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Oh, so that's not ALL you know. LOL!
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Document Capture Announces Milestone Pan-Asia Licensing Agreement - Business Wire [3 hours ago]
OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Thursday, February 5th DCMT, ACTC, QMCI, SIRI, ARTD, OCFN - TMC Net [02/05/2009]
AheadoftheBulls.com: Future Bulls: DCMT, TRDY, AGXM - Individual.com [02/04/2009]
StockProfiler.US: PAYD; AEGG; PHUN; DCMT; CZICF - TMC Net [02/03/2009]
Document Capture Expands In-Depth Management Team - Yahoo! Canada [02/03/2009]
OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Monday, February 2nd NTRO, DCMT, AMOR, XDSL, QTM - TMC Net [02/02/2009]
AheadoftheBulls.com: Future Bulls: DCMT, CHVC, CBAI - TMC Net [02/02/2009]
AheadoftheBulls.com: Future Bulls: DCMT, CHVC, CBAI - TMC Net [02/02/2009]
QualityStocks "Top Movers and Shakers" for 1/29/2009 - TransWorldNews [01/30/2009]
Document Capture Announces Availability of SmallcapInsights.com Article - Business Wire [01/27/2009]
Murphy Analytics Offers Insight for Investors of IT and Imaging - PR Newswire via MSN Money [01/27/2009]
Murphy Analytics Offers Insight for Investors of IT and Imaging Equities DCMT, ORCL, EMC, HPQ, and EK - Yahoo! Canada [01/27/2009]
Document Capture Technologies Announces Initiation of Research - Business Wire via MSN Money [01/26/2009]
Document Capture Technologies Announces Initiation of Research Coverage by Murphy Analytics - Business Wire [01/26/2009]
Document Capture Engages New Accounting Firm - TradingMarkets [01/16/2009]
Are you sure that's ALL you know? lol
AOTB did nothing and are no longer under contract. Strictly MEC now and since last Thursday.
All I know is the news is awesome
Looks like a "you pump mine, I'll pump yours" deal to me.
...This profile is not without bias, and is a paid release. AOTB has been compensated for dissemination of company information on behalf of one or more of the companies mentioned in this release. (AOTB has been compensated; $10,000 for Document Capture Technologies, (DCMT); for services provided including dissemination of company information in this release. AOTB may have received shares of a company profiled in this release prior to the dissemination of the information in this release...
Some volume and a break of .60 will be very bullish imho :)
Looking much better on L2 .51 x .54 :)
From pinksheets.com(fully updated)
Estimated Market Cap
$9,775,198 as of Feb 5, 2009
Outstanding Shares
18,443,770 as of Nov 7, 2008
Number of Share Holders of Record
370 as of Mar 5, 2008
There is no new filings stating this huge share distribution
IMHO this is imposable!!!!
Here is their disclaimer there DMCT is not on it anywhere.
http://otcreporter.com/disclaimer.asp
You can watch it go up or ride it up but either way, you can rest assured, its going up.
Yes, but they didn't get free shares - just $10,000 to promote it.
yes it is a MEC promotion until today
Don't know for sure - looks like they will be promoting it.
we should go down or up ???
Compensation: OTC Reporter - OTCReporter.com, LLC and/or its affiliates have received twenty thousand dollars and forty eight million free trading shares from a third party.
79.863
Company: Document Capture Technologies Inc. (DCMT)
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=35245949&txt2find=dcmt
Up 17% today on low volume, will be nice to see 100k+ vol and a pps north of $.60 imho :)
Document Capture Expands In-Depth Management Team
New VP, Sales & Marketing Brings Extensive Experience with Fortune 500, Start-up Companies
Last update: 4:05 p.m. EST Feb. 3, 2009
SAN JOSE, Calif., Feb 03, 2009 (BUSINESS WIRE) -- Document Capture Technologies, Inc. (DCMT:
document capture technologie ) , an IP-driven worldwide leader in the design, development and sale of next-generation portable scanning technologies, today announced that Ms. Excelle Liu has joined the Company as Vice President Sales and Marketing.
Ms. Liu brings more than 15 years' experience as a marketing strategist and Silicon Valley technology entrepreneur. She holds an MBA in International Business from Thunderbird School of Global Management
"With DCT positioned for outstanding growth in 2009, Excelle brings exceptional skills to significantly accelerate those plans," said Bill Hawkins, President and Chief Operating Officer. "Her background includes the successful deployment of a myriad of innovative global marketing and sales strategies for international public companies as well as leading edge technology startups."
