(COMTEX) B: VLDC TECHNOLOGIES INC - Acquisition of Asset Network Partnership Mortgage Operations
News on one of M&A West's Investment Companies
New York, New York, Aug. 09, 2000 (Market News Publishing via COMTEX) -- VLDC
Technologies Inc. announced that it has signed a letter of intent to acquire all
of the mortgage banking assets and intellectual property of the Asset Network
Partnership, a Blue Bell, Pennsylvania mortgage services company. The Asset
Network Partnership owns four profitable business-to-consumer (B2C) mortgage
origination Web sites, and manages originations for several co-branded sites. In
addition, the Asset Network Partnership has developed the Mortgage Loan
Associate(TM) program that allows realtors, insurance agents, accountants and
financial planners to originate loans on behalf of licensed mortgage lenders.
After closing, the Asset Network Partnership assets will be merged into
pcLoans.com Inc., the mortgage lending subsidiary of VLDC Technologies Inc., and
will trade as the Fi$mart.com division of pcLoans.com Inc.
William L. Krause, the managing partner of the Asset Network Partnership, will
join pcLoans.com's board of directors and will manage the day-to-day operations
of Fi$mart.com. At the Asset Network Partnership, Mr. Krause applied technology
in various enterprises to improve productivity through the automation of sales
and marketing functions. Since 1990, Mr. Krause has directed his efforts towards
the mortgage banking industry. Mr. Krause received his BS in Electrical
Engineering from Cornell University, and MBA and MA in Econometrica from Wayne
State University.
Mr. Krause commented, "We're excited to have pcLoans.com's management and
support systems to handle our rapidly growing Internet loan volume. The Fi$mart
team has achieved a profitable Internet origination model, and this merger can
really unleash our growth potential." Mr. Krause also noted that the business
plans of pcLoans and the Fi$mart group are very synergistic which will allow the
company to more effectively leverage its investment in technology.
Last month, pcLoans.com launched its unique business-to-business (B2B) online
lending network through its proprietary Net Affiliate program. This network
allows small- to mid-sized mortgage lenders and brokers access to
state-of-the-art Web technology coupled with the ability to originate loans in
all 50 states. By affiliating with pcLoans.com's nationwide network of loan
originators, traditional mortgage companies can utilize "clicks-and-bricks"
lending strategies to expand their geographic capabilities and customer base.
Michael Scott Hess, CEO of VLDC Technologies Inc. said, "By acquiring the Asset
Network Partnership's Mortgage Loan Associate(TM) program, pcLoans.com will be
able to extend the Internet origination and licensing resources available to Net
Affiliates down to the level of the local realtor, insurance agent and financial
planner. This is a logical extension of our Net Affiliate marketing program, and
it supports our core strategy of pushing marketing infrastructure and expenses
out to the company's point-of-sale contact -- the local affiliate."
Other companies in the online mortgage origination market include Mortgage.com
(Nasdaq:MDCM), Finet.com (Nasdaq:FNCM), Lending Tree (Nasdaq:TREE) and E-Loan
(Nasdaq:EELN).
About pcLoans.com Inc. pcLoans.com Inc. operates as an Internet mortgage
originator via a proprietary B2B marketing strategy. The company's integrated
Web site -- www.pcLoans.com -- gives users the convenience of the Internet
coupled with the personal touch of a local loan officer. The company employs a
unique three-step approach to building a national brand. First, pcLoans.com is
acquiring and consolidating traditional "bricks-and-mortar" mortgage companies
into a national network of regional operations centers. Second, the company is
enabling this network with state-of-the-art Internet origination and technology
systems. Third, pcLoans.com is rolling out a national network of local
origination affiliates capable of driving repeat business to its Web site. By
deploying this three-step approach, pcLoans.com anticipates that its rapid
growth and market penetration will continue to accelerate.
About VLDC Technologies Inc. VLDC Technologies Inc. (VLDC) acquires and invests
in companies that combine leading edge technology with innovative, market-driven
business models. In addition to wholly-owned subsidiary pcLoans.com, VLDC has
significant investments in International Mercantile Corporation (OTCBB:IMTL), an
Internet-based computer manufacturer; Global Link Technologies Inc. (OTC:GLTK),
an energy technology corporation; and HomeSmart.com (www.homesmart.com), an
Internet real estate portal.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: This news release contains forward-looking information within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements that include
the words "believes," "expects," "anticipates" or similar expressions. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
VLDC Technologies Inc. and pcLoans.com Inc. to differ materially from those
expressed or implied by such forward-looking statements.
Merger Communications (Merger) is a media relations firm employed by VLDC
Technologies Inc. Merger and VLDC believe that all information in this release
has been obtained from sources considered reliable, but cannot guarantee that
the statements presented herein are accurate or complete. According to the
agreement between Merger and VLDC, Merger's monthly compensation for its
financial media relations services, which includes the preparation and
distribution of press releases, consists of five thousand free trading shares of
VLDC common stock per month paid to Merger by M&A West Inc. Merger typically has
a long position in the securities of the companies in which it publishes
information, and Merger may be buying or selling securities in the course of its
regular business.
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