ViVOtech Secures Strategic Investment from Citi To Develop Innovative Mobile Commerce Technologies

Santa Clara CA – February 12, 2008 – ViVOtech Inc., an acknowledged leader in Contactless and Near Field Communication (NFC) mobile phone payment and promotion technologies, today announced that it has secured an equity investment from Citi (NYSE: C). Financial terms of the deal were not disclosed.

ViVOtech mobile infrastructure software has been constructed for collaboration across the entire payment ecosystem including banks, merchants, mobile operators and service providers to their customers. The resulting technology forms the foundation for a range of new customer payment, loyalty and promotion services, including personalized discounts and incentives, and faster and convenient transaction experience at the checkout.

“We look forward to working with Citi to continue driving the innovation and technologies that are moving mobile commerce from vision to reality,” said Michael Mullagh, CEO, ViVOtech. “NFC mobile technologies are connecting banks, merchants, and mobile carriers with their customers anywhere, anytime. Through our collaboration with Citi, we anticipate improving the customer experience – from how they shop, make payments, and enjoy personalized promotions using their mobile phones.”

Citi is committed to delivering leading-edge banking and payment solutions to its customers and helping to define the mobile and contactless future. ViVOtech understands how to deliver integrated and secure mobile capabilities that meet consumers’ needs. The combination of ViVOtech’s industry leading capabilities with Citi’s global reach is a big step in enabling the development of the mobile financial services ecosystem.

"As our customers’ everyday lives change, Citi seeks to meet their evolving needs by transforming consumer financial services through new ventures and innovations, particularly in the mobile payments and financial applications space,” said Jaidev Shergill, EVP, Growth Ventures and Innovation, Citi. “Our investment in ViVOtech demonstrates our commitment to leverage emerging technology and opportunities to offer our customers greater speed, simplicity, convenience, and security.”

Near Field Communication (NFC) technology is a short-range wireless connectivity that enable mobile devices to interact with Contactless systems for a wide variety of transactions, including those at the point-of-sale, smart posters, ATMs and kiosks. A recent report from Juniper Research forecasts that by 2011, around 12% of the total mobile phones in circulation will offer support for contactless payment, specifically NFC – equating to nearly 470 million NFC-enabled handsets worldwide.

About ViVOtech
ViVOtech is the market leader in Near Field Communication (NFC) mobile payments, promotions, and over the air (OTA) provisioning infrastructure software, NFC smart posters, and Contactless terminals. These innovative solutions allow millions of consumers to make Contactless payments with radio frequency-enabled credit/debit cards, fobs, and NFC mobile phones. ViVOtech's products are used by the most prominent retailers all over the world. With more than 360,000 units deployed in 29 countries, ViVOtech products are used at movie theaters, fast food restaurants (QSR), casual dining establishments, convenience stores, gas stations, drug stores, grocery stores, buses, taxicabs, kiosks and vending machines, enabling a wide variety of businesses to accept Contactless/NFC payments and promotions. For more information about ViVOtech’s investors and innovative solutions please visit http://www.vivotech.com.

Images of ViVOtech technology can be viewed here: http://www.vivotech.com/newsroom/picture_gallery.asp

Media Contacts:
Kristin Miller
SSPR for ViVOtech
+1-719-634-8292
kmiller@sspr.com

Samuel Wang
Citigroup
Global Consumer Group Public Affairs
+1-212-559-0499
wangs@citi.com