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Eagle Image Systems Signs an Alliance Agreement with Cheq Information Technology

Thursday, May 04, 2006

Press release from the issuing company

Oklahoma City, 4th May, 2006 -- In making this announcement, Mr. Shab Jupiterwala, President of Eagle Image Systems, Inc. said "Our K2000 System was originally developed for organizations that needed to store and retrieve large volumes of color or grayscale information. A good example of this has been the medical industry. However as a result of the Check 21 law, Financial Institutions are now involved with the capture, storage and retrieval of high volumes of images. To date, the majority of these institutions have been limited internally to grayscale/bitonal image capture, transmission storage and retrieval. Using our technology that conforms to the new JPEG 2000 standard, checks captured in color that previously were compressed with the older JPEG tools down to ~90k bytes can now be compressed to ~15k bytes. This significant reduction in image size should now make the use of color images with all its benefits much easier to cost justify." He went on to say, "As the processing of checks in the new Check 21 environment requires a level of detailed processing understanding that we did not have internally, we decided to identify an alliance partner. We researched the market for a company that understood not only the advantages of color to the Financial Industry, but also had distributed check image capture systems that are fully 24bit, RGB color compliant and able to operate at speeds at a minimum in excess of 40 checks per minute. The company that met all our criteria and who we selected to partner with is Cheq Information Technology Inc. Their Cheq-IT XPress Range of distributed check image capture systems have been developed for them by the leading manufacturer of these types of systems - BUIC Systems A.G. of Chiasso, Switzerland. This company, from our own experience, has a first class reputation for providing the highest quality of these types of systems in the industry." Commenting on this alliance with Eagle Image Systems, John V. Ashley, CEO of Cheq Information Technology Inc. commented, "Just over a year ago, we had the privilege of working with the Operations Engineering Group of one of the top ten US Banks. At that time we mapped the complete teller process and viewed it from a bitonal, grayscale and color perspective. Although there were several very compelling reasons to implement a color distributed capture system at the branches, the issue of image size from both an internal transmission and storage perspective was a hurdle that we were unable to overcome satisfactorily. We believe that with the new K2000 System, all the advantages of color capture (reduced quality control rejects, improved image fraud detection systems, 100% image archive storage etc.) can now be realized with the additional benefit of being able to transmit, store and retrieve quality control exception items very economically. Further the ability to use this system in conjunction with our new Cheq-IT Vermezzo page/document/ID card - passport/ check image capture system will also provide for the larger size page images to also be more economically stored. Naturally, we are delighted to have been selected as an Eagle Image Systems alliance partner and this new addition to our product line reinforces our commitment to the success of Remote Deposit Capture System solutions. Mr. Jupiterwala concluded by saying "The K2000 System will be on display at the upcoming BAI TransPay Show at the Paris Hotel, Las Vegas from May 23 - 25. It can be seen at the BUIC Cheq Information Technology Booth - 540 and I will also be in attendance there to answer questions from members of the Financial Industry who are attending."




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