724 Solutions Enters the European Mobile Operator Space with Radiolinja Eesti
London, United Kingdom (March 18, 2002) - Radiolinja Eesti, a major mobile communications operator in the Estonian telecommunications market with over 146,600 subscribers, is implementing the 724 Solutions (NASDAQ: SVNX; TSE: SVN) Platform as a strategic wireless environment, enabling it to achieve its goal of offering a "wireless lifestyle" service to its customers.
"This is an exciting announcement for 724 Solutions since it marks our first direct sale to a mobile operator in Europe," commented Chris Erickson, Managing Director, 724 Solutions - EMEA. "Our work with Radiolinja Eesti demonstrates that we have the solutions that mobile network operators throughout Europe require to help them generate a rapid return on investment."
In addition to the delivery of wireless application protocol (WAP), short message service (SMS) and hypertext transfer protocol (HTTP)-based services, Radiolinja Eesti plans to introduce the 724 Solutions Platform in conjunction with its general packet radio services (GPRS) launch to high end users. This launch underscores the company's commitment to offer a high-quality communication service based on meeting the needs of the customer.
The adoption of the 724 Solutions Platform will enable Radiolinja Eesti to enhance the range of services that it offers to its existing consumer market. From m-banking to m-commerce, the robust and scalable infrastructure and solutions offered by 724 Solutions ensures that Radiolinja Eesti's customers will benefit from the wireless revolution.
To continue its market development, Radiolinja Eesti is also utilizing 724 Solutions' technology to offer a range of services to the corporate user. According to a recent study by the Meta Group, wireless and mobile transactions are forecast to account for nearly 20 percent of business-to-business transaction volume and 25 percent of business-to-consumer traffic by 2003.
"The power of this technology in enhancing our relationships with both customers and employees is what cemented our decision to work with 724 Solutions," commented Sami Seppänen, Managing Director, Radiolinja Eesti. "The simple integration of the solution also means we can deliver the benefits of these services very quickly."
About Radiolinja
Radiolinja Eesti AS is one of the leading mobile communications operator in Estonia. Founded in 1994, Radionlinja Eesti AS belongs to the Elisa Communications corporation through the Radiolinja corporation. The first GSM-call in Estonia was made in Radiolinja Eesti network on 29.11.1994. Radiolinja Eesti is a rapidly developing and the second biggest mobile communication operator in the Estonian telecommunication market. At the end of 2001, the company had 146,600 post-paid subscribers, which comprises over 20% of the Estonian mobile communication market. 98% of the Estonian population live in its GSM network coverage. Radiolinja Eesti has 160 roaming partners in 77 countries. The mission of Radiolinja is to create and develop a wireless lifestyle.
About 724 Solutions Inc.
724 Solutions Inc. (NASDAQ: SVNX; TSE: SVN) is a leading provider of mobile Internet infrastructure software and applications. It makes m-business happen globally by powering the delivery of secure mobile transactions for financial institutions and mobile operators. With headquarters in Toronto, Canada, the company has development and sales offices around the world. 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" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements include the statements herein regarding: the services and products that will be offered by 724 Solutions and Sonera SmartTrust, the benefits that businesses will obtain from these services and products and future demand for these services and products. 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 724 Solutions will be unable to deploy the solutions and products stated herein, the risk that the demand for the solutions and products will not increase as presently anticipated and other risks described in 724 Solutions' SEC filings. These risks are also described in 724 Solutions' filings with the Canadian Securities Administrators. 724 Solutions does not undertake any obligation to update this forward-looking information, except as required under applicable law.
For more information, contact:
Avichai Levy, VP Marketing Mobixell Networks
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Avichai.levy@mobixell.com
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