PDA SMART CARDS

Gemplus announced it is showcasing a special smart card interface
accessory, based on GemCore technology, for Palm handheld computers, at
Cartes this week.

The Palm OS platform leads the worldwide handheld OS market with more than
17.5 million Palm OS based devices sold, including more than 14 million Palm
branded handhelds shipped since the introduction of the company’s first
handheld computer in 1996. GemCore based smart card interface has been
designed
to effectively address one of the handheld market’s key concerns: data
security. It brings an additional level of security through enhanced data
encryption and Gemplus have further developed its data beaming security within
the smart card infrastructure. Gemplus estimates that at least 10% of handheld
users are concerned about protecting their data.

In addition to the enhanced security features, smart card also opens up new
applications for Palm handheld users. These include logical and physical
access
control, ticketing functions and SIM card management. EMV-certified accessory
also enables e-wallet applications for mobile commerce.
In order for smart cards to live up to their promising potential, smart card
readers must be easy for consumers to access and use. In a momentous step for
the smart card industry, the challenge of building the infrastructure
necessary
for global smart card adoption is being addressed through collaboration
between
Gemplus and Palm, Inc.

“We have already made significant in roads into the PC and set-top box market.
Working with the leader in the handheld industry illustrates our strategic
move
to start targeting mobile devices, as we now have a smart card infrastructure
that is immediately deployable for the mobile device and handheld market.
There
are a number of opportunities for us to build our brand on new devices and
continue our growth into new markets,” commented Alexandre Lorenzi General
Manager Smart Card Interface Business Division, Gemplus.
“Palm believes Gemplus has a proven track record to address the growing need
for smart card security,” said Jean Marc Sarat, Senior Director of Corporate
Development at Palm, Inc. “Combining Palm handheld ease of use with smart card
security features is an exciting opportunity we will seize to open up new
areas
of applications for our customers.”

About Gemplus

GEMPLUS: the world’s number one provider of solutions empowered by Smart Cards
(Gartner Dataquest 2001, Frost & Sullivan 2001).
Gemplus helps its clients offer an exceptional range of portable, personalized
solutions that bring security and convenience to people’s lives. These include
mobile internet access, inter-operable banking facilities, e-commerce and a
wealth of other applications.
Gemplus is the only completely dedicated, truly global player in the Smart
Card
industry, with the largest R&D team, unrivalled experience, and an outstanding
track record of technological innovation.
Gemplus trades its shares on Euronext Paris S.A. First Market and on the
Nasdaq
Stock Market(TM) as GEMP in the form of ADSs. Its revenue in 2000 was 1.205
Billion Euros. It employs 7200 people in 37 countries throughout the world.
Gemplus: Your Passport to the Digital Age
http://www.gemplus.com.

About GemCore

The GemCore solution enables companies to develop in a flash best-of-breed and
low-cost universal smart card interfaces for high-volume use in a wide
range of
electronic devices that include keyboards, computers, set-top-boxes, personal
digital assistants, internet appliances, point-of-sales terminals and vending
machines.
GemCore customers benefit from Gemplus’ world-renowned technical
proficiency in
smart card integration as well as in computing and banking certification
processes. Main certifications already obtained by GemCore based devices
include EMV (Europay, MasterCard, Visa), Smart Visa Ready and Microsoft’WHQL
(Windows Hardware Quality Labs).

BEST NEW SOFTWARE

The 2001 Sesame Award for the Best New Software was awarded to Proton World
this week by an independent jury of experts for Proton Prisma CALC (Card
Application & Life-Cycle manager). This, the third Sesame Award for a product
based on the Proton technology, was accepted by Dr Armand Linkens, CEO of
Proton World.

The Proton Prisma Card and Application Life Cycle manager (CALC) is a
spearhead
implementation of the Global Platform 2.1 specifications for card application
management, and is used to create software that manages the life-cycle of
multi-application smart cards, including the personalisation of the cards and
the dynamic downloading of applications onto the cards. CALC is present in
every Proton Prisma product, such as those recently chosen by American
Express,
the Swedish CASH consortium and Banksys in Belgium.

