NEWS RELEASE
September 10, 2001
For Immediate Distribution
C-SAM signs Letter of Intent with Global eTelecom, Inc. for secure, Infra-Red Enabled Electronic Check Conversion Processing.
Destin, Florida Global eTelecom, the national leader in Electronic Check Conversion (ECC) today announced that C-SAM has agreed to integrate it's OneWallet application technologies on three different platforms- mobile phones, PDAs and PCs with Global eTelecom's new proprietary, electronic check processing technology.
C-SAM provides a patented and secure device based digital wallet - "OneWallet" - capable of conducting physical, virtual and proximity transactions. C-SAM's technology enables Issuers to issue plastic cards and paper checks electronically, retaining brand identity and images, magnetic stripe and other unique identification information, directly to their customers on a OneWallet. The associated payment platform and suite of products will allow existing physical and virtual Merchants and Processors to continue acquiring the transactions with additional security and cost savings.
“We are very excited about the addition of electronic check conversion from Global eTelecom for our OneWallet offerings. Electronic checks complete the spectrum of digital payment options at the point of sale,” states Sam Pitroda, Chairman and CEO, C-SAM Inc. Adds Pitroda “The addition of electronic check conversion and Global eTelecom's presence in the U.S. market provides the vehicle we are seeking to establish our leadership in the United States.”
“Our entire team is excited to begin offering our installed base of Point of Purchase systems an IR enabled solution for electronic check conversion,” states John H. Beebe, Chairman & Chief Executive Officer of Global eTelecom. “We are constantly developing innovative ways to provide added value to our line of services and to continue simplifying the payment experience, providing greater convenience for our valued customers.”
About Global eTelecom, Inc.:
Global eTelecom owns the first technology for processing checks electronically at the Point of Purchase through the National Automated Clearing House Association (NACHA). Global eTelecom is an active member of NACHA's Electronic Check Council. Global eTelecom provides it's proprietary, fully customizable XML based electronic check processing services to a nationwide network of banks, independent sales agents and associations, credit card processors, insurance companies, and retail merchants, ranging in size from small “Mom &Pop” stores to national retail chains. Global eTelecom’s proprietary Electronic Check Services include: Electronic Check Conversion (Point-of-Purchase), Electronic Mail Order / Telephone Order Checks (MOTO), Encrypted Electronic Internet Checks, Lockbox Conversion, Electronic Recurring Debit, Electronic Represented Check Collection (RCK), Wireless Encrypted Infrared Checks, Electronic Check Image Capture , and Secure Web Based Check Image Retrieval. More information on Global eTelecom can be found on the company's website at www.globaletelecom.com
About C-SAM, Inc.:
C-SAM, Inc., a global leader in client-based mobile payment solutions maintains its headquarters in Chicago and London, with product development facilities in Sweden, the UK and India. C-SAM provides a patented and secure client based digital wallet capable of conducting physical, virtual and proximity payments, with web-based support and value added services for the Users. C-SAM’s technology enables Issuers to issue plastic cards and paper checks electronically, retaining brand identity and images, magnetic stripe and other unique identification information, directly to their customers on a OneWallet. The associated payment platform and product suite will allow existing physical and virtual Merchants and Processors to continue acquiring the transactions with additional security and cost savings. Leveraging its robust patent portfolio and extensive executive-level telecommunications industry relationships, C-SAM focuses its partnering strategy on mobile operators and financial institutions. Business Development and Product Development groups are engaged in dialogues with a variety of implementation and design partners around the globe. More information on C.SAM, Inc. can be found on the company's website at www.c-sam.com
Contacts:
Global eTelecom
Joseph D. Korinek
Senior Vice President, Information & Technology
Phone: (850) 650-8506
Email: jkorinek@globaletelecom.com
C-SAM, Inc.
Mehul Desai
Vice President
Phone: (630) 586-9110
Email: mehul.desai@c-sam.com