10/15/99 PR - Launch of Escrow.com
This gives a general idea of the company's direction fyi:
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Friday October 15, 8:00 am Eastern Time
Company Press Release
SOURCE: Micro General Corporation
Escrow.com Serves up Solution to Internet Fraud
-- Site to eliminate fear and risk of online purchasing, bring shoppers to net --
-- Slated to launch in 4th quarter --
SANTA ANA, Calif., Oct. 15 /PRNewswire/ -- Buyers and sellers need no longer fear making purchases over the Internet with the announcement today that Micro General Corporation (OTC Bulletin Board: MGEN - news) will launch Escrow.com(TM), Inc., a comprehensive e-commerce solution that protects both buyers and sellers against fraud. The company plans to launch the site in the 1999 fourth quarter.
When launched, Escrow.com will be a stand-alone company operating independently of Micro General, a majority-owned subsidiary of Fidelity National Financial (NYSE: FNF - news). After the closure of the Chicago Title acquisition, announced August 1, 1999, Fidelity will become the largest title and escrow company in the world.
``Consumers and businesses alike want to feel safe and secure when buying over the Internet,' said Escrow.com President and Chief Operating Officer Mark Attaway. ``Our research shows that 72 percent of online shoppers would be converted to online buyers if they were assured that the transaction would be totally safe. We're bringing security to online purchasing in a way that will make buyers and sellers more amenable to expanding how they use the Internet.'
Escrow.com will be unmatched in use by major shopping, auction, business-to-business sales, portals and other purchasing sites. The site's products and services will include:
-- Escrow services for auctions, classified and other Internet-enabled transactions;
-- Master-merchant transaction services for all forms of portal and Internet commerce;
-- Shipping, authentication, appraisal and financing services.
The Escrow.com software will use ``point and click' technology, allowing for ease of use. ``We're going to make this process as simple as possible for our customers so that they can rely on us for expedient protection,' said John Snedegar, president and chief executive officer of Micro General Corporation. ``We'll be one up on our competitors in terms of being able to do and offer more to our customers. We're going to define the true meaning of escrow on the Internet.'
The Escrow.com site is being launched at a time when Internet transaction growth is expected to explode. According to a recent Forrester Research report, online business-to-business e-commerce sales by U.S. companies will jump from $43 billion in 1998 to $1.3 trillion by the end of 2003.
``Escrow.com recognizes open standards as a necessity in the dynamic, fast-paced Internet eCommerce space. Our architecture and infrastructure is focused on providing an open, secure, scalable and 100 percent reliable business application,' said Brian Mulford, Chief Technology Officer, Escrow.com.
Online merchants, including Amazon.com, are recommending that buyers and sellers use escrow services, for their more expensive purchases. ``Escrow is a critical service that is primarily absent on the Internet today,' Snedegar noted.
The Escrow.com site will use Micro General's escrow trust accounting software. For more than 15 years, Micro General has been a leader in the design of escrow programs and over 800 firms use its products. In 1998, Micro General's escrow trust accounting software managed over $100 billion in processed transactions. Currently, the software is responsible for managing escrow balances of more than $1 billion daily.
ABOUT THE COMPANY
A full-service enterprise solutions provider, Micro General Corporation offers a complete range of information technology services, encompassing proven solutions in Systems Integration, Application Development, Real Estate industry applications, and eCommerce for national and international companies. Also, through its wholly-owned subsidiary LD Exchange, Inc., Micro General offers wholesale long-distance international telecommunications solutions. With a clear vision of the rapidly changing electronic challenges faced by today's businesses, Micro General has uniquely positioned itself as an international eCommunications solutions provider. Micro General was listed 47th in the October 1999 Bloomberg Financial Magazine featuring The 100 Fastest-Growing U.S. Technology Companies (based on sales growth in their last complete fiscal year). Inclusion in this report lists Micro General among ``dynamic companies that are implementing good ideas and are clearly doing something right,' according to the article.
Micro General employs over 200 individuals, primarily in professional and technical positions. To discover more about Micro General Corporation, Internet users can visit escrow.com or call 949-622-4884.
This press release contains forward-looking statements.... |
