NEWS - ESCROW.COM AGREEMENT WITH VERTICALNET
Micro General Announces That escrow.com Will Provide Secure Transaction Management Solutions for VerticalNet Inc.'s Online Marketplaces
More Than 3,500 Business-to-Business Storefronts Will Have Access to Secure Online Escrow and Other Transaction Management Services
SANTA ANA, Calif., April 11 /PRNewswire/ -- Micro General Corporation (OTC Bulletin Board: MGEN), an e-commerce business solutions provider, today announced that escrow.com and its affiliated companies, has signed a definitive agreement with VerticalNet, Inc. (Nasdaq: VERT), the Internet's leading portfolio of industrial trading communities, to provide comprehensive online escrow services.
Terms of the agreement call for an exclusive development and design effort to integrate escrow.com's online escrow managed transaction technology into VerticalNet's exchange platform, providing a safe, secure method for buyers and sellers to close transactions.
"With more than 3,500 business-to-business storefronts, our online transaction activity is growing rapidly," said Charles Clark, director of national business development at VerticalNet. "Escrow.com will help facilitate trade within our communities by solving a number of critical supply
chain problems for both buyers and sellers. Escrow.com brings a great deal of experience to help reliably manage VerticalNet's transactions."
Upon completion of the exclusive development phase, targeted for completion in the next 90 days, escrow.com's technology will be available to all of VerticalNet's marketplaces and its thousands of vendors and buyers.
The services offered by Escrow.com will greatly enhance security and reduce much of the risk involved with online transactions for VerticalNet's buyers and sellers. Escrow.com will act as a secure third party intermediary ensuring payment by the buyer and delivery by the seller; provide logistical support as needed; and release funds once the purchased goods have been received and inspected. The foundation of escrow.com's technology is a trust accounting software platform that has been in use by Fidelity National Title (NYSE: FNF) for over 15 years, and processed more than $1 trillion in transactions. The software platform was customized and extended to the Internet by Micro General (OTC Bulletin Board: MGEN) and escrow.com and is being utilized by many online marketplaces for managing online business transactions.
"This agreement solves key supply chain hurdles for buyers and sellers with a time-tested, secure and reliable escrow solution," said John Snedegar, President & CEO of Micro General Corporation and CEO of escrow.com. "As we have extended our escrow technology to the Internet, and the business-to-business market continues to expand with new buyers and sellers, secure transaction management is essential. VerticalNet is one of the premier business-to-business players and this relationship validates the important role escrow.com will play in the future of Internet commerce."
About escrow.com, Inc.
Escrow.com(TM), founded by Micro General Corporation (OTC Bulletin Board: MGEN) and Fidelity National Financial (NYSE: FNF), offers comprehensive online transaction management services. Escrow.com operating subsidiaries provide online escrow and logistics tracking as well as other financial services for the Internet. Its architecture and infrastructure provide a secure and scalable business transaction platform with integrated transaction management solutions for business-to-business e-commerce as well as online auctions and exchanges.
For more information, please visit: escrow.com |
