Solicore Supports Korean FSA Mandate by Enhancing Growth and Security
Lakeland, Fla.—June 12, 2008—Solicore, leading producer of ultra-thin, flexible lithium polymer batteries, has signed a million unit purchase order through Korean-based BlueChip ENP Co., LTD. Solicore’s Flexion® batteries support compliance with the Korean FSA mandate to provide enhanced security for all personal and business financial transactions. The recent binding security initiatives and bylaws require bankcards to be equipped with multi-factor identity authentication applications. Flexion batteries are uniquely able to power these vital solutions needed to comply, including one-time password (OTP) cards.
“Solicore’s pioneering battery technology has been contributing to the progress of worldwide security through various powered card applications in regions such as Africa, Japan and Switzerland. Solicore’s alliance with BlueChip has widened the availability of these security solutions in Korea, providing our customers with enabling technologies to meet next-generation financial industry standards,” says David Corey, CEO of Solicore.
A leading distributor of Microcrystal clocks for OTP card applications, BlueChip’s established network of relationships with key manufacturers in the evolving Korean market creates numerous opportunities for Solicore to further strengthen their presence in the area. With this significant purchase, it is clear that companies within the industry, including Solicore, BlueChip and their customers, are committed to seamlessly expediting compliance with the Korean FSA mandate.
“The use of OTP cards for banking security is in its early stages of adoption, but is gaining momentum quickly, due in part to the innovation Solicore is providing through its Flexion batteries. We believe the relationship between Solicore and BlueChip has evolved and grown stronger with the completion of this new contract,” says Young-Joo Kim, director of BlueChip. “Given the capabilities of Solicore’s ultra-thin batteries coupled with BlueChip’s long-standing relationships within the sector, we are together positioned to lead this market.”
Since entering into their distribution agreement with Solicore, BlueChip has already secured several major purchase orders for platforms using Flexion batteries. For more information about Solicore and its Flexion battery portfolio, please visit www.solicore.com
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 BlueChip ENP Co., Ltd. –
BlueChip ENP Co., Ltd. is a Korea-based electronic components distributor. Their product line features elements that enable Korean customers to manufacture powered cards and RFID solutions with Microcrystal's ultra thin 32.768 kHz crystal plus RTC IC and Solicore's thin film Flexion batteries. For more information, visit www.ibluechip.co.kr
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.