Innovative Card Technologies, Inc. (NASDAQ: INVC), developers of the breakthrough ICT DisplayCard security device for e-banking, e-commerce and data access, today announced that Solomon Financial Group of Korea will initially distribute 10,000 ICT DisplayCards to customers to authenticate online bank account management. Solomon Financial Group is the second financial institution to distribute the ICT DisplayCard to consumers. Innovative Card Technologies' reseller Innet received approval from the Korean government's Financial Security Agency (FSA) to distribute the ICT DisplayCard.

?We have evaluated the ICT DisplayCard against other authentication options, and have concluded that this breakthrough product provides strong security in the most convenient form possible for our customers,? said Byung-Rak Han, President of Solomon Savings Bank. ?Korean consumers are among the strongest online-banking adopters in the world, representing 67% of our country's total population. We are proud to offer our sophisticated customers the latest technology to ensure the most secure, convenient and efficient online banking experience possible.?

Solomon Financial Group will distribute the ICT DisplayCard to its 10,000 most valuable online banking customers beginning in early November, followed by a more widespread roll-out. Solomon Financial Group has total assets of $4.74 billion USD, and includes three savings banks, a credit information corp., and an asset management corp.

Korean government initiatives to encourage dual-factor authentication security for all 33 million of Korea's Internet banking customers by year-end 2008 are a key factor in Solomon Financial Group's customer roll-out. By the end of 2007, 55 Korean institutions are expected to implement dual-factor authentication systems, with the remaining 100 in compliance by the end of 2008. Solomon Financial Group is receiving the cards through InCard reseller Innet, which has successfully gained approval from the Korean government's Financial Security Agency (FSA) to distribute the ICT DisplayCard. This government approval is expected to fast-track the product's adoption by additional Korean firms.

?We are very pleased with Solomon's substantial first-stage commitment to deploying the ICT DisplayCard to authenticate online banking,? said John A. Ward, III, InCard Technologies Chairman and CEO. ?We believe that our product's unparalleled user-convenience and its strength in securing online transactions will be clearly demonstrated in this real-world application, and we anticipate additional deployments in the region.?

About Solomon Financial Group

Founded in 1972, Solomon Financial Group has grown to encompass five affiliates totaling $4.74 billion USD (KRW 4.5 trillion) in assets. Affiliated companies include Solomon Savings Bank, Busan Solomon Savings Bank, Honam Solomon Savings Bank, Solomon Credit Information Corp. (regarded as an expert financial firm in Korea's representative bond management and financial services); and Solomon Asset Management Corp. Solomon Savings Bank is the leading Savings Bank in South Korea; achieving the number one stock increase rate of all Korean financial institutions in 2005. Solomon Financial Group is covered by analysts at JP Morgan, among others. www.solomonbank.com/eng.

About Innet Co., Ltd.

Innet is a Seoul-based firm focusing on Internet infrastructure, network training, and new multimedia technologies. Since its establishment in 1996, Innet has become the leading provider of Internet networks in the Korean market. Innet's partners include Cisco Systems.

About Innovative Card Technologies

Innovative Card Technologies (NASDAQ: INVC) was founded in 1993 to add functionalities to payment cards. InCard's suite of ICT DisplayCards enable dual-factor authentication in a convenient card form. The cards can be configured to offer RFID physical access or payment capabilities, and feature a screen powered by an integrated battery, circuit, and switch. This screen displays a one-time password to verify the presence of the card during online and voice transactions or data systems login. www.incardtech.com.

This press release contains forward-looking statements which are commonly identified by words such as "would," "may," "will," "expects," and other terms with similar meaning. Forward-looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. The material factors and assumptions that could cause actual results to differ materially from current expectations include, without limitation, the following: ICT DisplayCard adoption, ICT DisplayCard further testing and certifications, dependence on a limited number of suppliers and their capacity, full scale production of the ICT DisplayCard, and limited capital and liquidity. Innovative Card Technologies, Inc. refers interested persons to its most recent Annual Report on Form 10-KSB as amended by Form 10-KSB/A and its other SEC filings for a description of additional uncertainties and factors that may affect forward-looking statements. Forward-looking statements are based on information presently available to senior management, and Innovative Card Technologies has not assumed any duty to update any forward-looking statements.

Innovative Card Technologies, Inc.
Stephanie Edwards, Marketing Manager, 310-312-0700
stephanie@incardtech.com
Susan Roush, Public Relations, 818-222-8330
pr@incardtech.com
Jose Castaneda, Investor Relations, 720-733-0052
ir@incardtech.com