November 30, 2006

iCache Wins Top Award of #1 Presenting Company at New England Venture Summit

icache Release

Cambridge, MA November 29, 2006 iCache, a pioneer in the development of software that transforms mobile devices into ultra secure digital wallets yesterday received the top award of "Best Presenter" at The New England Venture Summit, an exclusive investment conference uniting venture capital and innovation.

iCache was recently named one of New England's "hottest" young companies by youngStartup Ventures, host of The 2006 New England Venture Summit. As a result of this honor, iCache President Jack Harvey presented iCache's business model to Venture Capital firms as part of this year's Summit.

The Summit, which took place on November 28th, featured VC and entrepreneur panel discussions, live company presentations, interactive workshops and networking, and attracted senior level executives from a variety of industries.

"Presenting among New England's 40 Hottest Companies was an absolute thrill and to walk away with the top award is a remarkable honor." said Harvey. "As we emerge from 'stealth mode' we're excited to see that the iCache application is receiving such an enthusiastic response."

Widespread conditions in today's market have created a need for a solution that addresses the issues solved by iCache. During his award-winning presentation, Harvey explained how iCache will address these issues, while helping financial institutions reach 'top of wallet' position, aiding those merchants seeking accurate and efficient consumer processing systems, and empowering consumers.

"Consumers love the convenience of being able to consolidate all of the cards in their wallet onto a single mobile device, and merchants appreciate the fact that the iCache application works with their current point of sale infrastructure," explained Jonathan Ramaci, CEO of iCache. "Banks and card issuers are also fond of iCache because we provide them a powerful weapon in their battle for top of wallet and share of spend as banks and card issuers who provision the iCache application to their customers will become the default payment on their customer's mobile devices."

The significance of iCache's biometric security feature was another key point of discussion. Consumer's value biometric security and biometrics will protect merchants against charge backs and strengthen the integrity of their loyalty data. Banks and card issuers find the biometric security reduces the billions of dollars they lose to fraud each year. "No other mobile payment application on the market provides such a comprehensive solution." said Ramaci.

About iCache:
iCache is the emerging leader in the development of groundbreaking software and hardware which transforms mobile devices into ultra secure digital commerce platforms. iCache is capitalizing on the growing adoption of RFID-enabled payment solutions and the need for secure payment and individual data transfer systems. The company's iCache software and hardware solutions build on emerging platforms while adding significant new functionality, security, and cost effectiveness for consumers, financial institutions, and merchants.

Media Contact:
Jason Magner
PAN Communications