another win by Microforum today ($7.30 Cdn.) ...<the online credit industry will increase from $25.7 billion in 1999 to $167 billion in 2003>..
Microforum will be one of those companies leading the way I suspect (and perhaps the reason Canadian Business magazine calls it Canada's fastest growing tech company) ..a good one for your long term portfolios, while it's this cheap.
Credit Union of the Year Chooses Microforum`s CALMS(TM)...
12:39
Solution
TORONTO, July 19 /CNW/ - Microforum Inc. (TSE:MCF) today announced that
the Security Service Federal Credit Union (SSFCU) has chosen Microforum's
CALMS(TM) online credit approval solution.
"Microforum and CALMS(TM) are key components of our next-generation
consumer lending business model," said Jim Laffoon, Security Service's
Executive Vice President and CIO. "By choosing Microforum, we've gained a
technology partner who can deliver the technology that we require. Howard
Pearl is a savvy CEO and he has assembled a very talented team. We have
tremendous confidence in Microforum and expect that CALMS(TM) will reduce our
costs while improving our service to members and our network of indirect
automobile dealerships. It is truly a win-win scenario."
CALMS(TM) allows a vendor to enter a credit application, submit it for
approval, and complete the documents online all in a seamless environment. The
CALMS(TM) system is a web-enabled credit origination solution that exists
online with various distribution channels, allowing potential purchasers to go
from rapid credit check to vendor payment, with actual credit scoring taking
approximately 30 seconds.
When asked how Security Service will benefit from the Microforum
relationship, EVP&CIO, Jim Laffoon, said, "We are a service-driven
organization. Our goal is to provide members with a smooth borrowing
<23>experience from loan application through closing. We focus on providing
experience from loan application through closing. We focus on providing
unsurpassed convenience and value to our members and business partners. Our
formula is simple: be the best and keep getting better. The CALMS(TM) next-
generation solution will increase customer satisfaction and market share while
reducing costs. We were looking for that in a technology partner and we found
it in Microforum".
"This contract with SSFCU is yet another validation of the recognition
that our CALMS(TM) technology is receiving and further demonstrates our
ability to continue to perform and deliver e-business solutions to the U.S.
financial community," said Howard Pearl, Chief Executive Officer of Microforum
Inc.
Forrester Research, Inc., a leading market research firm, predicts that
the online credit industry will increase from $25.7 billion in 1999 to $167
billion in 2003.
About Security Service Federal Credit Union
Security Service Federal Credit Union (SSFCU) is the largest credit union
<41>in San Antonio with more than $1.8 billion in assets. With more than 400,000
in San Antonio with more than $1.8 billion in assets. With more than 400,000
members worldwide, SSFCU is served by 20 service centers in Texas and eight in
Colorado and is the 12th largest credit union in the nation. In 1999, SSFCU
was named the "Federal Credit Union of the Year" by the National Association
of Federal Credit Unions, an organization that represents the country's 7100
federally chartered credit unions. For more information please visit their web
<47>site at www.ssfcu.org.
site at www.ssfcu.org.
About Microforum
Microforum Inc. (www.microforum.com) is a leading North American digital
business transformation company providing a broad range of electronic
commerce, Internet strategy and database services. Microforum is publicly
<54>traded on The Toronto Stock Exchange under the symbol "MCF" and is
traded on The Toronto Stock Exchange under the symbol "MCF" and is
headquartered in Toronto, with offices in Halifax, NS, Vancouver, BC, Chicago,
IL, San Francisco, CA and Seattle, WA.
Forward-Looking Statements
Investors should take note that certain statements in this press release
are forward-looking and may not give full weight to all of the potential risks
and uncertainties. These forward-looking statements include statements that
<63>are subject to risks and uncertainties. Forward-Looking statements are subject
are subject to risks and uncertainties. Forward-Looking statements are subject
by their nature to risks and uncertainties, and actual results, actions or
events could differ materially from those set forth in the forward-looking
statements. Any forward-looking statements speak only as of the date made. The
Company is not undertaking to update any information in the foregoing reports
until the effective date of its future reports required by the securities
laws.
/For further information: INVESTOR INFORMATION: The Investor Relations Group,
1-800-444-9214, microforum(at)invrel.com, www.invrel.com; CORPORATE INFORMATION:
Howard Pearl, Chief Executive Officer, Microforum Inc., (905) 670-8000,
hpearl(at)mf.com/ |
