Motorola and 724 Solutions Plan to Bring Financial Services to Mobile Device Users Worldwide -- Motorola Takes Equity Stake in Innovative 724 Solutions

    Motorola, Inc. (NYSE:MOT), a leading provider of integrated communications and embedded electronic solutions, and 724 Solutions (TSE: SVN; Nasdaq: SVNX), a leading Internet infrastructure software developer for financial services providers, today announced that they have signed a Memorandum of Understanding (MOU) to develop world-class wireless financial solutions to help meet the growing demand for high-value, secure financial transactions. Under the terms of the MOU, Motorola states that it plans to enable 724 Solutions to deploy its financial software applications in a variety of Internet-enabled Motorola wireless devices, expanding the customer reach of financial institutions working with 724 Solutions. The two companies also plan to work together to identify and create solutions that meet the ongoing needs of financial institutions and network operators. Additionally, in connection with 724 Solutions' recent IPO, Motorola has purchased an equity stake in the company.

    "Motorola is committed to offering consumers a secure and simple solution to performing financial transactions via their Web phones," said Janiece Webb, Senior Vice President of Motorola's Personal Networks Group. "Motorola is excited about working with 724 Solutions to bring consumers and network operators a world-class wireless financial solution."

    "We are pleased to start working with a global leader like Motorola, in conjunction with leading financial institutions, to speed delivery of a secure and personalized platform for consumers to access their financial information anywhere, anytime on some of the best selling devices available on the market," said Greg Wolfond, CEO of 724 Solutions. "We believe that a relationship with Motorola will not only allow us to work with advanced telecommunications networks and help shape emerging standards, but will also accelerate the adoption of high-value services on wireless data and Internet networks."

    Dataquest estimates that the number of wireless data subscribers worldwide will grow from approximately 16 million at the end of 1998 to approximately 111 million at the end of 2003. In addition, IDC analysts predict that by 2003, approximately 40 million consumers - or 30 percent of all U.S. households - will be banking online.

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