CALC offers card issuers the following business advantages: card manufacturer
independence (a multi-vendor environment allows the issuer to operate in an
open competitive market); a very light infrastructure at the mass
personalisation bureau (especially important for larger issuers as it reduces
the burden of managing different mass-personalisation bureaux, in a
multi-application, multi-card environment); verification of successful or
non-successful personalisation reported by the card back to the issuer (giving
the issuer a management and follow-up mechanism for the overall
personalisation
chain); improved security (CALC-based personalisation uses derived keys rather
than master keys, giving less exposure to risk if a personalisation master key
is compromised); the ability to use insecure channels (e.g. the Internet) for
the dynamic downloading of applications, and common PIN management.

Armand Linkens, CEO of Proton World, said: “I am delighted to accept this
award
on behalf of the Proton World team who created it, the project teams who are
now implementing it, and our customers who have chosen it for their systems. I
thank our customers for their confidence in choosing Proton Prisma and am sure
that this award will inspire others to follow them.”

Tsuei Advises Orbiscom

On the heels of launching it’s partnership with First Data as the preferred provider of controlled payment number technology to First Data Resources, its card issuing subsidiary, Orbiscom Inc. today announced that Henry Tsuei, Senior Vice President, Ventures and Emerging Technologies for FDR has joined the Orbiscom Advisory Board. With more than 300 million accounts on file, First Data is the leading card payment processor in the world.

“I’m pleased to join the Orbiscom Advisory board and to contribute to their already successful efforts,” said Tsuei. “As the only provider of Controlled Payment Number technology with live issuers in the United States and Europe, Orbiscom’s industry leadership and experience far exceeds its competition. I look forward to bringing the enormous advantage of Orbiscom’s technology to FDR’s clients and helping Orbiscom make secure payments a global standard.”

Tsuei Joins Orbiscom Following Company’s Year of Growth

Following an aggressive year of growth for the company, Tsuei joins the advisory board at Orbiscom. Through its relationships with First Data, MBNA, Discover, Allied Irish Banks, and other top five US and European issuers that Orbiscom has signed, Orbiscom’s technology is available to more than 500 million cardholders worldwide. Also this year, Orbiscom confirmed its own portfolio of more than 50 worldwide patents and patent applications granted in the area of Controlled Payment technology. Following that, Orbiscom signed a 15-year cross-licensing agreement with Microsoft.

Additionally, Orbiscom, was named by Visa, the world’s largest consumer payments system, as a vendor supporting Visa Payer Authentication, an e-commerce program designed to help ensure secure online payment transactions via 3-D Secure. Orbiscom also worked with MasterCard International to help develop the specifications for it’s Secure Payment Application(TM) (SPA) and will be a leading vendor in the roll-out. Last month Orbiscom secured $17.5 million in funding from Hg Capital.

US and European consumers who have used the Orbiscom solution so far this year spend more online, become repeat purchasers and shop at a wider variety of online merchants than those who shop using their regular credit cards. Through its user friendly Controlled Payment Number Technology, Orbiscom has delivered to card issuers an increase of up to 60 percent in the average online transactions of its consumers with more than 62 percent of consumers who use the technology becoming repeat customers. Despite the downturn in the economic climate this year, users of Orbiscom’s safe payments have shown no decrease in their spending habits.

“Henry joins our advisory board in a time when Orbiscom is experiencing tremendous growth and market momentum,” said Pete Hart, former MasterCard CEO and fellow Orbiscom advisory board member. “His expertise in e-commerce and his years of experience in the payments industry will be a strong asset as Orbiscom’s momentum continues.”

About Orbiscom

Orbiscom is the creator of Controlled Payment Technology for online and real world card payment applications. Orbiscom’s flagship technology O-power(TM) enables card issuers, e-merchants, consumers and businesses to utilize online and wireless devices for controlled and secure debit and credit payments. Founded in early 1998 by professionals from the financial services, software and Internet industries. Orbiscom has operations in New York, Dublin, London, Brussels, Toronto and Sydney. The company has a highly experienced team of experts in software development, Internet banking systems, card processing systems and product marketing. Orbiscom has been granted patents on Controlled Payment Technology in the US, Europe and other countries worldwide. For more information about Orbiscom, go to: [www.orbiscom.com][1].

[1]: http://www.orbiscom.com/

SecureDebit

Cyota this morning is unveiling the latest payment security product to be added to the ‘Cyota SecureSuite’ platform. ‘Cyota SecureDebit’ is based on the Maestro e-Commerce and m-Commerce Standard. ‘SecureDebit’ will enable 380 million Maestro cardholders to make purchases online for the first time. ‘SecureDebit’ also secures those transactions by not revealing their Maestro number. Separately, TSYS announced an agreement with Cyota to offer its clients a full range of Cyota ‘SecureSuite’ technologies. TSYS will provide managed hosting services for this partnership as well as Cyota’s non-TSYS clients.

