Winners Internet Network, Inc. Releases The Secretly Developed Internet Banking Software And Has Contracted For Its Exclusive Use With A Liechtenstein Company
ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--June 24, 1999--David C. Skinner, Jr., President and CEO of Winners Internet Network, Inc. (OTC BB:WINR), and DDr. Reinhard Proksch, the Managing Director of CyberLink Monetary Systems, Est., Vaduz, Liechtenstein, have jointly announced the formal release of the Internet Banking Software developed by WINR in cooperation with CMS.
Both Mr. Skinner and DDr. Proksch have held this advancement under the confidential terms of the Secrecy and Confidentiality Agreement to protect the project. Dr. Peter Keppeler with GBR Ernst & Young in Basel, Switzerland, regarded as experts in Swiss Banking Standards, are an integral part of this overall development. The software offers the ability to have total security in processing and handling Internet Banking Transactions. This will include all traditional banking services in addition to expansion of worldwide banking related markets. According to DDr. Proksch, it is the intent for the CyberLink Group to move forward and obtain a banking license and utilize this software for the total back office processing and management of operations. It will be the first exclusive application for an Internet Bank in Europe. DDr. Proksch stated that he intends to vigorously pursue with colleagues the establishment of this bank for the sole purpose of Internet Banking with the initial base in Liechtenstein. It is also intended to expand the bank with offices in other EU jurisdictions as permitted. Dr. Keppeler has agreed to represent the bank in the application process based upon his years of success in this regard. Dr. Keppeler was instrumental in writing revisions to the Liechtenstein Banking laws and Mutual Funds. He further stated that what this means is that European Banking can be at the doorstep of every household in the world. It is expected that the Directors of the bank will be from major banks or related financial areas with the expertise needed to manage the banking services.
Under the terms of the agreement, WINR has sold its rights to the software but has retained 50% of the rights for processing. The terms will be that WINR and the CyberBank will be co-owners of the processing company to be called CyberLink Systems, Est. In addition, CyberLink Monetary Systems has agreed to relinquish 100% of their rights in the SecureNet-Plus Network to WINR and all processing for the financial network will be the exclusive property of WINR. It is the intention of this network to be supported by the CyberBank to coordinate the addition of financial companies as they relate to stocks, mutual funds, loans and other financial groups in the SecureNet-Plus Network. Processing revenues will be exclusive to WINR under this agreement and will include advertising on the sites for related services, processing fees as currently exist and other development costs for site enhancement and software services. WINR intends for this network to be a constant target market for those interested in financial related sites.
Mr. Skinner stated that this expansion gives the dimension to the software development of WINR that has been ongoing. Under the terms of the Secrecy Agreement, the software is a very in-depth adaptation to the processing software that has been tested in the Internet Gaming Industry. "Internet Banking Software has been our target market from the beginning," stated Mr. Skinner, "but we had to keep our progress and intention closely guarded. We want our shareholders to know that it has been very difficult for us under the terms of the Secrecy Agreement, but we can point to our most early statements that we were processing on the Internet and were not concerned with the Internet Gaming Regulations. In addition, we have been very concerned by attempts to copy our system or ideas. Even though our personal motto is 'Copied but not Duplicated,' we have seen companies that have attempted to use our terms and references on their site. We want to protect our ideas and vision until we are ready to move ahead. Our system has proven itself and now it is time for us to move forward. We will adhere to all rules and regulations as they develop, but it was decided that the software processing was the business that we are in. We feel that the potential for processing in the Internet Banking industry is endless and will give our company a very bright future. We do not plan on stopping with this development as we are continuing to tighten our software to be used in all forms of financial activity on the Internet. We feel that we have a product that is universal for adaptation in Internet Commerce. Banks are faced with huge costs to administer and create software for Internet Commerce. This allows for our software to be utilized by a bank and create branches worldwide for the most expeditious service. We are able to transact in all foreign currencies and have successfully demonstrated the strength of our processing ability. We have been adding experts in all necessary areas to strengthen our company. We expect to continue in this regard."
Although the quarter has not ended, Mr. Skinner stated that it is expected that bottom line earnings will be increased during this past quarter.
Information contained in this news release other than historical information should be considered forward-looking and is subject to various risk factors and uncertainties. For instance, the strategies and operations of Winners Internet Network, Inc. involve risks of competition, changing market conditions, changes in laws and regulations affecting these industries and numerous other factors discussed in this release. Accordingly, actual results may differ materially from those in any forward-looking statements.
CONTACT: Columbia Financial Group Inc., St. Augustine
888/301-6271
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