication solution in a convenient card format. The ICT DisplayCard integrates the security of a one-time password (OTP) token directly into a card the size of a standard payment card. At the push of a button, a one-time password is shown on the card’s integrated display. During an online transaction, this number is entered into a user interface with other information (such as the user’s login name or a static PIN) for multifactor authentication. The breakthrough ICT DisplayCard has been deployed to online banking customers in the United States and Korea, and is in several tests with financial institutions and enterprises around the world.
”Solicore’s ability to create ultra-thin and flexible batteries has helped us to be at the forefront of demand for secure OTP cards,” says David Corey, CEO of Solicore. “We are extremely excited about the opportunity to further our strong strategic partnership with Innovative Card Technologies.”
At less than a half-millimeter thick, Solicore’s Flexion batteries have enabled powered card functionality without adding bulk or causing the card to become fragile. The paper-thin battery is capable of flexing and bending, making it ideal to fit inside standard credit, debit and enterprise cards. Solicore’s batteries can be configured to additional Smart Card platforms via a variety of sizes and capacities to meet the demands of different physical and power requirements. The Flexion battery has a shelf-life of three years (the typical life of a credit card) and enough capacity to power tens of thousands of OTP card transactions.
“Solicore’s paper-thin batteries have enabled Innovative Card Technologies to realize our team’s vision of creating breakthrough security devices in payment card form,” says Steven R. Delcarson, Innovative Card Technologies CEO and president. “We have agreed to buy millions of Flexion batteries in order to meet global sales demand for the ICT DisplayCard in 2008 and beyond.”
About Solicore, Inc. – Solicore is a worldwide leader of embedded power solutions, offering its Flexion® product portfolio of advanced ultra-thin flexible lithium polymer batteries for powered cards, RFID and micro medical devices. Solicore’s advanced battery technology is ultra-thin, flexible, safe and environmentally friendly, and significantly enhances the capabilities of lithium-based batteries. For more information, visit www.solicore.com.
About Innovative Card Solutions – Innovative Card Technologies (NASDAQ: INVC) was founded in 1993 to add functionalities to payment cards. InCard’s suite of ICT DisplayCards enable dual-factor authentication in a convenient card form. The cards can be configured to offer RFID physical access or payment capabilities and feature a screen powered by an integrated battery, circuit and switch. This screen displays a one-time password to verify the presence of the card during online and voice transactions or data systems logins. For more information, visit www.incardtech.com.
This press release contains forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates" and similar words. Such forward-looking statements are subject to known and unknown risks, uncertainties or other factors that may cause Solicore, Inc's actual results to be materially different from historical results or any results expressed or implied by such forward-looking statements. Solicore, Inc. assumes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date hereof. The potential risks and uncertainties which could cause actual growth and results to differ materially include but are not limited to, customer acceptance of the company's services, products and fee structures, the success of the company's brand development efforts, the volatile and competitive nature of the battery industry, and changes in domestic and international market conditions, and foreign exchange rates.
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