Source Technologies Expands Role of Executive Vice President to include Hardware and Software Engineering

CHARLOTTE, N.C., August 16, 2006-Source Technologies, a leading provider of integrated solutions for managing financial transactions and other secure business processes, announced that co-founder and executive vice president John Spencer will assume management of both hardware and software engineering.-

Spencer has held several technology and operations positions within Source Technologies since its inception in 1986. For the last 10 years he has managed software development for the company and played a primary role in developing the security for Source Technologies’ MICR printing technologies as well as its electronic forms product, FormsPartner®. In the last seven years that responsibility was expanded to oversee the development of the concourse™  Software Platform (CSP) for the company’s transactional self-service kiosks.

“Tightly integrated hardware and software has always been a key differentiator for us in delivering secure, high-availability solutions for financial applications” said Bill Bouverie, CEO of Source Technologies. “Expanding John’s role to include both hardware and software engineering is a strategic move to ensure that we not only continue to set the standard for security, but also deliver the most hardened systems available offering maximum uptime and reliability.”

Prior to joining Source Technologies, Spencer was vice president of production and quality assurance for the Carolina Beverage Corporation located in Salisbury, NC. Spencer holds a Bachelor of Science in Biology from the University of North Carolina.

About Source Technologies
Founded in 1986, Charlotte, N.C.-based Source Technologies is a leading provider of integrated solutions for managing financial transactions and other secure business processes. In addition to the concourse family of self-service kiosks, Source Technologies offers secure disbursement software solutions and magnetic ink character recognition (MICR) printing solutions and consumables for secure document applications. Customers include nine of the top ten U.S. Banks, plus hundreds of Fortune 1000 and mid-sized companies. Source Technologies has created more than $400 million in economic value for its customers in the last ten years. For more information, visit www.sourcetech.com.