724 Solutions Announces Close of Acquisition of the Web Application Event Framework Technology and Investment Stake in Webhelp

Apr 04, 2001, 01:00 ET from 724 Solutions Inc.

    TORONTO, ON, and AUSTIN, Texas, April 4 /PRNewswire/ -- 724 Solutions Inc.
 (Nasdaq:   SVNX and Toronto: SVN), a leading provider of wireless Internet
 infrastructure software, announced the closing of its acquisition of Webhelp
 Inc.'s Web Application Event Framework (WAEF) technology, and its investment
 stake in Webhelp on Monday, March 26, 2001.
     The transaction extends 724 Solutions' suite of applications by enabling
 real-time content to become an integral part of mobile transactions -- for
 instance, WAEF enables interactive communication between consumers and
 financial advisors, or instant updates on stock quotes or the price and
 availability of goods.
     Under the terms of the agreement, 724 Solutions acquired Webhelps' WAEF
 software for a total of 1,016,986 shares and payment of U.S.$7.6 million in
 cash in consideration for the technology and an investment stake in Webhelp.
 Based on the closing 724 Solutions' share price of U.S. $9 27/32 on the NASDAQ
 on March 23, 2001, the purchase and investment have an overall value of U.S.
 $17.6 million.
 
     About 724 Solutions Inc.
     724 Solutions Inc. is a leading global provider of Internet infrastructure
 software that enables the delivery of secure mobile transaction solutions
 across a wide range of Internet-enabled devices. The 724 Solutions suite of
 products and services enables companies to monetize the mobile Internet by
 building, deploying, and integrating personalized and secure mobile commerce
 and lifestyle applications. The company also offers end-to-end customer
 support through its global application hosting and contact center services.
 724 Solutions' customers have a combined customer base totaling more than 270
 million consumers worldwide. With dual headquarters in Toronto, Canada, and
 Austin, Texas, the company has development and sales offices around the world,
 including Australia, Barbados, Finland, France, Germany, Japan, the
 Netherlands, Switzerland, the United Kingdom and the United States. 724
 Solutions' common shares are listed on the NASDAQ National Market (SVNX) and
 The Toronto Stock Exchange (SVN). For additional 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 anticipated growth in the market for 724
 Solutions' enhancement of its services using Webhelp's technologies, increased
 growth opportunities for 724 Solutions and Webhelp, and the market for mobile
 commerce transactions and for mobile commerce products and services, and the
 market for Web application events frameworks. 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 these markets and demand for these services will not
 increase substantially, the risk that the technology of the companies will not
 be successfully integrated to develop enhanced products and services, the risk
 that the closing conditions for the transaction will not be satisfied, will
 not grow as anticipated, and other risks described in 724 Solutions' SEC
 filings, including its Registration Statement on Form F-4, its annual report
 on Form 20-F, and its reports on Form 6-K. These risks are also described in
 724 Solution's filings with the Canadian Securities Administrators, including
 its prospectuses, material change reports, Annual Information Form and
 Management Information Circular. 724 Solutions does not undertake any
 obligation to update this forward-looking information, except as required
 under applicable law.
 
     For further information, please contact:
 
     Ray McManus
     Public Relations
     724 Solutions Inc.
     416.228.8191
     rmcmanus@724.com
 
     Monica Zaied
     Investor Relations
     724 Solutions Inc.
     mzaied@724.com
     416.228.2369
 
 

SOURCE 724 Solutions Inc.
    TORONTO, ON, and AUSTIN, Texas, April 4 /PRNewswire/ -- 724 Solutions Inc.
 (Nasdaq:   SVNX and Toronto: SVN), a leading provider of wireless Internet
 infrastructure software, announced the closing of its acquisition of Webhelp
 Inc.'s Web Application Event Framework (WAEF) technology, and its investment
 stake in Webhelp on Monday, March 26, 2001.
     The transaction extends 724 Solutions' suite of applications by enabling
 real-time content to become an integral part of mobile transactions -- for
 instance, WAEF enables interactive communication between consumers and
 financial advisors, or instant updates on stock quotes or the price and
 availability of goods.
     Under the terms of the agreement, 724 Solutions acquired Webhelps' WAEF
 software for a total of 1,016,986 shares and payment of U.S.$7.6 million in
 cash in consideration for the technology and an investment stake in Webhelp.
 Based on the closing 724 Solutions' share price of U.S. $9 27/32 on the NASDAQ
 on March 23, 2001, the purchase and investment have an overall value of U.S.
 $17.6 million.
 
     About 724 Solutions Inc.
     724 Solutions Inc. is a leading global provider of Internet infrastructure
 software that enables the delivery of secure mobile transaction solutions
 across a wide range of Internet-enabled devices. The 724 Solutions suite of
 products and services enables companies to monetize the mobile Internet by
 building, deploying, and integrating personalized and secure mobile commerce
 and lifestyle applications. The company also offers end-to-end customer
 support through its global application hosting and contact center services.
 724 Solutions' customers have a combined customer base totaling more than 270
 million consumers worldwide. With dual headquarters in Toronto, Canada, and
 Austin, Texas, the company has development and sales offices around the world,
 including Australia, Barbados, Finland, France, Germany, Japan, the
 Netherlands, Switzerland, the United Kingdom and the United States. 724
 Solutions' common shares are listed on the NASDAQ National Market (SVNX) and
 The Toronto Stock Exchange (SVN). For additional 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 anticipated growth in the market for 724
 Solutions' enhancement of its services using Webhelp's technologies, increased
 growth opportunities for 724 Solutions and Webhelp, and the market for mobile
 commerce transactions and for mobile commerce products and services, and the
 market for Web application events frameworks. 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 these markets and demand for these services will not
 increase substantially, the risk that the technology of the companies will not
 be successfully integrated to develop enhanced products and services, the risk
 that the closing conditions for the transaction will not be satisfied, will
 not grow as anticipated, and other risks described in 724 Solutions' SEC
 filings, including its Registration Statement on Form F-4, its annual report
 on Form 20-F, and its reports on Form 6-K. These risks are also described in
 724 Solution's filings with the Canadian Securities Administrators, including
 its prospectuses, material change reports, Annual Information Form and
 Management Information Circular. 724 Solutions does not undertake any
 obligation to update this forward-looking information, except as required
 under applicable law.
 
     For further information, please contact:
 
     Ray McManus
     Public Relations
     724 Solutions Inc.
     416.228.8191
     rmcmanus@724.com
 
     Monica Zaied
     Investor Relations
     724 Solutions Inc.
     mzaied@724.com
     416.228.2369
 
 SOURCE  724 Solutions Inc.