Press Release:
biz.yahoo.com
Wednesday September 22, 9:08 am Eastern Time
Company Press Release
Viking Systems Welcomes
Federal Reserve Ruling
DALLAS--(BUSINESS WIRE)--Sept. 22, 1999--Viking Systems, Inc. (VSI) - a wholly
owned subsidiary of Viking Capital Group, Inc. (OTC: VGCP - news) - welcomed with
enthusiasm today an announcement by the Federal Reserve opening new electronic
possibilities for banks that became effective on the first of September.
The new ruling allows banks to offer customers the benefits of electronic-only delivery for
customer communications including billing and delivery of account statements. The ruling
eliminates the former requirement to distribute paper-based versions of the same
information, even if the transactions occurred online. Banks now can deliver account
information exclusively via the Web and email, making reporting more timely and convenient
for those customers who conduct their banking online.
The Federal Reserve is also proposing the use of electronic communications for a broader
set of financial transactions associated with consumer credit. Comments on the entire
proposal, including the interim ruling are due to the Federal Reserve by October 29, 1999.
The ruling offers good news for the Viking Systems Banker's Service Bureau (VBSB). Via
the Bureau, member banks will no longer need to manage their own systems or maintain
staff to provide Internet banking services to depositors. VSI will handle all systems
development, integration, operations, maintenance, security, hardware/software upgrades,
and compliance upgrades for member banks. The VBSB will be based in the company's
operations center in New York City. All fiber optic connections and two, identical backup
locations are managed exclusively by iXnet for the Viking Capital Financial Network
(VCFN).
Banks who contract with the VBSB have an opportunity to offer their customers additional
services through the VCFN. Employee benefits administration, securities trading and
insurance services all can be made available to bank customers via the network, expanding
the value of the VBSB to the financial institutions who use it, and giving member banks an
opportunity to earn additional income per customer.
About Viking Systems, Inc.
Viking Systems, Inc., is a wholly owned subsidiary of Viking Capital Group, Inc. (OTC:
VGCP - news), headquartered in Dallas. Viking Systems, Inc. is responsible for all data
processing and technology needs of its parent and sister companies and its external
customers. VSI's focus is developing its private network (Viking Capital Financial
Network) to provide all of its customers high quality video, voice, and data communications
and to further serve those customers by providing, in cooperation with its sister companies,
applications and additional products and services over the private network and the Internet.
These Internet based products and services include Universal IP (insurance), IP Banker
(remote banking), Benefits IP (employee benefit plan data processing), IP Trader (securities
trading) and IP Marketer (sales organizations). The Company's target market is financial
services operations such as banks, insurance companies, and employee benefit plans.
Contact Viking on the World Wide Web. vcgi.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995.
Certain statements made by the Company which are not historical facts may be considered
forward-looking statements, including, without limitations, statements as to trends,
management's beliefs, expectations and opinions, which are based on a number of
assumptions concerning future conditions that may ultimately prove to be inaccurate. Such
forward-looking statements are subject to risks and uncertainties and may be affected by
various factors which may cause actual results to differ materially from those in the
forward-looking statements.
Among the factors that could cause actual results, performance or achievement to differ
materially from those described or implied in the forward-looking statements are general
economic conditions, competition, potential technology changes, changes in or the lack of
anticipated changes in the regulatory environment in various countries, the ability to secure
partnership or joint-venture relationships with other entities, the ability to raise additional
capital to finance expansion, and the risks inherent in new product and service introductions
and the entry into new geographic markets.
For further information which could cause actual results to differ from the Company's
expectations, as well as other factors which could affect the Company's financial statements,
please refer to the Company's report filed with the Securities and Exchange Commission.
Contact:
Viking Capital Group Inc., Dallas
Matthew W. Fossen, 972/386-9996
or mfossen@vcgi.com
Regards,
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