SOURCE: Terrace Ventures Inc.

June 06, 2007 07:05 ET

Update on Terrace Ventures Prospective Merger Partner

BLAINE, WA--(Marketwire - June 6, 2007) - Terrace Ventures Inc. (OTCBB: TVEN) (the "Company") announced today that its merger candidate, Solara Technologies, Inc. ("Solara"), has advised that it has achieved certain compliance milestones for its hardware environment and Goldenroad Gateway software.

Recently, MasterCard, Visa, American Express, Discover and JCB (Japan Credit Bureau) have joined forces and formed the Payment Card Industry (PCI) Data Security Standard (DSS) to help in the fight against system break-ins that result in compromised cardholder account information. These five credit card brands have agreed upon a common set of security standards, and the alliance is recognized by all payment card brands. Merchants who accept any of these cards must be PCI compliant or they risk losing the ability to process credit card payments. (Prior to this point, each card brand-managed its own set of requirements.)

Although the initial deadline for compliance was June 2006, the majority of merchants still have not fully implemented the Payment Card Industry Data Security Standard (PCI DSS). One of the biggest obstacles in achieving PCI compliance is the time requirement. Of the merchants that are already compliant, nearly half said their compliance projects took over a year. Merchants who do not comply with the standards may be fined, or they may lose their ability to process credit card transactions.

Solara has reported that its hardware environment has achieved PCI compliance status, as validated by SecurityMetrics Inc. In addition, Solara's Goldenroad gateway software is now certified as being PABP (payment application best practices) compliant by ATW Corp., a leading provider of information security and compliance management solutions.

This press release may contain, in addition to historic information, forward-looking statements. These statements may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein, including, but not limited to, risks and uncertainties relating to the negotiation of a definitive merger agreement with Solara. There is no assurance that the Company will be able to reach a formal merger agreement with Solara or that if an agreement is reached it will receive the required approval of the stockholders of Solara. Any merger will also be subject to completion of due diligence by the Company. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.

Contact Information

  • For more information contact:

    Howard Thomson
    Tel: (360) 220-5218