ClearBIT Systems / News

Prepaid Digital Currency Pioneer to Accelerate Research and Development Efforts of Its
Patent-Pending Stored Value Transaction Platform With Toronto-based R&D Team.

Rockville, MD. --November 11th, 2002 - ClearBIT Systems, a pioneer of prepaid stored value e-currency solutions, today announced the opening of its new research and development office in Toronto, Canada. The local R&D team will be designing and developing the company's patent pending stored value transaction platform and vertical market applications.

Heading up the Toronto-based R&D team will be ClearBIT Systems' Chief Architect, Uri Gonen, a seasoned Internet infrastructure architect and product manager. Uri brings over 12 years of experience in complex software architecture design, product development and product management.

"I'm excited to join ClearBIT at this early stage,” said Gonen. "I look forward to help deliver the promise of ClearBIT's revolutionary concepts."

"Putting in place a top-caliber team of software developers is a top priority for us at this stage of our growth. In selecting a location for our R&D office, we simply went where the specific talent we were looking for was," said Yaron Samid, ClearBIT Systems COO. "Uri's startup energy and vast experience in designing and developing robust Internet infrastructure platforms and applications made him an obvious choice to head up our new R&D operations."

ClearBIT Systems, a privately held digital currency solutions startup, is developing its patent-pending prepaid stored value transaction platform, pioneering a new form of currency designed for the digital age -- random bits. The ClearBIT Platform offers loyalty program, electronic commerce and mobile commerce corporations a cost efficient, bank independent and mathematically secure alternative to credit card platforms and ATM networks. Founded in September of 2002, ClearBIT Systems is headquartered in Rockville, MD, a technology hub just outside of Washington, DC, and maintains a business development office in Tel Aviv and an R&D center in Toronto, Canada. ClearBIT Systems is a division of AGS Encryptions, Ltd.