Prior to joining DCT, Ms. Liu held multiple senior management roles focused on driving global sales and marketing. Most recently, she was Director of Marketing and Communications, Strategic Markets Division, for a major international financial services company. Previous to this role, she was a Managing Partner at Paradigms Consulting Group, a management consultancy that enables high-growth technology companies to successfully enter new markets. As a Silicon Valley entrepreneur, Ms. Liu was co-founder and VP Marketing at an award winning enterprise software company that was acquired in 2005.
Ms. Liu's role at DCT will include identifying new business opportunities, developing customer-focused sales and marketing plans and launching innovative, new products.
DCT's commitment to product innovation has resulted in demand-driven products at the forefront of the paper-to-digital revolution. The proliferation of paper-to-digital green initiatives, high security demands and accelerated financial transactions require innovative ways to digitally capture, authenticate, store, share, and manage information.
About Document Capture Technologies
Document Capture Technologies (DCT) is a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers.
DCT has more than 45 key accounts, predominantly in North America and a growing intellectual property (IP) portfolio that currently numbers more than 25 granted domestic and international patents as well as 3 pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position.
DCT provides more than 30 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VARs and other system integrators, including Qualcomm and Brother.
DCT has steadily grown its business (37% three-year organic CAGR through 2007) in the health care, security, financial and compliance vertical markets. The company estimates that it and its licensees currently enjoy a majority share of the rapidly expanding USB-powered mobile scanner market.
Forward-Looking Statements
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond the Company's control that could cause actual events and results to differ materially from these statements. These risks include, without limitation, that there can be no assurance that any strategic opportunities will be available to the Company and that any strategic opportunities may only be available on terms not acceptable to the Company. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Document Capture undertakes no obligation to update publicly any forward-looking statements.
SOURCE: Document Capture Technologies, Inc.
Company Contact
Document Capture Technologies, Inc.
David P. Clark, CEO, 408-213-3701
clarkdavid@docucap.com
or
Financial Communications Contact
Trilogy Capital Partners
Bob Beaty, Executive Vice President
Toll-free: 800-592-6067
info@trilogy-capital.com
Copyright Business Wire 2009 End of Story
Well yea, .75 seems to be the next level this one will go to naturally
Some strong volume here and the pps will move easily imho :)
Started off good today was .51 x .53
A couple days of 50k-100k volume and we should close in on .75-1.00 range imho :)
Chart looking set for a big day today
Good story here, cash in the bank, otcbb .... Stock will eventually get noticed.
Quiet day today.
Solid company with cash on hand, just need to get more investors eyes on this company imho :)
Watching for break of .60 :)
Its good they have cash on hand and a product in demand; I'm pretty optimistic about this company
We have a reporting BB here with cash, and with $1.50 target price we have quite a ways to go up yet imho :)
We should get a lot of new eyes on us this morning with the afterhours pr last night :)
Key points from the PR after the bell tonight:
Salient Points for Investors: (figures as at September 30, 2008)
* Recent milestone contract with Qualcomm
* Ongoing discussions/negotiations with several global OEM’s
* Company and licensees hold more than 70 percent market share
* Positive EBITDA for the third consecutive quarter in 2008
* Rising cash flow – $2.3 million year to date
* Cash on hand $800,000. Working Capital $1.5 million
* Debt-free balance sheet
* Stringent cost controls, inventory management and strict focus on core businesses
* Initiated expanded customer service and support group
This company has transparency and is OTCBB I like our chances here :)
Document Capture Technologies Announces Initiation of Research Coverage by Murphy Analytics
Detailed Report Projects 12-Month Price of $1.50
* Monday January 26, 2009, 4:55 pm EST
Related:
* Document Capture Technologies, Inc.
SAN JOSE, Calif.--(BUSINESS WIRE)--Document Capture Technologies, Inc. (OTCBB: DCMT - News), an IP driven worldwide leader in the design, development, manufacture and sale of USB-powered mobile page-fed document scanners for OEM’s, VAR’s and system integrators, today announced the release of an in-depth initiation report by Patrick Murphy CFA, principal of fee-based independent research firm Murphy Analytics.