GO Software VPA

Return On Investment Corporation announced that GO Software, Inc., an ROI subsidiary and the second largest provider of payment processing software in North America, has partnered with Visa U.S.A. to offer the Visa Payer Authentication service, based on the Visa 3-D Secure interoperability standard.

Visa Payer Authentication is the basis for Verified by Visa, an Internet payment authentication process designed to reduce the risk of unauthorized use of cardholder accounts, making Internet shopping safer for both buyers and sellers. GO Software has developed the necessary interface in its RiTA(TM) product to enable Verified by Visa users to request and receive payment authentication at the time of transaction.

“Successful Internet commerce transactions depend largely on increased consumer and merchant confidence at the time of payment,” said Tony Abruzzio, Vice President and General Manager of GO Software. “Our RiTA product includes features that significantly reduce risk from fraudulent orders; such as use of encrypted data files and our proprietary systems for utilizing Visa’s Address Verification Service and CVV2. Interfacing this best-of-breed solution with Verified by Visa creates a win-win situation for our customers and Visa cardholders.”

Designed to enable a variety of hosting and merchant capabilities, RiTA Server is a highly scalable, multi-platform application that supports high-volume, multi-threaded transaction processing. RiTA provides TCP/IP connectivity directly to processing companies.

“Authenticating a Visa card at the point of sale is one of the best ways to stop fraud and potential losses,” said Jim McCarthy, senior vice president at e-Visa, a division of Visa U.S.A. “Visa is working with several technology partners like GO Software to give financial institutions easy and valuable alternatives in their implementation of Verified by Visa and help provide a more secure environment for consumers and merchants conducting commerce online.”

GO Software will use Verified by Visa to enable card Issuers to verify a cardholder’s identity through the use of a password and provide results to the merchant in real-time during the virtual checkout process. Authenticating a Visa cardholder’s identity helps reduce customer disputes and costly fraud losses for merchants and increases consumer confidence for online shopping.

About Return On Investment Corporation

Return On Investment Corporation (“ROI”) ([www.roicorporation.com][1]) and its subsidiaries market merchant and financial software and services for a wide variety of computer systems and provide communications and connectivity software and services for IBM midrange computer systems (IBM iSeries and IBM AS/400). In the United States, in terms of the number of payment processing software licenses, GO Software (an ROI subsidiary) is the number one company in the IBM midrange market and is second behind First Data Corp. in all computing markets with more than 40,000 installations. S.A.F.E. Systems (an ROI subsidiary) provides a host-based, magnetic stripe stored value/gift card system and markets credit card processing and other transaction-based products and services to merchants. Net400 (an ROI subsidiary) provides software for IBM midrange computers that facilitates e-mail and e-commerce communications, system and device connectivity, and business-to-business and business-to-consumer transactions.

[1]: http://www.roicorporation.com/

NetVentures & IntelliPay

NetVentures Corporation announced that it has completed the integration of the IntelliPay payment processing gateway into its state-of-the-art Internet Registration platform.

IntelliPay is a wholly owned subsidiary of Pacific WebWorks. By offering real-time credit card verification and processing, client organizations will be able to continue to increase the efficiency of their Internet enrollment programs.

“This has been our plan all along,” said Kevin Bloomfield, President of NetVentures Corporation. “Our original goal was to successfully develop and deploy the core features of our Internet enrollment platform. As we progressed, we planned on adding additional functionality around our unique program. Our clients quickly identified the value of seamless credit card processing. This was definitely the most requested addition to our platform.” NetVentures develops Internet applications and services targeted at specific needs in highly specific vertical markets. Current products/services in release include;

— NetDisburse, the first and most comprehensive Internet-based payment solution for medical healthcare payers;

— myTripitinerary, a highly intelligent service that is dramatically changing the way the travel industry views this important customer communication;

— and their newest service, the Internet Enrollment Platform, currently being deployed for use by YMCA’s, and other enrollment driven organizations, across the U.S. This platform is the first and only program that seamlessly integrates client-side legacy class data with advanced Internet tools that allows organizations to more efficiently manage their class enrollments and payments.

