Cash Technologies Forms Subsidiary; CT Holdings LLC to Market BONUS Automated Check Cashing.Business Editors LOS ANGELES--(BUSINESS WIRE)--June 19, 2002 Cash Technologies Inc. (AMEX AMEX See: American Stock Exchange : TQ) has formed a subsidiary to develop, market and implement banking applications. CT Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control will bring BONUS(TM), a suite of self-service electronic banking services, including automated check cashing, to the marketplace. "Check cashing comprises more than a third of a retail bank's transactions, tying up tellers and costing banks billions in fraud and manual processing each year," said Bruce Korman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cash Technologies. "BONUS will significantly reduce a bank's check cashing costs and minimize teller lines by automating the process." How BONUS Check Cashing Works BONUS allows automated check cashing at bank branches using advanced ATMs. Powered by Cash Technologies' patented EMMA EMMA Engstrom Multigas Monitor for anesthesia. (TM) transaction processing software, BONUS uses proprietary optical character recognition optical character recognition (OCR), method for the machine-reading of typeset, typed, and, in some cases, hand-printed letters, numbers, and symbols using optical sensing and a computer. (OCR OCR in full optical character recognition Scanning and comparison technique intended to identify printed text or numerical data. It avoids the need to retype already printed material for data entry. ), biometric identification and a sophisticated risk analysis engine to establish a user's identity and authorize checks. It is anticipated that CT Holdings will be financed separately from the parent company and has received its first $400,000 from an existing Cash Technologies investor. About Cash Technologies Cash Technologies, Inc. develops and markets innovative data processing systems, including the EMMA(TM) transaction processing software, the multifunction ATM-X(TM) and POS-X(TM) client software and PrISM(TM) security system. Through EMMA, consumers and businesses may access a wide variety of financial services via ATMs, POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale terminals and wireless devices including: check cashing, electronic bill payment, event ticketing, interactive advertising and traditional ATM cash dispensing. PrISM is a suite of security products using biometric and risk analysis technologies. For more information, visit www.cashtechnologies.com. Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include technical barriers that prevent the implementation or success of Cash Tech's technology, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC. The Company cautions that there are numerous hurdles facing biometric-based systems, including significant capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and public and governmental acceptance. |
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