Related Quotes
Symbol Price Change
DCMT.OB 0.55 +0.10
Mr. Murphy expects DCMT will deliver net income of $0.10 per share for 2009, and initiates coverage with a 12-month price target of $1.50 per share.
“The corporate and business initiatives completed in 2008 have laid a solid groundwork for accelerated growth,” said David Clark, Chief Executive Officer. “This comprehensive report quantifies DCT’s progress to date, the outstanding potential for our industry-leading products and the robustness of the many large vertical markets on which our revenue growth is focused.”
From the Report, Mr. Murphy states:
DCMT, which combined with its licensees, has shipped over 3 million scanners since inception, estimates that its market share, including the partners that license DCMT solutions, likely is greater than 70% for USB-powered lightweight mobile scanners. Driven especially by growing need and applications for the financial and healthcare markets, DCMT estimates a projected 2009 annual growth rate of approximately 25% for the portable page fed scanner market. Harvey Spencer Associates estimates the global market for document capture software alone is $1.7 billion.
The report details the significant growth projected in the mobile scanner market and the integral part that DCT’s extensive proprietary Intellectual Property (IP) portfolio plays as a competitive advantage. The Company competes against several other companies, but appears, along with the IP advantage, to have a significantly more attractive cost structure. Mr. Murphy notes:
IT and imaging incumbents such as Oracle, EMC, HP, Epson, Kodak, and Fujitsu offer document capture solutions, but in terms of mobile document capture, the offerings from Digital Check and Panini are most comparable to DCMT solutions. As noted previously, these competing solutions can be several times more expensive.
Salient Points for Investors: (figures as at September 30, 2008)
* Recent milestone contract with Qualcomm
* Ongoing discussions/negotiations with several global OEM’s
* Company and licensees hold more than 70 percent market share
* Positive EBITDA for the third consecutive quarter in 2008
* Rising cash flow – $2.3 million year to date
* Cash on hand $800,000. Working Capital $1.5 million
* Debt-free balance sheet
* Stringent cost controls, inventory management and strict focus on core businesses
* Initiated expanded customer service and support group
DCT’s commitment to product innovation has resulted in demand-driven products at the forefront of the paper-to-digital revolution. The proliferation of paper-to-digital green initiatives, high security demands and accelerated financial transactions require innovative ways to digitally capture, authenticate, store, share, and manage information.
The complete report is available in Acrobat format, free of charge:
http://www.murphyanalytics.com/uploads/DCMT_Initiation
About Document Capture Technologies
Document Capture Technologies (DCT) is a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers.
DCT has more than 45 key accounts, predominantly in North America and a growing intellectual property (IP) portfolio that currently numbers more than 25 granted domestic and international patents as well as 3 pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position.
DCT provides more than 30 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VAR’s and other system integrators, including Qualcomm and Brother.
DCT has steadily grown its business (37% three-year organic CAGR) in the health care, security, financial and compliance vertical markets. The company and its licensees currently enjoy greater than a 70% share of the USB-powered mobile scanner market.
Forward-Looking Statements
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond the Company’s control that could cause actual events and results to differ materially from these statements. These risks include, without limitation, that there can be no assurance that any strategic opportunities will be available to the Company and that any strategic opportunities may only be available on terms not acceptable to the Company. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Document Capture undertakes no obligation to update publicly any forward-looking statements.
Contact:
Company Contact
Document Capture Technologies, Inc.
David P. Clark, CEO
408-213-3701
clarkdavid@docucap.com
or
Financial Communications Contact
Trilogy Capital Partners
Bob Beaty, Executive Vice President
Toll-free: 800-592-6067
info@trilogy-capital.com
looks nice today, maybe part of this small cap rally I keep hearing about?
Management Info:
Edward M. Straw- Chairman:
Edward M. Straw is the Executive Vice President of PRTM Management Consultants – a global Operations Strategy Consulting Firm. He is the former President, Global Operations of The Estée Lauder Companies Inc. He was with Estee Lauder from March 2000 through February 2005. He currently sits on the boards of the following companies: Eddie Bauer Holdings, MeadWestvaco, Ply Gem Industries, Panther Expedited Services and is the Chairman of Odyssey Logistics and Technology and Document Capture Technologies, Inc.