IntelliPay was chosen as the preferred gateway provider because of their experience, technology and customer support. “We interviewed and researched numerous processing providers,” continued Mr. Bloomfield. “Our team chose IntelliPay based on their track record, their peripheral features, but most importantly because of our confidence in their customer support. We had to be assured that our clients would be superiorly supported before we made our decision. I am confident that IntelliPay will be an excellent partner.”

“NetVentures is a dynamic, focused company working on exciting projects in tightly targeted markets. It’s gratifying to be chosen for their platform,” said Tom Hill, CEO of IntelliPay. “IntelliPay’s constant innovation and reliability will be put to good use in their products and services and we’re looking forward not only to the market exposure, but our continued technology collaboration. Relationships with companies like NetVentures have always been important for us, and the technology and marketing synergies are mutually beneficial.”

About NetVentures:

NetVentures is an Internet applications development company, located in Roanoke, Virginia. The company conceives, researches, and develops ideas into being marketable Internet applications. Founded in June 1999, by entrepreneur Kevin Bloomfield, NetVentures portfolio of products and services are deployed via an ASP (Application Service Provider) business model.

Their target markets are currently Healthcare, Travel and enrollment driven organizations. The company’s applications provide real solutions to undeniable opportunities within these vertical markets. More information about NetVentures is available at [http://www.netventurescorporation.com][1], or by contacting them at 540/527-9000, or email to: [email protected]

About IntelliPay

IntelliPay, Inc., a Pacific WebWorks, Inc. company (OTC BB:PWEB) (Berlin:PWB), is a leading developer and provider of new credit card and other payment technologies for business-to-business and business-to-consumer uses on the Internet and in physical stores. Using IntelliPay’s various products a business can accept real-time payments from their web site, Internet appliances, kiosks, phone, fax or storefront, process recurring transactions and more. Among IntelliPay’s thousands of customers are Ecast, Inc., OlanMills(R).com, Network ICE, Foundry Networks, several state and local government departments, colleges and universities. For additional information on IntelliPay, please visit [http://www.intellipay.com][2].

[1]: http://www.netventurescorporation.com/
[2]: http://www.intellipay.com/

Diebold 3Q/01

Diebold reported net income of $35.8 million, excluding after-tax charges of $20 million related to the company’s investment in InnoVentry, and $1.6 million for special charges of its MedSelect division. Financial self-service product revenue increased 14.2%.Total worldwide orders for product and service increased in the mid single-digit range. North America orders were up in the low single-digit range compared to the third quarter 2000. For complete details on Diebold’s 3Q/01 results visit CardData ([www.carddata.com][1])

[1]: http://www.carddata.com

FDMS Certifies USWD Solution

U.S. Wireless Data, Inc. announced that First Data Merchant Services has certified U.S. Wireless Data’s Synapse technology, with the Lipman 3010 wireless point of sale terminal, for wireless credit card transaction processing. By certifying the combination of the Lipman 3010 terminal and the Synapse service platform, First Data is offering merchants an end-to-end communications network to process credit card transactions without the need for telephone lines or access to an electrical outlet. Clients of First Data can now offer their merchants a fully supported wireless POS terminal that can be quickly activated on a choice of wireless networks. First Data will also provide merchant support in conjunction with this product, including product deployment and training.

Choice of Wireless Networks

Because Synapse is a neutral service that routes transactions through multiple wireless networks, merchants can select the network that offers optimal coverage for their business. This is an important benefit for national chains and businesses with locations throughout the U.S. For First Data, Synapse provides a single connection point, eliminating the need for separate communication links to each wireless network.

Increased Speed, Mobility, and Efficiency

Synapse provides the full advantages of wireless transaction processing including speed, mobility and cost savings. Unlike traditional dial-up lines, the “always on” wireless data network can process a transaction in a few seconds, essentially as fast as cash. This speed is critical for quick service restaurants, supermarkets, and other multi-lane, high volume retailers that U.S. Wireless Data intends to convert to fixed-location wireless technology. Wireless mobility makes it possible for taxis, limos, delivery services, and other on-the-go businesses to accept credit and debit cards. Synapse also provides online reporting capabilities that show real-time transactions and related statistics that can improve business performance.

“This is an important milestone toward the widespread use of wireless transaction processing,” said Dean M. Leavitt, chairman and CEO of U.S. Wireless Data. “First Data, the world’s largest credit card processor, shares our belief in the enormous potential of wireless technology for our industry. By offering this capability to their extensive client base, they are helping merchants to benefit from the speed, mobility and cost savings that Synapse-based wireless transactions can provide.”

