FYI
For immediate release
Cash Star ATM selects iCash as vendor in New Zealand
Cash Star Limited (Cash Star) is pleased to announce that it has selected the Neotech ATM from
iCash Payment Systems Limited (iCash), as its exclusive ATM terminal for the deployment of nonbank
ATMs in New Zealand.
Cash Star is an ATM Independent Sales Organisations (ISO) in the emerging New Zealand
convenience ATM market.
Paul Ryan, Director of Cash Star said "We searched for the best ATM for this market and selected the
Neotech ATM based on functionality, performance and fit for purpose. Having met with iCash in June
2007, we have worked with their team to determine the best ATM terminal for our needs".
"New Zealand's non-bank ATM market is soon to open up. While there has been commentary that the
market is open to entrants, two of the major banks have not yet approved the provision of non-bank
ATMs and therefore some 50% of the cards on issue cannot be processed yet. However we are
continuing our discussions with these banks and we are confident of a deployment starting in late
2008."
James Manny of iCash said “we are encouraged by Cash Star's market position in New Zealand.
Having visited New Zealand to ascertain the status of the market, we have determined that while the
market is still in its infancy, we expect it to mature rapidly. Cash Star is well positioned to take
advantage of this expected growth."
“We chose Cash Star because they have years of experience in this field. They have selected and
made arrangements with some of the best channels to market, including select Digital Mobile
franchises who are a Vodafone reseller.”
“This is a statement of confidence in the Neotech terminal' says Mr. Manny. “Cash Star had a choice
as to who would provide the technology to the New Zealand market and having conducted an
exhaustive due diligence on various partners and terminals, they chose iCash/Neotech. This puts us
in very good standing for the Australasian market as Cash Star has forward commitments for a
considerable number of ATM terminals from their customers'.
Paul Ryan says that, “Cash Star, unlike some market entrants, have not been hasty in promising
delivery to the market. We consider claims by other providers concerning access to sell and deploy
ATMs in New Zealand right now as being overly optimistic.”
Paul added, “Compliance of the terminals will be underway imminently and Cash Star has retained
transparent communication with the issuing banks in New Zealand as to their plans. Naturally,
compliance of the terminal is a key step but in the absence of firm compliance guidelines until now,
we have waited until the standards had been fully defined. The Neotech ATM has everything needed
to comply and we expect cryptography testing in the laboratory to start next week.”
Cash Star Limited was established to be a leading provider of non-bank ATMs and associated
services in New Zealand.
The Company was founded by Paul Ryan who has been at the vanguard of
the non-bank ATM business in New Zealand as well as having 15 years experience in the IT and
payments industries.
Cash Star is privately funded and is considered an Independent Sales Organisation in industry
parlance. It has key relationships with a well established distribution channel, including select Digital
Mobile franchises and the leading gaming technology provider in New Zealand.
iCash is a vertically integrated payments and ATM company, listed on the Australian Stock Exchange;
stock code ICP. iCash has operations in Korea, China, Australia and the United States.
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