NEWS/PRESS RELEASE
Basis100 responds to questions about stock activity
Basis100's Mortgage Industry Solutions to Benefit From Microsoft
Initiative
TSE: BAS
CUSIP No. : 070120 10 0
SHARES OUTSTANDING: 22,078,996
TORONTO, March 16 /CNW/ - Basis 100 Inc. (+Basis100+), an Internet-based
e-commerce solutions provider, responds to requests by Dow Jones and others to
explain today's price activity in Basis100 shares.
+We see today's price movement as clearly related to the announcement, by
Microsoft (Nasdaq NM: MSFT) and a few US mortgage lenders, of the creation of
a new company that plans to focus on improving services in the real estate and
mortgage lending industries,+ said Gary Bartholomew, Chairman and CEO of
Basis100. +There was apparently some concern that the new technology spin-off
might affect certain Basis100 business activities. On the contrary, we see the
Microsoft move as an acknowledgement of opportunities that Basis100 identified
in the North American mortgage market over a year ago. Basis100 has a clear
leadership position in the B2B arena within Canada and is strategically
building out across the entire US.+
Bartholomew continued, +The Microsoft move, which seems to be aimed
primarily at consumers and real estate professionals, will help galvanize
attention to wider-ranging Internet solutions where Basis100 has significant
early-mover advantages. In addition to delivering Internet-based technology
that automates end-to-end mortgage processes today, Basis100's flexible,
independent platform ultimately will automate lenders' connections to the
loan-pool securitization process and to fixed-income trading systems that
serve institutional and retail investors in the US, Canadian, and overseas
markets.+
Basis100 sees this universal end-to-end approach as the real key to
bringing costs down for consumers since it harnesses the power of the Internet
to extract value from B2B transactions in the e-commerce financial services
marketplace worldwide.
The Microsoft team also highlighted automated property valuation in their
conference call this afternoon, stating that 65 percent of the home appraisal
market will adopt this approach. Having purchased the leader in this space,
Solimar.Net of California, Basis100 interprets this as yet another
independent, third-party validation of its US strategy. Since 1997, our
automated property valuation technology has been in use in a broad spectrum of
applications - residential lending, wholesale processing, loan servicing, and
securitization processing.
Basis100 (www.basis100.com) is a leading provider of technology and
solutions used in Internet-based mortgage origination, processing, and
automated valuation. The company has focussed on creating mortgage, consumer
credit, securitization, and fixed income electronic marketplaces for financial
institutions, intermediaries, and service providers. Basis100's 2 Minute
Mortgage Solution is channel agnostic, a technology built to service the
entire mortgage industry, end-to-end.
This company relies on litigation protection in respect to certain
forward-looking information and statements. Such information and statements
may involve risks and uncertainties, including the impact of competitive
products and pricing and general economic conditions as they affect the
company and its customers. Actual results and developments may therefore
differ materially from those described in this release.
%SEDAR: 00002699E
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For further information: Lorelei Luchkiw, Director of Investor
Relations, Basis100, (416) 364-6085 Ext: 170, email: lluchkiw@basis100.com
Regards,
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