“FDMS is embracing this technology because it gives important new options to our customers and their retail merchants,” said Stephen Van Fleet, senior vice president of FDMS. “U.S. Wireless Data will help us drive our wireless initiative to create a choice for merchants that want fast transaction speed, mobility, and low communications costs.”

Mony Zenou, president and CEO of Lipman USA, which makes the 3010 terminal, stated, “with this certification on Synapse, the Lipman 3010 terminal is available with coverage across the country, allowing merchants to maximize their business opportunities. This greatly enhances the value of an already robust and widely accepted wireless POS terminal in the market.”

ABOUT U.S. WIRELESS DATA

U.S. Wireless Data makes credit card and ATM transactions faster and more cost effective. USWD connects credit card processing companies to their merchant clients. Using wireless and landline technology, USWD provides improved transport, data translation, and value-added processing. In addition, by enabling wireless point of sale terminals, USWD adds speed and mobility that has been unachievable in the past. USWD now handles more than 500 million transactions each year through its centralized computer center and nationwide network. Further information is available at [www.uswirelessdata.com][1].

ABOUT FIRST DATA MERCHANT SERVICES

First Data Merchant Services enables merchants to accept any type of electronic payment – credit, debit, electronic check, EBT, smart card – anytime, anywhere. A subsidiary of First Data Corp., First Data Merchant Services annually processes and settles almost 9 billion transactions for more than $450 billion in sales volume from 2.6 million merchant locations. Through partnerships and various relationships with leading financial institutions and independent sales organizations, First Data Merchant Services delivers industry leading electronic payment and e-commerce services and solutions. First Data Corp., with global headquarters in Denver, powers the world economy, serving over 1,400 card issuers and millions of consumers worldwide. First Data makes it easier, faster and more secure for people and businesses to buy with virtually any form of payment at the point-of-sale, over the Internet or by money transfer. For more information, please visit [http://www.firstdata.com][2].

[1]: http://www.uswirelessdata.com/
[2]: http://www.firstdata.com/

PRISMA SCTN SUPPORT

Proton World International and Smart Chip Technologies, LLC announced they
have
signed an agreement under which Smart Chip Technologies will adapt its loyalty
solutions to be compatible with the Proton Prisma technology. Smart Chip
Technologies’ solutions are marketed under the names “e-llegiance'” and
“Loyalty Central'”.

Smart Chip Technologies’ loyalty solutions will be adapted to Proton Prisma
and
then added to the range of Proton Prisma-compliant solutions. This will enable
Proton Prisma licensees to offer Smart Chip Technologies’ loyalty
programmes to
their customers as part of Proton Prisma multi-application smart card systems.
Smart Chip Technologies’ loyalty solutions have been designed to work in smart
card and wireless multi-platform environments, so that issuers can increase
customer loyalty through incentives and rewards, initiated by purchases using
any portable electronic device, including smart cards, personal digital
assistants, mobile phones and laptop PCs.

The Proton Prisma range of smart card products, which was launched earlier
this
year, retains and reinforces the open architecture and state-of-the-art,
end-to-end security that has contributed to the success of the Proton
technology, and offers compliance with the leading international smart card
standards. This means that issuers retain the widest possible choice of system
components from leading manufacturers, within a security framework defined by
Proton World.

Jim Williams, President and CEO of SCTN said “We are very excited about the
opportunity to collaborate with Proton World in creating solutions for the
banking and merchant community. The adoption of their technology by companies
in 25 countries speaks volumes about the quality of their smart card
solutions.

We believe that their open architecture will facilitate the rapid and
cost-effective addition of our loyalty programs onto a secure platform that
enables the interoperability of multi-application smart card programs. These
secure, interoperable solutions are a major catalyst for accelerating the
adoption of smart cards in the stream of commerce.”

Michael Nash, President, Proton World Americas Inc., said “The move towards
multi-application smart cards in these sectors is underway and will be boosted
by the opportunity to add consumer-oriented loyalty programs such as those
enabled by Smart Chip Technologies to the portfolio of products that Proton
World offers to our clients. As the multi-application side of the Proton
Prisma
range is developed, partnerships such as this one will be crucial in ensuring
that issuers retain as wide a choice of applications as possible.”

