SEOUL, Korea/ MELBOURNE, Florida — May 10, 2005 — LG Electronics Inc., one of the top electronics and telecommunications equipment manufacturers, has added AuthenTec’s Power of TouchTM to its newest biometric cell phone — providing users with unique security, convenience and personalization capabilities that enable them to conduct mobile banking and protect sensitive data at the simple swipe of a finger. The phone will be offered by LG Telecom, a mobile carrier in Korea.
The LG-LP3550 is the third LG Electronics phone to feature a swipe sensor from AuthenTec, the world leader in fingerprint sensor innovation and sales for more than five years. AuthenTec is the number one provider of fingerprint sensors in the wireless market, with more than 4 million sensors in cell phones worldwide.
The new LG-LP3550 features an integrated 2.2-inch liquid-crystal display, 3-megapixel digital camera, built-in stereo MP3 player, and AuthenTec’s EntrePad 2510 fingerprint sensor. The sensor is uniquely positioned directly below the display to provide single-handed control. With the simple swipe of a finger, the sensor replaces passwords and authenticates the phone’s user — protecting buddy lists and stored photos, and providing additional security for mobile banking services that are gaining popularity in Korea and worldwide.
“We are pleased to work with AuthenTec to help provide security in our new phone. With more people using mobile phones for financial transactions and other enhanced services, the concern over the protection of personal information is increasing. We expect to continue to deliver phones with enhanced security features, which is now a critical issue for the industry,” said Sung-Ha Cho, Vice President of Korea Business Division, Mobile Communications Company at LG Electronics.
“LG Electronics’ selection of AuthenTec sensors for its third biometric phone reaffirms the benefits of our unique technology, and demonstrates the importance of adding security, convenience, navigation and personalization to cell phones,” said Scott Moody, president and CEO of AuthenTec. “Along with the LG-LP3550’s advanced features and mobile-commerce capabilities, the biometric capability clearly sets this phone apart.”
Last year, LG Electronics embedded AuthenTec’s fingerprint swipe sensor into the LP3800 and the KP3800. AuthenTec integrated the sensor with the 3800’s Qualcomm (NASDAQ: QCOM) MSM6100 base band processor, which is one of the most widespread CDMA base band processors in the market today.
LG Electronics has sold more than 1.55 million phones with mobile banking capabilities since 2003, about 32 percent of the market segment during that period. With Korea’s wireless penetration rate approaching 75 percent, electronics makers and telecom carriers are competing to deliver enhanced products and data services to generate revenue in a saturated voice market. The number of mobile banking customers in Korea exceeded 1 million in 2004, and is expected to reach 3 million by the end of this year. Mobile banking transactions totaled 3.6 trillion won ($3.6 Billion US) in the fourth quarter last year, up 34.1 percent from the previous quarter, with the country’s three mobile carriers expanding their partnerships with domestic banks.
About LG Electronics
LG Electronics, Inc. (Korea Stock Exchange: 06657.KS) is a global force in electronics, information and communications products with 2004 annual sales of US $38 billion (consolidated). With more than 66,000 employees working in 76 subsidiaries in 39 countries around the world, LG Electronics is comprised of four main business companies including Mobile Communications, Digital Appliance, Digital Display, Digital Media.
LG Electronics Mobile Communications Company is the world’s leading manufacturer of WCDMA (UMTS), CDMA and GSM handsets, and the fastest growing manufacturer of mobile phones worldwide. The company provides a total range of wired and wireless solutions, and is rapidly establishing a global presence as it cultivates international market share in 3G handsets. For more information please visit www.lge.com
With more than four million sensors in use worldwide, AuthenTec is the world leader in fingerprint sensor innovation and sales to the PC, wireless, and access control markets. AuthenTec’s award-winning FingerLoc and EntrePad sensors take full advantage of The Power of Touch by utilizing the company’s patented TruePrint technology to deliver the most convenient, reliable and cost-effective means available for enabling touch-powered features that extend beyond user authentication. The company’s network of partners, solution providers and customers include: Analog Devices, APC, Compal, Cherry, Fujitsu Computer, Computer Associates, Fellowes, IBM, LGE, Microsoft, Motion Computing, Samsung, Tatung, Texas Instruments, Quanta, among others. Visit www.authentec.com.
* Photographs of LG-LP3550 phone and AuthenTec’s EntrePad 2510 sensor are available upon request.