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Wednesday, June 15, 2005
(NetDeposit, Inc.)
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SALT LAKE CITY & MELVILLE, N.Y. - NetDeposit, Inc. (www.netdeposit.com), an innovator in Check 21 software and leading provider of franchise-building software solutions for the financial industry, and DataTreasury Corporation (www.datatreasury.com), a Long Island-based technology company, announced today that they have entered into a settlement and license agreement. NetDeposit, Inc. has licensed DataTreasury patents, settling claims made by DataTreasury against NetDeposit for infringement of those patents. NetDeposit's electronic check processing products were in issue in one of several lawsuits brought by DataTreasury claiming several banks and check processors have violated its patents relating to certain methods used in electronic check processing and archiving electronic images.
"These claims of infringement of DataTreasury's patents have created a cloud of uncertainty surrounding electronic processing of checks under the Check 21 Act," said Danne Buchanan, chief executive officer of NetDeposit. "This agreement removes that cloud for NetDeposit customers. Under this agreement," continued Buchanan, "NetDeposit has 'most favored nation' treatment regarding the use of these technologies, enabling it to maintain its leadership position in electronic check-processing."
"We are delighted to be working with NetDeposit, a leader in providing solutions designed to leverage the Check 21 legislation," said Claudio Ballard, the founder of DataTreasury and inventor of the company's patented technology. "This agreement helps to clear the way for both companies to conduct business, and it brings to the industry the technical advantages and significant financial benefits of this technology."
ABOUT NETDEPOSIT, INC.
NetDeposit, Inc., an innovator of Check 21 software, through its Franchise-Building Technology Platform, delivers the power and promise of check electronification to financial institutions, third party processors and corporations. NetDeposit's NetCapture(TM) and NetConnect(TM) solutions help financial institutions take advantage of the new marketplace enabled by enactment of the Check 21 legislation - the C21 Marketplace. The company's solutions include tools for distributed capture as well as sorting and routing of electronic items. For over three years, NetDeposit, Inc. has been remotely capturing and electronically routing items, and currently powers two of the nation's largest IRD print networks. The company has processed millions of electronic items.
NetDeposit, a subsidiary of Zions Bancorporation (NASDAQ:ZION), is located in Salt Lake City, UT and San Mateo, CA. For information call 1-801-273-6067, email: pressrelations@netdeposit.com or visit www.netdeposit.com.
ABOUT DATATREASURY CORPORATION
A privately owned company, DataTreasury was formed in 1998 and is built around its patents covering its "Global Repository Platform," which is the world's most functional and secure informational management system. DataTreasury was issued patents in 1999 and 2000 for image capture, centralized processing and electronic storage of document and check information. Several countries have recognized the patentability of this technology, and DataTreasury has many other pending patent applications surrounding this system.