SMART CHIP TECHNOLOGIES (OTCBB: SCTN) is a Software Technology Company with a
patent- protected loyalty application for use in the smart card and wireless
environment. Smart Chip Technologies licenses its patented e-llegiance’
multi-platform smart chip loyalty application that is engineered for EMV,
Global Platform, and MULTOS compliance. The software is designed to operate on
smart cards, point-of-sale terminals, and smart devices, such as personal
digital assistants.
Smart Chip Technologies also provides complete loyalty program management,
transaction processing, and accounting services through its LoyaltyCentral’
software and back office operation.
The e-llegiance’ and LoyaltyCentral’ solutions provide maximum flexibility in
the management of incentive programs, establishing business continuity across
the physical, mobile, and virtual worlds.

CARD READER DEAL

Freestar Technologies, Inc. and Asia Pacific Micro
Inc., based in Oakland, California, announced the transfer to Freestar
of a cash deposit of US$900,000. The funds will be used to pay part of the
costs to produce 66,000 card readers, a key step in the implementation of the
Company’s PaySafeNow System. The card reader hardware units will be
distributed and resold to Freestar’s clients pursuant to existing contracts in
place.

The $900,000 sum was received in lieu of a larger debt owed to Freestar
Technologies’ CEO Paul Egan, who commented, “The magnitude and timing of this
payment will allow Freestar to substantially reduce our cash outlay in
purchasing the card readers.”

Using the Company’s proprietary PaySafeNow technology bundle, consumers
will have the ability to use debit and ATM cards with PIN codes to execute
cash transactions for online shopping in the same way as traditional credit
cards.

The solution bundles Freestar’s ETSS software with a secure card reader
that connects the consumer’s PC to the financial institution holding the
consumer’s banked funds. The reader is compatible with both magnetic-stripe
and smart-card technologies, and utilizes a secure numeric keypad to enter
PINs and passwords. This system creates two-factor authentication, which is
required for ATM/debit transactions.

The payment will enable Freestar Technologies to expedite the first phase
of its contract with Banco Nacional de Credito to distribute 30,000 PaySafeNow
units into the marketplace. The Pay Safe Now System with ETSS is endorsed and
certified by Banco Nacional de Credito, a division of the National Financial
Group (GFN), a principal financial institution in the Caribbean and Latin
American region.

About Freestar Technologies, Inc.

Freestar Technologies, Inc.’s Enhanced Transactional Secure Software
(“ETSS”), a proprietary software package that enables consumers to consummate
secure e-commerce transactions over the Internet using credit, debit, ATM
(with PIN) or smart cards. The ETSS system integrates a consumer-side
card-swipe terminal with a back-end host-processing center. It encrypts
sensitive financial data at the consumer’s personal computer, using powerful
DES encryption and algorithms. It sends an authorization number to the
e-commerce merchant, rather than the consumer’s credit card information, to
provide a maximum level of security. The Company plans to link several large,
established smart card systems together on an ETSS-based standard to achieve
economies of scale and further market penetration for this secure e-commerce
payment system. For more information visit the Web site of the Company’s
ePayLatina Division at
http://www.epaylatina.com.

New Senior Consultant

Omid Tofigh has joined First Annapolis as a Senior Consultant. He will focus on clients in the firm’s management consulting and financial advisory businesses.

Previously, Mr. Tofigh was a vice president with the Corporate Finance Advisory Group of Stern Stewart & Company in New York. At Stern Stewart & Company, he advised companies on a wide range of financial management issues including implementing the discipline of Economic Value Added (EVA)®. He also advised clients with mergers and acquisitions, divestitures, litigation matters, financial strategy, valuations, and fairness opinions.

First Annapolis President and CEO William J. Westervelt, Jr., states “The addition of Omid reinforces our commitment to continually provide high caliber advice to our client base. Omid’s experience in advising clients on complex financial management matters will be an asset to First Annapolis and our clients.”

Mr. Tofigh earned a Bachelor of Arts degree from Brown University and a Masters Degree in Business Administration from the Colgate Darden Graduate School of Business at the University of Virginia. Mr. Tofigh resides in Columbia.

First Annapolis is a management consulting and investment banking firm with a primary focus on the financial services industry. The firm’s principal specialties lie in advising clients in payment-related industries – credit/debit/stored value issuers, transaction processing, electronic banking, and emerging payment mediums such as the Internet. The firm’s clients include leading domestic and international companies in the financial services, retail, technology, and consumer goods industries. First Annapolis also advises the largest trade associations and affinity groups.