Concerns About Secure Online Transactions Helps Company Garner $1.5 Million In Equity Funding

UTM Systems to Expand Products and Corporate Partnerships



Apr 24, 2001, 01:00 ET from UTM Systems Corporation

    SEATTLE, April 24 /PRNewswire Interactive Press Release/ --
 UTM Systems Corporation, a developer of an e-commerce transaction
 authentication product, today announced it has closed a private placement of
 $1.5 million in equity funding. The proceeds from this round of funding will
 be primarily used for product development and general corporate purposes as
 the company brings the security and convenience of the ATM banking experience
 to e-commerce security.
     The UTMreader(TM), developed by UTM Systems, is a combination
 hardware-software device developed in response to growing security and privacy
 concerns associated with electronic commerce and online transactions. The
 initial application for the technology allows debit cardholders to purchase
 merchandise or conduct other digital signature-based transactions online with
 the confidence that their account information and personal identification
 numbers are protected.
     The private placement was lead by Swanson Capital Management and Mustang
 Capital LLC.
     "Recent industry surveys from companies such as International Data
 Corporation (IDC), Forrester Research and Harris Interactive, show security,
 privacy and authentication continuing to be the biggest concerns for consumers
 and merchants when it comes to online purchasing," said Kevin Dooley,
 vice president of finance/MIS director at Mustang Capital. "Technology from
 UTM Systems provides security, privacy and authentication for both consumers
 and businesses engaged in online transactions."
     "This investment group recognizes the value of our technology, the
 importance of online security issues and has confidence in our business
 model," said Robert Lee, president of UTM Systems. "This round of funding
 enables us to expand our overall product offerings and continue to solidify
 corporate partnerships."
     The UTMreader is currently being tested as a part of the Internet Secure
 ATM Payments pilot sponsored by NACHA (National Automated Clearing House
 Association). Others who have participated in the test include eFunds
 Corporation, STAR Systems, AmeriNet, ANI, Magnacash, Commercial Capital Bank
 and Citibank.
 
     UTM Systems Corporation
     UTM Systems Corporation has developed the UTMreader, a secure online
 transaction authentication device created in response to the growing security
 and privacy concerns associated with e-commerce. UTM Systems' technology
 allows debit cardholders to buy merchandise or conduct other digital
 signature-based transactions online with the confidence that their identity,
 account information and personal identification numbers are protected. For
 more information visit www.utmsystems.com.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X36872880
 
 

SOURCE UTM Systems Corporation
    SEATTLE, April 24 /PRNewswire Interactive Press Release/ --
 UTM Systems Corporation, a developer of an e-commerce transaction
 authentication product, today announced it has closed a private placement of
 $1.5 million in equity funding. The proceeds from this round of funding will
 be primarily used for product development and general corporate purposes as
 the company brings the security and convenience of the ATM banking experience
 to e-commerce security.
     The UTMreader(TM), developed by UTM Systems, is a combination
 hardware-software device developed in response to growing security and privacy
 concerns associated with electronic commerce and online transactions. The
 initial application for the technology allows debit cardholders to purchase
 merchandise or conduct other digital signature-based transactions online with
 the confidence that their account information and personal identification
 numbers are protected.
     The private placement was lead by Swanson Capital Management and Mustang
 Capital LLC.
     "Recent industry surveys from companies such as International Data
 Corporation (IDC), Forrester Research and Harris Interactive, show security,
 privacy and authentication continuing to be the biggest concerns for consumers
 and merchants when it comes to online purchasing," said Kevin Dooley,
 vice president of finance/MIS director at Mustang Capital. "Technology from
 UTM Systems provides security, privacy and authentication for both consumers
 and businesses engaged in online transactions."
     "This investment group recognizes the value of our technology, the
 importance of online security issues and has confidence in our business
 model," said Robert Lee, president of UTM Systems. "This round of funding
 enables us to expand our overall product offerings and continue to solidify
 corporate partnerships."
     The UTMreader is currently being tested as a part of the Internet Secure
 ATM Payments pilot sponsored by NACHA (National Automated Clearing House
 Association). Others who have participated in the test include eFunds
 Corporation, STAR Systems, AmeriNet, ANI, Magnacash, Commercial Capital Bank
 and Citibank.
 
     UTM Systems Corporation
     UTM Systems Corporation has developed the UTMreader, a secure online
 transaction authentication device created in response to the growing security
 and privacy concerns associated with e-commerce. UTM Systems' technology
 allows debit cardholders to buy merchandise or conduct other digital
 signature-based transactions online with the confidence that their identity,
 account information and personal identification numbers are protected. For
 more information visit www.utmsystems.com.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X36872880
 
 SOURCE  UTM Systems Corporation