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VeriSign(R) and Wachovia Team to Deliver Mobile Text Messaging Services for Faster Student Loan Approvals MOUNTAIN VIEW, Calif., Sept. 30 /PRNewswire-FirstCall/ -- VeriSign, Inc. the leading provider of intelligent infrastructure services for the Internet and telecommunications networks and Educaid, Wachovia Education Finance, today announced the launch of a new mobile text messaging service. The service improves communication with students, helps to speed up the student loan application process, and provides students faster access to funds."Using the power of cell phone technology, we are able to deliver important loan information and updates to students," stated Doris Grose, president of Educaid. "We have reengineered our communication methods to dramatically improve our ability to reach students, regardless of where they are. Now, students will be notified via their cell phones that their loan applications need additional information, and schools can be confident that their students will be receiving their funds faster than ever before." "Educaid is taking the advantages of SMS technology to students, giving them faster loan approval and processing -- no matter where they are located in the United States, and no matter which carrier their mobile device uses," said Vernon Irvin, executive vice president of VeriSign Communications Services. "VeriSign's Intelligent Messaging Network is being deployed for mainstream SMS services across many industries, including finance and transportation, helping companies to deliver increased customer efficiency at a reduced cost." The use of cell phones and other hand-held devices to send and receive messages is increasing rapidly, especially among people 25 years of age and under. Educaid has reengineered its communication methods in order to assist schools in connecting with their students, through technology the students are already familiar with and adept at using. At the same time, schools will benefit from Educaid's ability to provide faster access to funds and overall better service. For example, once students become eligible for loans, Educaid can send the student instant text messages, directing the students to complete and turn in their promissory notes. This dramatically speeds up the time between eligibility, approval, and disbursement. "We're very excited to offer this latest advancement in customer service," indicated Ms. Grose. "Now more than ever before, we make it simple to reach students anytime, anywhere." Educaid was rated first in technology and customer service in a recent survey of college Financial Aid offices conducted by one of the nation's top consulting firms. About VeriSign, Inc. VeriSign, Inc. delivers intelligent infrastructure services that make the Internet and telecommunications networks more reliable and secure. Every day VeriSign helps thousands of businesses and millions of consumers conduct commerce and communications with confidence. Additional news and information about the company is available at http://www.verisign.com/. About Educaid, Wachovia Education Finance Established in 1984, Educaid, Wachovia Education Finance, is one of the top 10 student loan providers in the United States, and does business with over 4,000 schools in all 50 states and in U.S. territories. In addition to the corporate office in Rancho Cordova, California, the company also has regional offices in Florida, Texas, Ohio and Delaware. More information can be obtained by visiting Educaid.com. About Wachovia Wachovia Corporation is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $411 billion, market capitalization of $61.7 billion and stockholders' equity of $33.3 billion at March 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com. Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, (1) the uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results due to such factors as the risk that VeriSign's announced strategic relationships, including the relationship described herein: (a) may be subject to certain conditions, restrictions, limitations, contingencies, termination rights, and other terms that could prevent or delay VeriSign from recognizing the potential benefits of the relationship; (b) may not result in additional products, services, customers, profits or revenues; and (2) increased competition and pricing pressures. More information about potential factors that could affect the company's business and financial results is included in VeriSign's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 10-K for the year ended December 31, 2003 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release. VeriSign, Inc. CONTACT: media, Leslie Rubin, +1-650-426-5363, or [email protected],or investor, Tom McCallum, +1-650-426-3744, or [email protected], both ofVeriSign, Inc.; or media, Jennifer Darwin of Wachovia Corporation,+1-704-383-8149, or [email protected]; or Chris Farrell of Educaid,Wachovia Education Finance Relations, +1-916-631-5564, [email protected] Web site: http://www.wachovia.com/ Web site: http://www.verisign.com/ |