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ESMT - e-Smart Technologies Receives $50 Million Commitment for Funding S. Korea and Worldwide Projects
May 18, 2007 11:03:00 AM
WASHINGTON, May 18 /PRNewswire-FirstCall/ -- e-Smart Technologies, Inc., (Pink Sheets: ESMT); ("e-Smart" or the "Company") is pleased to announce that further to the Agreement between e-Smart's parent company, IVI Smart Technologies, Inc. ("IVI") and World Developments Corporation ("WDC"), a guaranty has been obtained by WDC from Enterprise Growth Corporation SA ("GEF") for up to $50 million to WDC and IVI for the implementation of e-Smart's contractual obligations in South Korea and for projects undertaken and to be undertaken in other countries. The funding will be subject to certain terms and conditions, which will be detailed in agreements that will be filed with the Company's next report on Form 10Q.

World Developments Corporation, WDC, is a privately-held U.S. group based in Washington, D.C. providing services that span various sectors, including development of fully-integrated construction and civil engineering projects worldwide; installation and implementation of large-scale corporate IT networks; internet technology and corporate communications solutions, and the creation and maintenance of healthcare informatics solutions for both public health systems and the private healthcare sector.

e-Smart Technologies, Inc., is the exclusive supplier for Asia and the US of the Biometric Verification Security System(TM) (BVS2)(TM), and the Super Smart Card(TM) and related technologies, which e-Smart believes to be the world's first smartcard of its kind with a sensor and full on-card system for biometric ID verification together with other unique technologies. These new generation technologies permit governments, public and private institutions, healthcare providers and insurers, companies large and small, their citizens and customers, respectively, to stop ID and payment fraud, including identity theft, in connection with both physical and logical access and with financial and other data related transactions all without compromising a person's right to privacy.

SAFE HARBOR STATEMENT

Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. While these statements are made to convey to the public the Company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent the management's opinion. While management believes such representations to be true and accurate based on information available to the Company at this time, actual results may differ materially from those described.

For more information about e-Smart Technologies, please visit http://www.e-smart.com or contact Media Relations at 703-768-7477 or [e-mail]

SOURCE e-Smart Technologies, Inc.



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