Thursday June 27, 7:30 am Eastern Time
Press Release
SOURCE: InteliData Technologies Corp.
Mid-Atlantic CFCU Selects InteliData's Next Generation Bill Payment and Presentment Solutions; InteliData Updates Full Year Financial Guidance
Initial Launch to 200 Credit Unions
RESTON, Va., June 27 /PRNewswire-FirstCall/ -- InteliData Technologies Corp. (Nasdaq: INTD - News), a pioneer in electronic banking and bill payment technology, today announced that Mid-Atlantic Corporate Federal Credit Union is in the process of launching InteliData's next generation Electronic Bill Payment and Presentment (EBPP) solution to 200 of the 1,100 credit unions Mid- Atlantic Corporate FCU serves.
(Photo: newscom.com )
InteliWorks(TM) benefits credit union members by aggregating consumer bills from multiple presentment networks. This bill presentment solution allows consumers to view their bills from one consolidated site. InteliWorks' unique ability to offer Least Cost Routing(TM) of payments to multiple electronic endpoints, such as Spectrum EBP and MasterCard RPPS, provides Mid- Atlantic with significant control and cost savings.
"We are leveraging our existing InteliData product solutions in conjunction with the new InteliWorks product suite in order to offer the most robust EBPP solution to our member credit unions," said Jeff Stoner, Vice President of Payment Services at Mid-Atlantic.
InteliData President and CEO Al Dominick said, "We are pleased that Mid- Atlantic is positioning themselves as a leader in the EBPP marketplace by expanding their EBPP offering with InteliWorks. Financial institutions are looking for ways to reduce transaction costs by increasing the number of electronic versus paper transactions, without surrendering that vital transaction data to a third party. InteliWorks is unique in that it offers both."
In other news, Dominick stated, "InteliData is now tightening previous full year revenue guidance which was $21 - $28 million, to an expected range of $23 - $26 million. Additionally, prior full year EBITDA loss projections of $5 - $12 million have now been improved to an expected range of $5 - $9 million in losses, with positive cash flow still anticipated to be achieved during the fourth quarter of this year."
The Company also reaffirmed its previously announced expectations for the second quarter, ending June 30, 2002, which are revenues in the $5 - $6 million range and an EBITDA loss of between $2.0 - $2.5 million.
About Mid-Atlantic
Mid-Atlantic Corporate Federal Credit Union is a federally chartered corporate credit union, which provides investment, lending and payment services, including bill payment, ACH and share draft processing, to more than 1100 credit unions. Visit the website at midatlanticcorp.org.
About InteliData
With over a decade of experience in the industry, InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to top banks, credit unions, and financial institution processors. InteliData's Internet banking products provide large financial institutions throughout the U.S. with proven scalability, flexibility and security in supplying real-time, Internet based banking services to their customers. InteliData continues to lead the charge as the industry moves towards electronic bill presentment and payment (EBPP) with the development of its end-to-end, Biller-to-Consumer EBPP solution, InteliWorks(TM). Visit the company's Web site at intelidata.com. InteliWorks(TM) and Least Cost Routing(TM) are trademarks of InteliData Technologies Corporation.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, our ability to continue funding operating losses, our ability to manage our expenses in line with anticipated business levels, the ability of the Company to complete product implementations in required time frames and the Company's ability to increase its recurring revenues and profits through its ASP business model, the impact of competitive products, pricing pressure, product demand and market acceptance risks, pace of consumer acceptance of home banking and reliance on the Company's bank clients to increase usage of Internet banking by their customers, the effect of general economic conditions on the financial services industry, mergers and acquisitions, risk of integration of the Company's technology by large software companies, the ability of financial institution customers to implement applications in the anticipated time frames or with the anticipated features, functionality or benefits, reliance on key strategic alliances and newly emerging technologies, the ability of the Company to leverage its Spectrum relationship into new business opportunities in the EBPP market, the on-going viability of the mainframe marketplace and demand for traditional mainframe products, the ability to attract and retain key employees, the availability of cash for long-term growth, product obsolescence, ability to reduce product costs, fluctuations in operating results, delays in development of highly complex products and other risks detailed from time to time in InteliData filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 2002 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, InteliData. InteliData is not under any obligation (and expressly disclaims an obligation to) update or alter its forward-looking statements, whether as a result of new information or otherwise.
SOURCE: InteliData Technologies Corp. |
