Intellect Electronics, Inc. Selects Thomas G. Ream as President; World-Wide Leader in Stored Value Terminal Technology Appoints Thomas Ream, former VeriFone Executive, to Top Job

Business Wire, Dec 1, 1996

SAN JOSE, Calif.--(BUSINESS WIRE)--Dec. 1, 1996--Intellect Electronics, Inc. of San Jose, announced today the appointment of Thomas G. Ream, formerly vice president and general manager of VeriFone's International Division, as president.

Intellect designs and manufactures products for electronic commerce with leading-edge expertise in smert card technology, secure data transmission and electronic funds transfer. As a global player in this market space, Intellect delivers products and services to over 25 countries throughout the Americas, Europe and Australasia.

Ream comes to Intellect after eight years with VeriFone, where he held a number of positions during that time. His extensive experience in the domestic and international retail and financial industry strengthens Intellect's marketing position for major growth throughout the Western Hemisphere.

Ream said, "We have an outstanding opportunity to build Intellect into the premiere provider of security, payment, and personal banking products for companies and financial institutions involved in electronic commerce. Intellect has already positioned itself where the rest of the industry wants to be with expertise in smart cards and other leading-edge technologies. Our strong commitment to the American market will make us a key player here, building upon earlier successes achieved in Europe, Australasia, and Brazil."

Intellect Electronics, Inc. is a subsidiary of Intellect Holdings, Ltd., a publicly-traded Australian corporation. Intellect products range from smart card readers, payment systems, electronic wallets and mobile terminals to cryptographic processors that secure facilities such as banking networks. Intellect products are sold in more than 20 countries including The Netherlands, Belgium, Norway, Australia, Singapore, Brazil and the U.S.

Intellect's customers include major multinational computer companies such as NCR, Unisys, IBM, Siemens-Nixdorf and Fujitsu/ICL which supply Intellect products to the rapidly expanding global electronic funds transfer market. Current direct customers include major banks and leading retailers throughout the world. -0-

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