As President, Global Operations for Estee Lauder, Mr. Straw led the manufacturing, research and development, information systems, package engineering, quality assurance and global supply chain (procurement, inventory management and distribution) areas, which support all 20 brands of the Estée Lauder Companies around the world. Mr. Straw also had P&L responsibility for the Fashion Group, which consists of 250 stand alone retail outlet stores and military exchanges. In his five years at Estee Lauder, he is credited with directing major improvements in the global supply chain, implementing new business applications, reducing inventory to the lowest levels in company history, reducing product development time by 40 percent, and driving major stock price impacting savings to the bottom line.
Mr. Straw has had many years experience developing and managing operational systems in both major corporations and the U.S. military. Prior to joining the Estée Lauder Companies, he was Senior Vice President, Global Manufacturing and Supply Chain Management at Houston-based Compaq Computer Corporation, then, the world’s largest computer company.
At Compaq, Mr. Straw was responsible for integrating and managing its global supply chain across the entire organization and among suppliers, partners and customers. He supervised factories and distribution centers in the U.S., Europe and Asia, and was responsible for a $30 billion annual raw material procurement budget. At Compaq, he also made dramatic improvements to the bottom line by reducing cost of goods and inventory.
Before joining Compaq in late 1998, Mr. Straw was President of Miami-based Ryder Integrated Logistics, Inc., the leading provider of supply chain services in North America.
Prior to joining the private sector, Mr. Straw had a distinguished 30-year career in the U.S. Navy, retiring as a three-star admiral in 1996. During his military service, Vice Admiral Straw was Chief Executive Officer of the Defense Logistics Agency, the largest military logistics command supporting the American armed forces. In this position, he reported directly to General Colin Powell, Chairman, Joint Chiefs of Staff. During his military career, Vice Admiral Straw received Defense, Navy and Air Force Distinguished Service Medals, the Ford Foundation’s Innovations in American Government Award and the Society of Logistics Engineers’ Founders Medal.
During his military career, he also held numerous operational and policy leadership positions at the Navy’s principal logistics commands--including full supply chain planning and coordination responsibility for material support to Navy and Marine Corps forces during Operations Desert Shield and Desert Storm in 1990-91.
Admiral Straw holds a Master of Business Administration degree from The George Washington University and a Bachelor of Science degree from the U.S. Naval Academy. He is also a graduate of the National War College.
In addition to the boards mentioned in the first paragraph above, he is a Trustee for the U.S. Naval Academy Foundation, and has served on the Board of Directors of the Navy Federal Credit Union, the U.S. Chamber of Commerce, and the Boy Scouts of America, National Capital Region.
Mr. Straw resides in New York City with his wife and two teenage daughters.
line
David P. Clark
David P. Clark- Chief Executive Officer:
Prior to joining the company, Mr. Clark was President of Nautical Vision, Inc. a consumer electronics specialty marketing company. Before that he served as President/CEO and co-founder of Homebytes.com, Inc. There he attracted investors such as America Online, FBR Technology Venture Partners, and Bank of America, raising in excess of thirty million dollars and growing the company both organically and through acquisitions from two employees to over two hundred. Prior to Homebytes Mr. Clark was division President and Director for Take 2 Interactive (NASDAQ: TTWO). This was the result of Take 2 Interactive acquiring both Inventory Management Systems, Inc. (I.M.S.I.), of which Mr. Clark was President/CEO and co-founder, and Creative Alliance Group, where he was also co-founder. Before I.M.S.I., Mr. Clark held various Sales and Management positions with Sony (NYSE: SNE), Acclaim Entertainment (NASDAQ: AKLM), and Phillips Sales, Inc., all in the video gaming and computer software industry. He received his B.S. in Business with Honors from the State University of New York, Binghamton in 1990.
line
William Hawkins
William Hawkins- President and Chief Operating Officer:
Appointed as the Chief Operating Officer and Secretary of the Company on April 2, 2004 in connection with the Company's acquisition of Syscan, Inc. Mr. Hawkins has held various management positions at Syscan, Inc., the Company's wholly-owned subsidiary, since 1999. Prior thereto, Mr. Hawkins' product focus has been primarily in the imaging systems and computer peripheral markets, including senior positions with General Electric (UK), Kaman Aerospace, British Aerospace Engineering, Gaertner Research and Per Scholas. Mr. Hawkins received a bachelor's degree in physics from the University of Maryland in 1978 and a MOT from Johns Hopkins University.
