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ATM DIRECT’S PIN-BASED INTERNET DEBIT PAYMENT SOLUTION

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Jun 3, 2008

 

ATM DIRECT'S PIN-BASED INTERNET DEBIT PAYMENT SOLUTION WINS 2008 GEORGIA BUSINESS LAUNCH COMPETITION

Global Crypto, ProperNotice and SkyBlox Finalists in Third Annual Contest

            ATLANTA (June 4, 2008) - ATM Direct won the $100,000 top prize in the third annual Georgia Business Launch Competition, sponsored by The Georgia Research Alliance (GRA) and the Technology Association of Georgia (TAG).

More than 70 companies entered this year's competition which seeks to find the best high-tech start-ups in the state and may be the largest contest of its kind in the country.

"No matter how you measure it, this was the best year yet for the Business Launch competition," said Mike Cassidy, president and CEO of GRA.  "We had some outstanding companies participate with the broadest array of innovative concepts in the history of the competition."  

"Our hats are off to everyone who was in this year's Business Launch," said Tino Mantella, president of TAG.  "The participation from the Georgia technology community was incredible and we are just so pleased that the contest continues to generate tremendous excitement and interest from so many technology entrepreneurs."

In addition to TAG and GRA, the Advanced Technology Development Center (ATDC) continued its key role in the contest by reviewing all of the initial applications to determine the final pool of participants. "The quantity and quality of applicants made it very difficult to select the semifinalists," said Lance Weatherby, venture catalyst of the ATDC. "ATM Direct had some tremendous competition."

ATM Direct, -- which has to keep its base in Atlanta for three years according to the contest rules -- has developed a software-only technology that enables consumers to use a secure, PIN-based solution to utilize debit card payments over the Internet.  ATM Direct has the potential to transform the online Internet commerce landscape.

"We are extremely honored to be this year's winner of the Georgia Business Launch," said Nandan Sheth, president of ATM Direct, Atlanta. "We believe we have the most compelling alternative online payment solution in the marketplace as we lower merchant fees and have the potential to reduce online fraud."

In addition to the $100,000 cash award, ATM Direct will also receive nearly $250,000 in services from a wide range of Atlanta companies including Abraxas Business Services; The Advanced Technology Distribution Center (ATDC); Arketi Group, Burr & Forman, LLP; C Level Enterprises; Catalyst Business Partners; DCT Systems; DLA Piper; Executive Strategies, Inc.; Globalspeak; Grant Thornton, LLP; Henriott Marketing Strategies; Leapfrog Services, Inc.; Management Psychology Group; Morris Manning & Martin; Neboweb; Point Clear; Rogoff Financial Services, LLC; Silicon Valley Bank; Smart Career Moves; SPAN; W.B. Marks Partners, LLC.

            The other finalists in the competition were:

• Global Crypoto Systems, Alpharetta, enables users to perform e-commerce transactions without exposing personal information or credit card numbers
• ProperNotice, Atlanta, utilizes a proprietary, web based notification/reminder system to save consumers money by eliminating contractual penalties and preserving their ability to make informed business decisions.
• SkyBlox, Atlanta, offers local business owners a way to connect to the customers instantaneously through a secure, managed Wi-Fi network.

The judges for this year's final round, held  in early June at IBM's facilities in northwest Atlanta, included Adam Coyle, operating partner, Advent Group; Tom Crotty, general partner, Battery Ventures; Cynthia Glassman, Under Secretary, U.S. Department of Commerce; Mark Johnson, former vice chairman, CHECKFREE;  Chris Klaus, founder and CEO, Kaneva;   Ann Lamont, managing partner, Oak Investment Partners and Fred Sturgis, managing director, H.I.G. Ventures.

            During this year's contest, the organizers introduced "Fast Forward to Launch."  Entrants will be given the opportunity to produce one-minute presentation videos that were posted on Tagonline.  Members of the public will be able to access the videos through a link to TAG TV and then vote on the entrant they thought had the best presentation.  The two entrants receiving the most votes are automatically named as semi-finalists.

            ProperNotice and The GOLD Center, Marietta, were the Fast Forward To Launch winners.

            "Fast Forward to Launch brought a whole new level of excitement to the competition," said Sid Elliott, GRA's director of business strategy and lead organizer of the Business Launch Competition.  "We had over 5,650 cast by the public for some 25 competitors."

            In addition to Elliott, Mantella, Cassidy, and Weatherby, the competition's stellar board of advisors for 2008 included Chairman Ashish Bahl, CEO, Harbor Payments; Don Addington, managing partner, The Addington Group; Dave Chambless, principal, Abraxas Business Services, Inc.; Aaron deSouza, partner, Grant Thornton; Mike Eckert, entrepreneur in residence, ATDC and VentureLab fellow; Joe Fiveash, senior vice president and general manager, The Weather Channel Interactive; David Gould, operating partner, Technology Operating Partners; Sami Jajeh, principal, Arketi Group; Mark Morel, chairman & CEO, XOSphere; Greg Morrison, vice president & CIO, Cox Enterprises, Inc.; I. Sigmund Mosley, president, Imlay Investments; Guido Sacchi, CIO, CompuCredit and Martin Tilson, managing partner, Burr & Forman, LLP.

            Sponsors of the 2008 Georgia Business Launch competition included: Advanced Technology Development Center, Angus McCrae Insurance Brokers, Arketi Group, IBM, SunMicrosystems, and What's Up Interactive.

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About TAG

The Technology Association of Georgia (TAG) was formed in 1998 with the mission to build, connect, and enable; people, companies, and communities. Its 20 Societies act as a distribution channel for TAG programs, offering over 100 meetings and events per year. TAG coordinates a series of meetings and events including the Featured Speaker Series, Excalibur Awards, and the Georgia Technology Summit. TAG expands its reach by fostering public and private partnerships with organizations such as the Atlanta Telecom Professionals, the MIT Enterprise Forum, Georgia Chamber of Commerce, and Georgia Department of Economic Development. In addition to adding value for its members, TAG's Board of Directors, Leadership Council, and staff act as a primary catalyst for fostering a rich environment for technology growth in the State of Georgia.

 

About GRA

The vision of Georgia's business leaders, the Georgia Research Alliance is a private, nonprofit corporation. Its Board of Trustees is drawn from the top levels of some of the state's largest corporations and its university partners. With a rich background and history, the Alliance manages its programs with a small staff committed to capitalize on innovative university research to build a vibrant, technology-rich economy.

 

For More Information:
William Marks
W. B. Marks Partners LLC
(404) 870-3826

Tino Mantella
Technology Association of Georgia
(404) 817-3333

Sid Elliott
Georgia Research Alliance
(404) 332-9770

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