WATERLOO, ON, June 4 /PRNewswire-FirstCall/ -- RDM Corporation (TSX: RC), a leading developer of specialized software and hardware products for electronic payment processing, announced today that a major US bank, ranked in the top 50 based on total assets, has committed to ordering a significant volume of RDM's remote deposit capture products. The bank, which is an existing customer of RDM's Image & Transaction Management System (ITMS(R)) processing service, is planning a major launch of its own remote deposit capture offering specifically targeted to its small business customers. In order to meet expected demand, the bank has entered into a contract to license more than 5,000 ITMS end user locations and to purchase more than 5,000 scanners from RDM over the next 18 months. The bank has placed an initial order for scanners. As of April 30, 2008, RDM's ITMS network included 12,000 end user locations.
"We are very pleased to see an existing customer make aggressive plans to provide remote deposit capture services for its customers. The small businesses they are targeting are a natural fit for these services, as they stand to benefit significantly from the convenience of depositing checks right from their office," said Douglas Newman, President and Chief Executive Officer of RDM. "This bank has the potential to become one of our largest customers in the next 18 months. I have always believed that the major banks we have signed as ITMS distributors would be capable of delivering significant volumes of users and transactions once they made the decision to aggressively market their remote deposit capture services."
About RDM Corporation
RDM Corporation is headquartered in Waterloo, Ontario and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading provider of specialized software and hardware products for electronic payment processing. RDM has pioneered electronic check conversion systems and web based image and transaction management services for banks, retailers, payment processors and government agencies as well as print quality control and image quality systems for a variety of global customers. For further information, visit RDM's website at http://www.rdmcorp.com/.
This news release contains forward-looking statements. Forward-looking statements are based on estimates and assumptions made by RDM in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that RDM believes are appropriate in the circumstances. Many factors could cause RDM's actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements. Risk factors relating to RDM are discussed in the Risks and Uncertainties section of RDM's Annual Information Form and year-end Management's Discussion and Analysis. These factors should be considered carefully, and readers should not place undue reliance on RDM's forward-looking statements. RDM has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
