724 Solutions Enhances X-treme Mobility Suite and Updates 2003 Cost Guidance.Business Editors/High-Tech Writers SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--May 12, 2003 724 Solutions (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : SVNXD; TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension : SVN SVN Subversion (version control system) SVN Slovenia (international traffic code) SVN Social Venture Network SVN South Vietnam SVN Secure Virtual Network SVN Supervised Visitation Network ) X-treme Applications equip Mobile Network Operators to serve the Enterprise marketplace 724 Solutions (NASDAQ: SVNXD; TSX: SVN), a leading provider of next-generation IP-based network and data services, announced that it has expanded its X-treme Mobility Suite to include a set of actionable alerts-based applications that can be offered by mobile operators to their enterprise customers. The X-treme Application Suite is initially centered on collections management, fraud protection, banking and credit card management and is based upon 724 Solutions' X-treme Alerts Generator and X-treme Message Manager technology. These actionable alerts-based applications allow enterprises to reduce costs by automating critical steps within the customer management cycle. "Next generation networks and today's handheld wireless devices allow enterprises to use the public mobile networks to extend their traditional customer relationship applications and delivery channels," said John Sims John Sims (1749–1831) was a taxonomist who classified various species of plants. He was the first editor of The Botanical Magazine after the founder, William Curtis.[1] References 1. ^ John Sims, 1749–1831. Darwin Project. , 724 Solutions, chief executive officer. "These applications provide mobile network operators an immediate opportunity for revenue through the expansion of their relationship with their enterprise clients." According to Yankee Group research, in 2002 almost 40% of large enterprises cited customer facing applications as the driver for adoption of wide area wireless data systems. Yankee Group also expects that percentage to grow significantly over the next few years. Primarily to facilitate the delivery of these new applications, 724 Solutions will be consolidating discrete parts of its organization creating cost synergies that will result in significantly improved quarterly operating costs in Q3 and Q4 of 2003. The company anticipates that total expenses, on a Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) basis, will improve from the $9.8 million reported in the first quarter of 2003, to between $8.0-8.2 million in the third and under $6.0 million in the fourth quarter of 2003. The company expects that expenses on a GAAP basis for the second quarter of 2003 to be similar to those in the first quarter to 2003. All of these amounts are inclusive of the estimated restructuring and other one-time charges that will be required to accomplish this transition. About 724 Solutions 724 Solutions (NASDAQ: SVNXD; TSX: SVN) delivers reliable, scalable technology and solutions that allow mobile network operators to rapidly deploy flexible and open next generation IP-based network and data services. Additionally, in conjunction with mobile operator partners, the company provides a series of actionable alerting solutions to enterprises to assist them in lowering operating costs and improving customer relationship management. 724 Solutions is a global company with development operations in North America, Switzerland and Germany with headquarters in Toronto, Canada. For more information, visit www.724.com "This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements include the statements herein regarding: the services and products that we will offer, the benefits that mobile operators and other customers and their customers will obtain from these services and products, our plans to integrate our product offerings, change our internal business structure and reduce our operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . 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 the risk that we will not successfully deploy the solutions and products stated herein, the risk that the demand for these solutions and products, or for 2.5G and 3G networks, will not increase as presently anticipated, the risk that general economic conditions will not improve, the risk that our operating expenses will be larger than we presently anticipate, and other risks described in 724 Solutions' Securities and Exchange Commission filings, including its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . These risks are also described in 724 Solutions' filings with the Canadian Securities Administrators Canadian Securities Administrators(CSA) is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. . 724 Solutions does not undertake any obligation to update this forward-looking information, except as required under applicable law." |
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