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Smart thinking earns NSW companies $2.6 million.



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23 November 2004 04/261

SMART THINKING EARNS NSW COMPANIES $2.6 MILLION

Sydney-based company Card Access has been awarded a $1.1 million grant from the Australian Government to develop the CASPAY terminal - an automated means of processing credit card transactions at a fraction of the cost of existing systems.

Federal Industry Minister, Ian Macfarlane, today announced Card Access as one of eight New South Wales companies to receive more than $2.6 million in the latest round of innovation funding.

“This is an exciting project which gives new meaning to mobile communications and banking-on-the-go,” said Mr Macfarlane.

“It will allow customers to link electronics such as a personal computer or smart phone to a bank-approved hand-held device that will provide instant EFTPOS security - like that used in shops for credit purchases,” he said.

The hand-held secured bank device, CASPAD, will be used to secure the bank purchase or payment values with encryption to create an EFTPOS security to the home PC, mobile or television set-top box.

“This project, helped along with a $1.1 million R&D Start grant, is a first-rate example of Australian small business innovation at work. The Australian spirit of invention and innovation is alive and healthy in all corners of business,” he said.

Other NSW projects to receive innovation funding in the latest round include: • Argus Technologies, of Bella Vista, a $943,272 R&D Start grant to develop a multi-band base-station antenna for all mobile phone systems to outperform current single-band systems; • Bos Web Management, of Dubbo, a $100,000 R&D Start grant for a property valuation

and business management system development project; • Bugaj Suspension Technologies, of Sydney, a $52,000 COMET grant to commercialise its high-performance shock absorbers.

Mr Macfarlane today announced innovation grants totalling more than $10 million to 29 companies across Australia.

“Innovative companies now also have a one-stop shop for Australian Government grants through the $1 billion Commercial Ready program, which started last month. I urge all interested to make contact with AusIndustry on 13 28 46,” he said.

Details on all programs and projects can be found at www.ausindustry.gov.au CMR 04-313