Commerciant Adds Two to Board of Directors

New Directors Will Help Guide Houston-Based Company as it Grows

HOUSTON, Texas - December 17, 2005 - Commerciant, LP, a leader in wireless, handheld payment processing solutions, has named two new directors: Kevin J. Dragan, Partner and Chief Financial Officer with Aegis Texas Venture Fund, LP (Aegis TVF) and Mansoor Ghori,  Managing Director and Chief Investment Officer of Accent Capital LLC.

Aegis TVF and Accent Texas Fund recently participated in the round of financing that provided Commerciant with $2.5 million in new capital to help fund the expansion of marketing, sales and operations so the company can meet growing demand for wireless payment processing solutions. 

“Both Dragan and Ghori bring tremendous assets to Commerciant,” said Tim Davis, Commerciant Chairman and CEO. “Dragan has been involved with seven of the ten largest acquisition transactions in the payment processing industry, so he understands the technology and customer management this marketplace requires. Ghori’s wealth of management expertise will assist Commerciant’s leadership team in achieving growth expectations.”

Dragan is a former Director in the Financial Institutions Mergers & Acquisitions division at Citigroup Global Markets (formerly Salomon Smith Barney) and has more than 13 years experience in investment banking, specializing in advising and executing merger and acquisition transactions for insurance companies, banks and thrifts, payment companies and financial technology outsourcers. He graduated with honors from The University of British Columbia with a Bachelor of Commerce, specializing in Finance. 

Ghori formerly was a Managing Director at Transamerica Technology Finance Corporation (acquired by GE Capital) where he managed all new origination of investments in information technology, life science, and telecommunications companies in the South Central and Southeast regions of the United States. He was also a Principal with Sternhill Partners, a $100 million venture capital firm based in Houston. While at the firm, he managed the Sternhill Partners local Austin office. He was responsible for identifying potential early-stage investment opportunities, performing in-depth due diligence, structuring and closing transactions, and providing on-going advice and support to the portfolio’s management teams to develop and grow their businesses.

Through its patented check processing technology, Commerciant will be the first company to enable both credit card and check processing from the same wireless handheld device, enabling mobile businesses to accept all payment at the point of sale, thereby lowering risk and speeding up collections.  ISOs and agents will be able to create new revenue streams using a Commerciant solution that targets previously unserved and under-penetrated market segments.

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About Commerciant®, LP
Commerciant, LP is the leader in wireless, handheld payment processing technology. The company's Mobilescape® solution enables its customers in industries such as residential services, restaurants, airlines and delivery services to accept credit card and check payments everywhere, delivering increased revenues and operational efficiency while reducing risk. Designed and manufactured in the U.S., Mobilescape provides Commerciant's customers with a complete wireless credit card and check payment processing solution that includes hardware, software, integration services, wireless service, transaction processing, support and maintenance.