News - Escrow.com financing w/Madison Securities
Escrow.com Closes Financing with Madison Securities
Funding Will Expand Operational Development and Validate the Companies' Strategic Diversification
SANTA ANA, Calif., March 22 /PRNewswire/ -- Micro General Corporation (OTC Bulletin Board: MGEN), an eCommerce business solutions provider, ispleased to announced that escrow.com (TM) and its affiliated companies, has closed a series B private placement with Chicago-based investment banking firm Madison Securities.
Escrow.com plans to use the funds for its phased rollout strategy, including expansion of planned sales and marketing efforts, as well as technology and services that extends beyond its demonstrated success in online transactional processing services.
"The funding will help escrow.com move quickly in closing and integrating numerous business-to-business portals that will be using our escrow services," said escrow.com and MGEN president and chief executive officer John Snedegar. "We are presently in discussion with more than 100 business portals to provide various transaction management services, including escrow. This round of funding will allow us to move forward to closure on a number of these transactions. Madison's network and support will continue to be valuable to the escrow.com companies in the future, as this financing ensures that escrow.com will have the necessary financial strength to execute its aggressive business plan and capitalize on early-to-market advantages," he said.
"The escrow.com companies are a very exciting group and we are looking forward to working with them to increase their U.S. exposure both with institutional and individual investors," said Chris Pravecek, Madison Securities managing director of corporate finance.
Beginning in January 2000, escrow.com's affiliate company EC Services has signed more than 75 partner and affiliate contracts. "Based upon the overwhelming new business activity we've experienced, escrow.com and its related companies is certain to emerge as the market leader in the business-to-business escrow and financial services marketplace by year end.
We will be announcing additional key alliances and expect to close our second round of financing in the near future as well," said Mark Attaway, escrow.com president.
Micro General announced the founding of escrow.com in October 1999. The technology used by the escrow.com operating subsidiaries, including its website and infrastructure, was developed by Micro General. For more than 15 years, Micro General has been a leader in the design of escrow programs and over 800 installations nationwide. 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.
The escrow.com companies operate independently of Micro General, a majority-owned subsidiary of Fidelity National Financial (NYSE: FNF). After the closure of the Chicago Title acquisition, announced in August 1999, Fidelity will become the largest title and escrow company in the world.
ABOUT MICRO GENERAL
A full-service enterprise solutions provider, Micro General Corporation (OTC Bulletin Board: MGEN), offers a complete range of information technology services, encompassing proven solutions in Systems Integration, Application Development, Real Estate industry applications, and eCommerce. The organization offers fast-growing solutions that maximize mission-critical solutions to national and international companies.
In November 1999, Micro General was ranked The #1 Fastest-Growing Company In Orange County This Year by the Orange County Business Journal. It was also 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). This report lists Micro General among "dynamic companies that are implementing good ideas and clearly doing something right," according to the article.
Micro General has uniquely positioned itself as an international eCommunications solutions provider comprised of the following operating business units:
ACS Systems, Inc. -- provides transformational eBusiness solutions designed to expand business markets and enhance internal efficiencies for any enterprise via the Internet. The company offers custom project-based software solutions specifically targeting the real estate industry that are designed to simplify real estate transactions utilizing trust, escrow and title-related software development capabilities. These products provide proprietary solutions to workflow and document management challenges by electronically connecting all parties involved in real estate transactions. With over 400 current installations these capabilities encompass the development, sales, installation, training, and support capabilities of ACS and MGEN. RealEC, Inc. develops, operates and maintains a secure business-to-business electronic commerce exchange, connecting more than 150 customers with more than 350 service providers, used to orchestrate real estate settlement services.
The company is owned by Santa Ana, Calif.-based Micro General Corporation and Houston-based Stewart Title Company.
L.D. Exchange.com, Inc. -- is a facilities-based, wholesale long-distance carrier providing international telecommunications termination services. As a major strategic component to Micro General's telecommunications and Internet telephony initiative, L.D. Exchange has offices in western and eastern U.S.
Today the company delivers both domestic and international termination services and offers a full suite of retail business telecommunications services. Micro General employs more than 250 individuals, primarily in professional and technical positions. To learn more about Micro General Corporation visit our Website at: microgeneral.com or call 949-622-3927.
Micro General was the author of escrow.com and has the potential to acquire a significant equity interest in the company. escrow.com and its operating subsidiaries offer comprehensive e-commerce solutions that protect both buyers and sellers against fraud. To learn more about escrow.com visit their Website at: escrow.com.
ABOUT MADISON SECURITIES, INC.
Madison Securities, Inc., headquartered in Chicago, is a full service investment banking firm with a primary focus on emerging technologies companies. Madison represents both institutional and individual investors and offers online investment services through the Internet via:
madisononline.com.
This press release contains forward-looking statements..... |
