3GI Closes $7.25M Funding Round.

Business Editors/High Tech Writers

SPRINGFIELD, Va.--(BUSINESS WIRE)--April 24, 2000

3-G International, Inc. (3GI), a leading smart card technology company, announces that it has closed a round of private equity financing totaling $7.25 million.

Participating in the deal were the FBR Financial Fund II, an independently operated affiliate of Friedman, Billings, and Ramsey & Co., Inc. (NYSE: FBR) and Futuris Capital, LLC, a consortium comprised of top-level investors from leading Wall Street investment banks.

This round of financing, combined with the proceeds from the recent sale of 3GI's government services division to MAXIMUS Corporation, will enable the aggressive expansion of 3GI's development, sales and marketing efforts in the exploding network security and e-commerce markets.

"This deal provides the additional capital for 3GI to be much more aggressive in the network and web authentication space," commented 3GI President Thomas L. Gregg. "These investors recognize the integral role 3GI's technology will play in the future of electronic communications and transactions. The high-profile backing these investors bring to the table will help 3GI continue our fast growth," continued Gregg.

3GI has strong track record in the smart card industry, having built some of the world's largest multiple application smart card systems since the company's inception in 1991. "Our fund was really impressed with 3GI's entrepreneurial achievements and the company's leadership in the smart card industry," noted Ron Hodge, Managing Director of the Virginia-based FBR Financial Fund II. " We believe smart card technology is positioned to play a key role in securing electronic transactions and protecting data and IT resources."

The investment marks 3GI's first outside equity financing activity. "The Futuris investors were impressed with 3GI's vision and the fact that 3GI has demonstrated such strong financial growth," commented Tammi Hayes, CEO of Capital Strategies Group which facilitated the deal with both Futuris and FBR Financial Fund II. "This investment will enable the company to move forward even more aggressively."

Industry analysts predict that network security, authentication, and electronic commerce will be the highest growth areas for smart card technologies in the next several years. 3GI currently provides a full range of Internet security and authentication products under its Passage(TM) brand.

3-G International, Inc. is a leading smart card technology company that develops and sells smart card technology products for Internet and network security, authentication, and electronic commerce. 3GI was founded in 1991 and is headquartered in Springfield, Virginia. 3GI was recently recognized for the second year as one of the fastest growing privately held U.S. companies in the Inc. 500 survey. 3GI can be found on the World Wide Web at http://www.3gi.com .