ViVOtech Secures Strategic Investment from Citi To Develop Innovative Mobile Commerce Technologies

ViVOtech , an acknowledged leader in Contactless and Near Field
Communication (NFC) mobile phone payment and promotion technologies,
today announced that it has secured an equity investment from Citi
(NYSE: C). Financial terms of the deal were not disclosed.

ViVOtech mobile infrastructure software has been constructed for
collaboration across the entire payment ecosystem including banks,
merchants, mobile operators and service providers. The resulting
technology forms the foundation for a range of new customer payment,
loyalty and promotion services, including personalized discounts and
incentives, and faster and convenient transaction experience at the
checkout.

"We look forward to working with Citi to continue driving the
innovation and technologies that are moving mobile commerce from
vision to reality," said Michael Mullagh, CEO, ViVOtech. "NFC mobile
technologies are connecting banks, merchants, and mobile carriers with
their customers anywhere, anytime. Through our collaboration with
Citi, we anticipate improving the customer experience - from how they
shop, make payments, and enjoy personalized promotions using their
mobile phones."

Citi is committed to delivering leading-edge banking and payment
solutions to its customers and helping to define the mobile and
contactless future. ViVOtech understands how to deliver integrated and
secure mobile capabilities that meet consumers´ needs. The combination
of ViVOtech´s industry leading capabilities with Citi´s global reach
is a big step in enabling the development of the mobile financial
services ecosystem.

"As our customers´ everyday lives change, Citi seeks to meet their
evolving needs by transforming consumer financial services through new
ventures and innovations, particularly in the mobile payments and
financial applications space," said Jaidev Shergill, EVP, Growth
Ventures and Innovation, Citi. "Our investment in ViVOtech
demonstrates our commitment to leverage emerging technology and
opportunities to offer our customers greater speed, simplicity,
convenience, and security."

Near Field Communication (NFC) technology is a short-range
wireless connectivity that enable mobile devices to interact with
Contactless systems for a wide variety of transactions, including
those at the point-of-sale, smart posters, ATMs and kiosks. A recent
report from Juniper Research forecasts that by 2011, around 12% of the
total mobile phones in circulation will offer support for contactless
payment, specifically NFC - equating to nearly 470 million NFC-enabled
handsets worldwide.

About ViVOtech

ViVOtech is the market leader in Near Field Communication (NFC)
mobile payments, promotions, and over the air (OTA) provisioning
infrastructure software, NFC smart posters, and Contactless terminals.
These innovative solutions allow millions of consumers to make
Contactless payments with radio frequency-enabled credit/debit cards,
fobs, and NFC mobile phones. ViVOtech´s products are used by the most
prominent retailers all over the world. With more than 360,000 units
deployed in 29 countries, ViVOtech products are used at movie
theaters, fast food restaurants (QSR), casual dining establishments,
convenience stores, gas stations, drug stores, grocery stores, buses,
taxicabs, kiosks and vending machines, enabling a wide variety of
businesses to accept Contactless/NFC payments and promotions. For more
information about ViVOtech´s investors and innovative solutions please
visit http://www.vivotech.com.

Images of ViVOtech technology can be viewed here:
http://www.vivotech.com/newsroom/picture_gallery.asp