MXCP.L Regulatory News (MXCP)

14 Mar 2005 09:15

2 ergo Group plc14 March 2005 Immediate release 14 March 2005 2ergo Group plc ("2ergo" or the "Group") m-commerce initiative 2ergo, the AIM listed facilitator of mobile communications, announces that newinterpretation by the Financial Services Authority (FSA) of EU regulatorydirectives regarding e-money could add exciting new revenue potential goingforward. The Group was a pioneer of m-commerce at the start of the decade, but previouslyrestrictive e-money regulations fell foul of the FSA's interpretation andsubsequently limited the use of mobile phones to only pay for services that wereactually delivered to mobile phones, such as ring tones, logos and games. Thelatest industry expectation is that this is about to change, leading to mobilephones being able to be used to purchase a wider variety of other goods andservices. 2ergo's strategy is to take full advantage of convergence and themulti-functionality of the mobile phone and this latest relaxing of m-walletregulations allows it to once more readdress this aspect of the market. TheGroup has significant advantages over some of its competitors as it already hasan infrastructure in place to process m-commerce transactions, plus a number ofexisting clients who it believes will embrace this new technology immediately. In the UK, m-commerce will take the mobile phone into new territory, with theGroup targeting, amongst others, these areas: • Ticketing - purchase of concert tickets, parking meters • Vending machines - drinks, confectionary • Gambling • Road toll charges • PIN code access - for accessing data rich websites, such as investor research, online games • Pay Per View TV Barry Sharples, joint Managing Director commented, ''2ergo is one step closer tofulfilling its vision of full convergence of the mobile phone, whereby voice,data and m-commerce can be performed by the same device. "One of the most important factors relating to this change is the convenience ofusers not needing to carry change or use credit cards for making relativelysmall ticket transactions. "Once the new ruling comes into play it will significantly broaden the targetmarket of our mobile phone billing products as businesses and individuals adoptthe mobile phone as the most convenient method of purchasing products. This willinevitably lead to an increase in transactions across our Multiserve Platform.'' -ends- For further information, please contact: 2ergo group 01706 221 777Neale Graham, Joint MDBarry Sharples, Joint MD Tavistock Communications 020 7920 3150Christian Taylor-WilkinsonPaul Dulieu Notes to editors: About 2ergo Group plc 2ergo Group plc facilitates communication and interaction between companies andtheir customers or staff using Mobile Internet, SMS, MMS, Web and VoiceApplications. Headquartered in Lancashire, the Company listed on AIM on 11 March2004. This information is provided by RNS The company news service from the London Stock Exchange