line
Ms. Carolyn Ellis
Ms. Carolyn Ellis- Accountant:
Ms. Ellis was appointed our Chief Financial Officer on November 1, 2007. Ms. Ellis has been an independent contractor to the Company since April 2006 in charge of and supervising our financial reporting obligations. Prior to her work with the Company, Ms. Ellis served as a director, secretary and treasurer of Knovative, Inc., a telecommunications research and development company that she co-founded in 2003 and where she remains a member of the board of directors today. From April 2000 until July 2003, Ms. Ellis served as the Vice President of Finance for Correlant Communications, a company in the telecommunications industry. Ms. Ellis has been a certified public accountant since 1989. She earned a bachelor's degree in economics and accounting from Hendrix College in 1986 and a master's degree in business administration from the University of New Mexico in 1994.
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DCMT.OB Document Capture Technologies, Inc.
Authorized Shares: 50,000,000
Outstanding Shares: 18,444,000
Tradeable Float: unknown
Website: http://www.docucap.com/
Contact info:
[img]stockcharts.com/c-sc/sc?s=dcmt&p=d&b=5&g=0&id=p60038826262[/img]
Company Overview
Document Capture Technologies, Inc. (DCMT) is a world-wide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. DCT provides more than 20 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VAR's and other system integrators, such as CardScan, Visioneer, and Pentax. DCT has approximately 45 key accounts, predominantly in North America and an intellectual property (IP) portfolio that includes four key underlying patents with an additional patent pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position.
DCT, formerly Sysview Technology (SYVT), has been involved in the secure imaging market for over seven years. Since that time DCT has steadily grown its business (37% three-year organic CAGR) based on document capture-verification in the health care, law enforcement, insurance, financial, banking and compliance vertical markets. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers.
DCT's commitment to R&D and product innovation has resulted in the ability to continue to provide demand-driven products on the forefront of the paper-to-digital revolution. With the proliferation of paper-to-digital green initiatives, high security demands, and accelerated financial transactions (a la Check 21) legislation), the demand for innovative ways to digitally capture, authenticate, store, share, and manage information is clear and DCT is well-positioned for continued future growth. DCT enjoys extensive product life cycles of 18-36 months, which management believes is a competitive advantage.
Product Profile
Sysview Technology, Inc. was founded in Silicon Valley in 1995 and has evolved from its core mobile image scanning business, which is both profitable on an EBITDA basis and is expected to continue growing in excess of 30 percent annually. This business designs and manufactures portable USB powered scanners for use in the corporate/enterprise and small office/home-office markets. The technology behind these scanning solutions is protected by a growing, patent-protected intellectual property portfolio.
As the market leader in mobile image scanning devices, the company distributes 20-plus products through a global network of OEMs, system integrators, and value-added resellers. Seven new products are expected to be introduced within the next year. For the past two and a half years the Company has leveraged its scanning technology and manufacturing acumen in the development of innovative solutions for the High Definition display market. The transition started with the recognition that the Company's experience in sequentially managing Red Green & Blue LED output to recreate color images could be beneficial to the LCD HDTV market. This led to the development of an LED backlighting solution for LCD panels which it expects to debut in late 2007.
During the pursuit of viable technologies to supply the ever increasing demand for low cost, high performance HDTV solutions, the company recognized the potential of Liquid Crystal On Silicon (LCOS) projection-microdisplays as a superior alternative to the competing technology, DLP. Having been around for several years, LCOS technology showed promise, but high costs reduced its viability as a consumer product. The Company recognized that the market push towards true 1080p resolution, along with the success of Sony's SXRD version of LCOS, could in fact be a new beginning for LCOS. Toward this objective, Sysview acquired Nanodisplay, Inc., a microdisplay imager company founded by Dr. Gehong Kim one of the pioneering engineers of LCOS imager technology. With Nanodisplay's proprietary high yield, low cost chip design and back-end process in hand, the company recognized the importance of a vertical business strategy that depends on the integration of the imager into a high performance, low manufacturing cost Optical Engine (OE) to project the image.
