Syosset, NY, February 10, 2006 --(PR.com
)-- Lipman Electronic Engineering Ltd. (NASDAQ, TASE: LPMA) today announced that the Lipman POS application (POS4_92 with Protocol 4.45) has achieved Vital Processing Services® (Vital®) Class A approval across the entire line of Lipman terminal hardware, including the new PED-complaint NURIT 8100 devise. The Lipman application incorporates a new group of features to support Vital POS Check Service for electronic check conversion.
Merchants can now electronically process credit, debit, and Electronic Benefits Transfer (EBT), as well as Vital POS Check transactions from a single point of sale (POS) device using the MagTec Mini MICR® reader, eNcheck 2500® reader or RDM® 6000i imager peripherals.
The NURIT 8100 provides high-speed connectivity with dial and Internet protocol (IP) capabilities. Transactions are kept secure using Secure Socket Layer (SSL) encryption, and the terminal features an integrated PIN-pad as well as a removable and field-replaceable printer.
“Vital POS Check Service converts consumer paper checks into electronic funds transfer items at the point of sale,” said Deborah Davis, vice president and terminals product manager for Vital. “Electronic conversion improves check collection efficiency, simplifying the funds management process and enhancing merchant customer service.”
Lipman is a leading worldwide provider of electronic payment systems. Lipman develops, manufactures and markets a variety of handheld, wireless and landline POS terminals, electronic cash registers, retail ATM units, PIN pads and smart card readers, as well as integrated PIN and smart card (“Chip & PIN”) solutions. In addition, Lipman develops technologically advanced software platforms that offer comprehensive and customized transaction processing solutions for its customers, as well as managed professional services such as on-site and call-center support with remote terminal management.
Lipman's corporate headquarters and R&D facilities are located in Israel. Lipman also maintains offices in the US, United Kingdom, Turkey, China, Spain, Finland, Russia, Italy, Canada and Latin America. For more information visit www.lipman.biz
Statements concerning Lipman's business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements" as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: our dependence on distributors and customers; the competitive market for our products; market acceptance of new products and continuing products; timely product and technology development/upgrades and the ability to manage changing market conditions; manufacturing in Israel; compliance with industry and government standards and regulations; dependence on key personnel; possible business disruption from acquisitions; and other factors detailed in Lipman's filings with the U.S. Securities and Exchange Commission. Lipman assumes no obligation to update the information in this release.