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StereoVision, Smart Chip Technologies Complete Agreement
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| | LAS VEGAS, NV and LOS ANGELES, CA - September 10, 2003 - Smart Chip Technologies (OTC:SCTN - News) is announcing today that an agreement has been reached to provide Internet transaction clearing services for StereoVision Entertainment Inc.'s (OTCBB:SVSN - News) online entertainment content sales.
Smart Chip Technologies will receive 3% of the gross sales proceeds for performing transaction settlement and clearing services utilizing its LoyaltyCentral(TM) back-office clearing operation originally co-developed by IBM (NYSE-IBM).
StereoVision will deliver to Smart Chip Technologies all digitized entertainment content produced, acquired, and/or licensed for its electronic sales.
StereoVision customers will also earn rewards managed by Smart Chip Technologies' innovative loyalty software system.
StereoVision's Chief Executive Officer Jack Honour stated, "Making this move to Smart Chip Technologies we believe will be a positive one for the Company.
For more than two years, the Company has maintained its determination to participate in the revolutionary changes currently underway in the distribution of entertainment content.
It's been an arduous process, but with the recent strong support of Congress, substantial ground has been gained.
This is evidenced by the success of Apple's (Nasdaq-AAPL) rollout of their online music sales division, as well as the positive impact on legislation Microsoft's (Nasdaq-MSFT) collaboration with Congress has had on the business of internet entertainment content sales.
We believe working with Smart Chip Technologies will elevate StereoVision's e-commerce capabilities, enabling us to compete with the first echelon companies in the online sales of entertainment content."
About StereoVision Entertainment Inc.
StereoVision Entertainment Inc.
(www.stereovision.com) is a publicly traded multimedia company listed on the Over The Counter Bulletin Board exchange.
StereoVision maintains offices at Sound City Center in Van Nuys, California and has interests in three-dimensional film and video production, independent filmmaking and distribution, entertainment content acquisition, and music production, publishing, and distribution.
About Smart Chip Technologies
Smart Chip Technologies (www.sctn.com) is a Software Technology Company with a "gateway" Patent and Smart Loyalty System in the high growth Smart Card and Consumer Electronics Industries.
Smart Chip Technologies licenses its loyalty business process patent to Companies that are building smart chip solutions for North American, Asian, and Australian markets.
Additionally, SCTN markets its smart card expertise and end-to-end loyalty solution globally to banks, retailers, CRM consultants, OEMs, and system integrators.
SCTN products LoyaltyCentral and e-llegiance will provide maximum flexibility in the real-time management of click-and-mortar incentive programs, establishing business continuity across physical, mobile, and virtual streams of commerce.
e-llegiance is the multi-platform smart chip loyalty application engineered for EMV, Global Platform, and MULTOS compliance to simplify credit/debit card integration.
Although backward compatible with magnetic-stripe cards, the software is chiefly designed to operate on smart devices such as smart cards, point-of-sale terminals, personal digital assistants, TV set top boxes, laptops, or mobile phones.
SCTN will provide complete rewards program management, transaction processing, and accounting services through its LoyaltyCentral software and back office operation.
For more information, please contact Smart Chip Technologies at 702.837.3594, address@hidden, or address@hidden;
Or contact Jack Honour, StereoVison Entertainment Inc., at 818.909.7911 or address@hidden
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Forward-looking statements:
Any statements contained in this document that do not describe historical facts may constitute forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.
Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties.
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