BOM partnership - CEO Quigg is true to his word
At the April 25 special meeting, Mark Quigg mentioned that Newsys was working at establishing partnerships with some very visible and respected entities. We can now see what he meant.
September 11, 2000
Bank Of Montreal And NewSys Announce e-business Partnership To Provide Small Businesses With New Internet Business Centres
TORONTO, ONTARIO--Bank of Montreal and NewSys Solutions Inc (TSE:
NSS), an Ottawa-based information and communications company, have
signed a letter of intent to launch Internet business centres for
small and mid-sized companies across Canada.
The terms of the agreement provide for Bank of Montreal to pay set
up fees and licensing fees to NewSys on terms to be finalized. As
a further provision of the agreement, NewSys will grant to Bank of
Montreal the option to purchase 500,000 common shares of NewSys at
market price, subject to regulatory approval.
Under the agreement NewSys's wholly-owned subsidiary,
InBusiness.com Inc., will own and operate regional online business
centres customized for Bank of Montreal and the bank's business
client base, comprising more than 450,000 businesses. Bank of
Montreal and InBusiness.com expect to introduce the first BMO
business centre this fall, on a pilot basis, in Ottawa, with other
regional business centres to follow shortly afterwards.
The Business Centres will provide:
* e-news services customized to Bank of Montreal's small and
mid-sized business customers;
* on-line business services for independent businesses;
* business reference and self-help materials;
* practical business tools and applications, such as financial
management and business planning tools;
* marketplace suites for automatic match-making of buyers and
sellers;
* e-commerce transaction fulfillment;
* a range of local information, such as local news, online
business services, business directories and journal articles on
business topics.
"We were impressed by Bank of Montreal's proven e-commerce
capabilities for entrepreneurs in this sector, said David Luxton,
a director of NewSys and President of InBusiness.com. "The bank's
focus on customers and its commitment to the small and mid-sized
marketplace make them an ideal partner in taking this new,
exciting step in e-business."
"Our customers are telling us they look for local information on
the Internet, and these sites deliver that," said Frank Techar,
Senior Vice-President, Small Business Banking, Bank of Montreal.
"They will also be able to click through to bmo.com and use a
range of online banking options, including business loans, bidding
for contracts, online billing and online investing."
In addition to operating private-labeled business centres for Bank
of Montreal, InBusiness.com will offer selected financial and
e-services from the bank at all of the InBusiness.com public
business centres, such as ottawabusinesscentre.com, scheduled to
open this month.
Bank of Montreal, Canada's first bank, has set its sights on
becoming the premier bank for small and mid-market businesses in
Canada. Bank of Montreal has committed to investing more than
$100 million to help enhance financial solutions for small and
mid-market businesses over the next two years.
NewSys is a 10 year old company with an extensive IT practice in
e-Business solutions, plus its own "e-Channel" of community
business publications and virtual business centers through which
it markets valuable e-Products for small and mid-sized companies.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Bank of Montreal
Ralph Marranca
(416) 927-4460
or
InBusiness.com
David Luxton
(613) 769-5353 |
