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e-Smart Signs New China Deal

Tuesday 30 March 2004 15:24 CET | News

e-Smart Technologies has entered into a Cooperation Agreement with two Chinese corporations, one principally owned by entities controlled by the Chinese Ministry of Information Industry (MII) and another principally owned and controlled by Chinese persons involved in media and public relations in China.

e-Smart is the exclusive supplier for Asia and the USA of the Biometric Verification Security System(TM) (BVS2)(TM) platform, featuring the Super Smart Card, believed by e-Smart to be the worlds only commercially available smart card with an on-card fingerprint sensor and a full on-card system for biometric ID verification that has both ISO 7816 contact and ISO 1443(B) wireless compatibility. The MII was created by virtue of a reorganization that took place in March 1998 by merging the former Ministry of Post and Telecommunications, which oversaw network standards and access, and the Ministry of Electronics and Information, which oversaw computers and software (and by divesting the resulting ministry of responsibility for postal administration and the telecom trunk line network). MII is now described as a super-agency overseeing telecommunications, multimedia, broadcasting, satellites, and the Internet. Pursuant to the Cooperation Agreement and Chinese law, the parties will establish a Sino-foreign cooperative joint venture (the Joint Venture) in Beijing, China, and the purpose of the Joint Venture shall be to: 1.) operate a value-added network or networks that allow for the nationwide roaming and operation of e-Smarts biometrically powered multi-application, secure ID & payment smart cards (i.e., the Super Smart Card) in China, 2.) promote the system and technologies in the government and financial sector, 3.) maximize its usage in as many fields as possible. The parties are currently applying for the necessary licenses, approvals and permits within China for the operation of the Joint Venture and the required export permission or exemption from the U.S. Preliminary indications from relevant agencies of both governments have been very positive and while there can be no assurances yet at this early stage, the Company anticipates both a timely and a positive result.


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Categories: Payments & Commerce | Cards
Countries: World
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Payments & Commerce