Toronto, Ontario, December 2003 — (BUSINESS WIRE)— Combining years of electronic cash management experience, Jonathan Pasternak and Randy Waxman announced today the formation of EFT Canada Inc., a provider of electronic transaction processing solutions. The company will focus on small and medium sized business owners in Canada and the United Sates, and will be fully operational during the first quarter of 2004.

EFT Canada’s offering will be a flexible means of processing recurring and one-time transactions through an innovative web-based electronic transaction platform. Initially, EFT Canada’s solution will be compatible with Canadian and US based bank accounts.

Jonathan Pasternak, EFT Canada's President states, "this breakthrough platform increases the ease-of-payment for customers, while slashing processing fees, and improving collection ratios and cash flow of the business". "Businesses with transactions on a recurring or one-time basis will be able to benefit from EFT Canada's solution, including but not limited to property managers, health clubs, car leasing firms, and subscription services.

Randy Waxman, Executive Vice President, commented, "electronic transaction processing is a young technology, especially in Canada, that has many marketing and operational uses before its maturity. By processing transactions through the United States Automated Clearing House (ACH) system and Canada's payment system, using our partner relationships, EFT Canada is able to offer a superior product and service to business owners across North America".

About EFT Canada Inc.

EFT Canada Inc., headquartered in Toronto, Ontario, offers a complete solution to the electronic transaction needs of merchants, banks, credit unions, and other financial firms in Canada and the United States. The Company develops, maintains and delivers innovative cash management technologies, such as customized electronic transaction processing solutions, by drawing on its operational and applications expertise.

Forward-Looking Statements

Certain statements in this news release are not historical and may constitute forward-looking statements reflecting EFT Canada Inc.'s current expectations in the banking and payment solutions businesses. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, changes in market and competition, technological and competitive developments, cooperation and performance of strategic partners, and potential downturns in economic conditions generally. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. EFT Canada assumes no obligation to update forward-looking statements if circumstances of management's estimates, beliefs or opinions should change.