Tyfone Closes Funding Deal With India's Ojas Venture Partners

PORTLAND, Ore. & BANGALORE, India--(Business Wire)--
Tyfone, Inc., a developer of a software and hardware platform for
bank-branded, mobile banking, mobile contactless payments and retail
merchant services, today announced the completion of a financing round
led by Ojas Venture Partners, an India-based venture capital firm
specializing in technology start-ups. The terms of the financing were
not disclosed.

Tyfone will use the investment to scale its three areas of
business - mobile banking, mobile payments including contactless
payments and retail merchant relationship services in the US and
international markets. The company will continue to ramp-up global
sales and operations teams, including operations in China. Building
upon the recent milestone with iflex(R) Solutions and the win of West
Coast Bank's implementation in the US, Tyfone is aggressively pursuing
revenue targets both organically and through channel and reseller
partnerships in the US and abroad.

Nadathur S. Raghavan, co-founder and former joint managing
director of Infosys Technologies and member of the Board of Directors
of Ojas Venture Partners, notes, "Tyfone's patented technology is
intriguing and unique in its approach to mobile financial services. In
addition, the mature and pragmatic management team plans to execute
well and lead the space. By utilizing its breakthrough technologies
and leveraging key partner strengths, Tyfone is positioned to grow
quickly in 2008."

Rajesh Srivathsa, managing partner of Ojas Venture Partners,
continues, "Tyfone has developed an innovative technology to enable
existing mobile phones to be used for 'wave-and-pay' contactless
payments, facilitating retail financial services. I see this as a
competitive advantage in mobile payments, one that will position
Tyfone as a leader in the mobile space within the next year to 18
months."

"This vote of confidence and financial endorsement from Ojas
Venture Partners is a testament to Tyfone's ability to be a dominant
player in this market and strengthens our global momentum," comments
Tom Spitzer, Tyfone's chief executive officer. "By early 2008, Tyfone
will have the teams and partners in place to roll-out our innovative,
modular and highly flexible, plug-and-play mobile banking, mobile
contactless payments and retail merchant services platform to banks in
the US and worldwide."

Tyfone, Inc. has developed an extensible hardware and software
platform for bank-branded mobile banking, mobile contactless payments
and mobile retail merchant relationship services. Bank customers
receive end-to-end secure mobile services available on most mobile
phones with any mobile carrier.

Tyfone's US corporate headquarters is in Portland, Oregon. The
company also has an Asia headquarters located in Bangalore, India.
Additional information can be found on www.tyfone.com. For US sales,
please call Mike Feliciano at 503.819.7383 or contact him via e-mail
at Mike.Feliciano@tyfone.com. For information on Tyfone's Asia sales
and operations, contact Deepesh Shrestha at +1-971.223.5267 or
+91-80-41262873 or via e-mail Deepesh@tyfone.com.

Tyfone, Inc.
Linda Horowitz, 626-445-4527 (office)
Mobile: 626-215-6306
linda@tyfone.com

Copyright Business Wire 2008