[October 18, 2004] WAY Systems Secures Additional Funding From Payment Industry Veteran Bill Melton's GIV Venture Partners Fund BOSTON, Oct. 18 /PRNewswire/ -- WAY Systems, Inc. (http://www.waysystems.com/), a leading provider of Secure Mobile Phone POS Solutions announced it has secured funding from GIV Venture Partners Fund, owned and managed by VeriFone's founder Bill Melton. Mr. Melton also joins WAY's Board of Directors .to accelerate the adoption of WAY's Mobile Transaction Terminal (MTT(TM)), the first 'out-of-the-box' packaged GPRS POS solution. "Bill Melton's commitment to WAY Systems is very significant, as it reinforces our position as a growing leader in the wireless POS industry. Bill also brings proven knowledge and experience in growing businesses in emerging countries like China -- a key growth area for our business," said Will Graylin, CEO of WAY Systems. WAY Systems recently gained certification from the China Bank Card Testing Center (BCTC) and CUP (China Union Pay) to deploy its Mobile Transactions Terminal solution in China. "I believe that WAY Systems will do for wireless what VeriFone did for wired POS," said Bill Melton. He continued, "WAY Systems has a very bright future and can become a decisive leader in growing card acceptance for underserved market segments in both developed and emerging markets." The MTT(TM) is an ideal solution for the Millions of Mobile Merchants who need to accept credit cards. By 2008, Nielsen Report predicts that Wireless POS terminals will comprise nearly 30% of the total POS terminal market, as Wireless POS have the ability to accept payments anywhere, securely and at a lower cost. About MTT(TM) WAY Systems' Mobile Transaction Terminal (MTT) is the industry's first 'out-of-the-box' solution to hit the market, enabling ISO's or POS resellers and acquirers to quickly provide merchants with a pre-activated wireless data service that is ready for transaction processing upon delivery. With its unique ability to transform mobile phones into secure POS terminals, the MTT is the most portable, affordable and secure solution available today. This is made possible as WAY is the only company in the world today to have the licensing rights from Fractal Commerce for its Accessor(TM) technology for Merchant POS. About WAY Systems, Inc. WAY Systems (http://www.waysystems.com/) is a leading global service provider of mobile phone based Point of Sales (POS) solutions designed for millions of unwired merchants worldwide. Headquartered in Boston, Massachusetts with offices in Shanghai, Hong Kong and Singapore, the Company has gained recognition for its award-winning end-to-end payment solution for acquirers, payment processors and POS resellers that works out-of-the-box, virtually anywhere. WAY Systems is a privately held company funded by payment industry veterans and entrepreneurs, and has strategic alliances with payment and mobile industry leaders such as Transaction Network Services (TNS), Visa International, AT&T Wireless, and Siemens Mobile. About Bill Melton An entrepreneur and investor in the technology industry for over 30 years, Bill Melton founded VeriFone, Inc., the transaction automation company that made credit authorization terminals pervasive on retail merchant counters in 1981. From 1991 to 1999, Melton was a board member and investor for America Online. He was the initial founder of Transaction Network Systems (TNSI), another investor of WAY Systems. Additionally, Melton served as founder and CEO of CyberCash, and an initial founder of other high tech companies. Melton is currently an active investor and board member of several early stage venture capital companies. William Melton holds a master's degree in Asian Studies and Chinese philosophy. About GIV GIV Venture Partners is a private equity firm that partners with entrepreneurs of high growth businesses with proven business models. GIV was founded in 1999 by leading global entrepreneurs and investors. The founders of GIV have started five companies, four of which reached successful IPOs, creating an aggregate $3 billion in market value. The fund has a strong, leanly staffed team that has domestic and international venture experience. The current fund invests in the Mid-Atlantic region with a focus on rapidly growing, privately held businesses in the technology, healthcare and services sectors. 2003 WAY Systems Inc. All rights reserved. WAY Systems Inc. and its products are trademarks and service marks of WAY Systems Inc. All other trademarks and service marks, whether registered or not in specific countries, is the property of their respective owners. WAY Systems, Inc. CONTACT: Damien Balsan of WAY Systems Inc., +1-781-569-0413 ext. 213,[email protected]; or Tanita Sandhu of Bluegill Communications Inc.,+1-949-474-2267, [email protected], for WAY Systems Inc. Web site: http://www.waysystems.com/ [ Back To TMCnet.com's Homepage ]