Current OE design is both complicated and costly to manufacture. To be successful, the strategy requires advancing the art in LCOS engines. Enter Next Wave Optics, Inc. founder George Mihalakis, developer of the current standard CQ3 engine design and more recently, a lower cost next generation OE. Sysview Technology Inc. entered into an exclusive licensing agreement with NWO, purchased its assets and hired its key talent, making Mr. Mihalakis Sysview’s CTO of HDTV. With vertical integration of the key proprietary LCOS components combined with the next generation approach, the Company expects to have pre-production unit’s available for late 2006 customer review. After a successful capital raise in June 2005, the company delivered on and greatly exceeded its projections for the core image scanning business over the following 12 months.
The scanning business is operating at full capacity and has met higher than forecast demand and required additional capital to meet a clearly accelerating market growth curve. These products generate in excess of 15% EBITDA, and it is this cash flow and generation that has been funding advancements and growth in the display business. This lead to an additional capital raise in August 2006 which serves two masters: directly benefiting the expanding scanning products which delivers operating profit to fund the HDTV display products. The Company will from time to time asses its capital requirements and may decide to seek additional capital in the future.
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PRESS - Mobile Scanning Technology
Long Island Business Journal (Laura Glasser)
In the race for new money, banks go mobile
Lisa Mirabile was fed up with her Washington Mutual business account.
The Internet banking service was 24 hours behind and checks over $20,000 were put on hold for up to 10 business days. The bank's branches were only open until 6 p.m., so Mirabile had to leave the Plainview office of her marketing firm Vertigo New York during the day to make deposits.
“As a small business it was totally killing us,” she said.
Without hesitation, Mirabile closed out her WaMu account last year and put all her funds into then Commerce Bank.
Now the 37-year-old is considering another move from what is now TD Bank, so her business can take advantage of remote deposit capture, which allows companies to deposit checks from their desks via an in-office scanner.
“It's a pain in the neck to switch, but my accounting department is researching other banks so we can do the wire transfer,” she said.
Mirabile is not alone. Like many in the under-40 crowd, she’s looking for the latest in technology, but won't put up with hassles or headaches from her bank.
And banks are finding it challenging to attract and keep this younger crowd, which will drop them at the first sign of a problem.
“They have no compunction about changing banks if they don't get what they want,” said Carmen Effron, president of bank consulting firm C.F. Effron & Co. in Connecticut. “Baby boomers will give you a few chances.”
Branch-free banking
Banks will find it a challenge to retain those in their 20s and 30s, as this group requires seamless Internet banking and bill-paying systems, she said.
Since these consumers rarely enters a branch, even when making deposits – which they most often do through an ATM – a bank’s Web site is their main point of contact with the bank, so it has to be top notch. That means no delays, glitches or anything that would hinder a quick transaction, Effron said.
Most banks have offered Internet banking for years, but given the younger set’s widespread use of personal digital assistants – iPhones, Blackberrys and other Internet-capable cell phones – banks are now switching online applications to phone-accessible sites.
While banking over a cell phone entices the technology generation, mobile banking is also beneficial for institutions, according to Kirk Kordeleski, chief executive of Bethpage Federal Credit Union.
The credit union has seen a 30 percent jump in the use of mobile banking services, and along with it, a dramatic drop in bounced checks, Kordeleski said.
“These people are accessing their accounts on a daily basis,” he added.
In addition to mobile banking, JPMorgan Chase has converted its online banking site for use on the iPhone and iPod Touch, in an attempt to draw young customers with the prospect of managing their money while listening to their favorite tunes, said Mike Fusco, a spokesperson for the bank.
Chase also offers account updates through text messages, a particular favorite of the young crowd, he said.
Savvy consumers
Apart from all things tech, young people want to get the most out of their money, and, thanks to the Internet, they know where to go to get the best interest rates on accounts, said Stuart Lubow, chief executive of Great Neck-based Community National Bank.
His bank offers Power Checking, a checking account that pays almost 3 percent interest, according to its Web site, to draw the younger set.
“People in that age group are not looking to buy certificates of deposit as much because they want liquidity and want the ability to tap that money,” Lubow said, adding high-interest checking accounts can get customers the rates of a CD with the liquidity of a checking account.
Rhode Island-based Citizens Bank, located in Stop & Shop supermarkets on Long Island, has a checking program called GreenSense, which pays customers when they pay bills online and use their debit card, two services used primarily by younger generations.
