Lipman Announces Deals with Leading
Turkish Banks Valued at $12 Million
Today Lipman announced deals worth
$12 million with three of Turkey’s leading banks. These deals were signed
during the first five months of 2002. Most of this business represents
follow-on deals with existing customers, while part is with a new bank. The
follow-on deals demonstrate the confidence of current clients who purchase
Lipman’s products year after year. With $3.5 million worth of devices already
supplied during the first quarter of this year, the remaining $8.5 million
worth of devices will be shipped during the second and third quarters of 2002.
These contracts illustrate the
continued expansion of the company’s activities in Turkey and Lipman’s ability
to sign significant deals during a period of world recession. Sales to existing
clients exemplify the company’s strategy of expanding activities within the existing
client base at the same time as penetrating new markets and clients.
Lipman’s newest client in Turkey
is a leading private bank handling a high volume of daily transactions and
holds great potential for future purchases of Lipman products.
Within the framework of this deal,
Lipman will supply the bank with tens of thousands of products from several
product ranges by the third quarter of 2002. Products include Nurit 3020,
the company’s leading model in Turkey, and Nurit 8000, the company’s
innovative GSM Wireless product. Nurit 8000 is a wireless handheld
payment terminal, which integrates Palm-like functionality with credit card
payment capabilities. The device integrates a wide variety of applications
enabling banks to offer cutting edge technology to their customers.
Isaac Angel, Lipman’s President
& CEO, said, “These deals strengthen our lead in the Turkish market and
demonstrate our customers’ satisfaction and belief in us. Turkey is a strategic
market for Lipman. Despite these times of economic and security-related
uncertainty, the demand for the company’s products continues to grow. As has
been reported, sales of Nurit 8000, launched towards the end of 2001, began in
the first quarter of the year and we foresee further increase of sales over the
next quarters.”
About Lipman
Lipman is one of the primary Electronic Payment Systems
& Solutions providers worldwide and has established itself as a leader in
its field, innovating
and integrating state-of-the-art technologies into its products.