David Ciolfi, the bank’s regional manager for Long Island, said the account is also totally paperless, with e-mail statements and no paper checks, paying customers 10 cents for each debit card use and online bill payment.
Ciolfi added customers can get up to $120 per year in payments through the program.
Business banking behaves differently
But when it comes to business customers, banks don’t necessarily tailor business products to any particular age group.
Although local banks like State Bank of Long Island and Gold Coast Bank said their products and services are geared toward businesses in general, regardless of the owner’s age, one product that has taken hold with younger business owners is remote deposit capture. This technology allows employees to scan checks at their desks as opposed to going to the bank to make a deposit.
“Younger generation business owners just expect you to have these types of services available,” said Michael Carlton, chief technology officer for Herald National Bank, which has branches in Manhattan, Melville and Brooklyn.
Lubow said some baby boomer business owners have been resistant to use in-office check scanners because they’re so used to going to the bank to make deposits.
“It’s not necessarily age related, but there has to be some level of comfort with technology to use that,” he said.
Lubow added that as the new generation takes over the management of companies, remote deposit capture will eventually be universally used.
Effron said banks will have to work harder and more creatively to attract and retain the upcoming generation of customers, which is now below or at the age to begin banking.
Bethpage is trying to grab the next-generation customers before they even turn 18 years old, the normal age consumers can start opening bank accounts.
The credit union allows kids as young as 15 years old to open checking accounts and get debit cards without requiring any kind of parental oversight.
Kordeleski said the risks associated with 15 year olds are the same as 18 year olds, and it’s worth it to capture the younger market.
“Accessing young accounts is challenging, but it’s critical because they’re our potential members going forward,” he said.
The days of a free toaster with your checking account may be gone, but Effron said young people would appreciate cell phone minutes or iTunes gift certificates in exchange for opening an account.
“You could create a savings account that also has a blog associated with it where you go and enter a contest,” she said. “I think that’s something that would get their attention.”
Recent DCMT News:
January 18 - Document Capture Engages New Accounting Firm
Company Cites Anticipated Growth as a Reason for Engagement
Document Capture Technologies, Inc. (OTCBB:DCMT), an IP driven worldwide leader in the design, development, manufacture and sale of USB-powered mobile page-fed document scanners for OEM’s, VAR’s and system integrators, today announced the engagement of Hein & Associates LLP as the Company’s new independent accountants.
The Board of Directors unanimously approved the appointment. Hein & Associates is an accounting and consulting firm that assists clients with SEC regulatory filings, tax compliance, auditing, and accounting.
“With the anticipated growth of DCT, we believe that Hein & Associates is the best firm to assist us as we manage our corporate expansion,” said David Clark, Chief Executive Officer. “As regulatory and accounting requirements become more complex, we believe Hein & Associates exhibits the knowledge and expertise to assist the Company in key areas. We look forward to working with Hein and utilizing their valuable counsel for the benefit of the Company and our shareholders.”
Document Capture made impressive corporate progress in 2008; laying the groundwork for realizing outstanding growth in 2009. The Company expects to add significant OEM contract wins over the next year as well as expanding its product line and industry leading IP portfolio.
About Document Capture Technologies
Document Capture Technologies (DCT) is a worldwide leader in the design, development, manufacturing, and sale of USB powered mobile page-fed document capture solutions. Its vertical integration and innovative proprietary system development kits allow for a broad range of applications, faster time-to-market and ease of integration for its customers.
DCT has more than 45 key accounts, predominantly in North America and a growing intellectual property (IP) portfolio that currently numbers more than 25 granted domestic and international patents as well as 3 pending. DCT maintains an aggressive IP strategy to defend its technology and market leadership position.
DCT provides more than 30 different products across five distinct categories, which are distributed globally through private label solutions to leading Tier 1 OEMs, VAR’s and other system integrators, including Qualcomm and Brother.
DCT has steadily grown its business (37% three-year organic CAGR) in the health care, security, financial and compliance vertical markets. The company and its licensees currently enjoy greater than a 70% share of the USB-powered mobile scanner market.
Document Capture Technologies
1798 Technology Drive Ste.178
SanJose, California 95110, USA
Tel: +1-408-436-9888
Fax: +1-408-436-6151
Tech Support: +1-408-436-6152
support@docucap.com
sales@docucap.com
Website: http://www.docucap.com/
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