Monday November 23, 3:23 pm Eastern Time
Company Press Release
Phoenix International to Unveil Next Generation Financial Services Solution At Bank Administration Institute's Retail Delivery Conference
Phoenix and Microsoft Join Forces On New Initiative
ORLANDO, Fla.--(BUSINESS WIRE)--Nov. 23, 1998-- Phoenix International Ltd., Inc., (Nasdaq/NM:PHXX - news), a world leader in client/server financial management solutions, today announced that Peter Hazlehurst, vice president of research & emerging technologies of Phoenix International, will present an overview of a new set of technologies, called ''Aurora'', that will be built on Microsoft Windows® Distributed interNet Applications architecture for Financial Services (''Microsoft Windows DNAfs''). The special product briefing will be held Thursday, December 3, 1998, during the Bank Administration Institute's (''BAI'') Retail Delivery Conference in Las Vegas, Nevada.
The Microsoft initiative, which Phoenix has played a vital role in shaping, involves the creation of an industry development framework built on Microsoft's core DNA technologies that it is hoped will provide revolutionary operational improvements and significant reductions in the cost of ownership for implementing various systems and applications. In addition, it is believed that this new framework will greatly improve bankers' ability to more rapidly implement new and emerging technologies.
Built on the backbone of Phoenix's core client/server-based technology, Aurora will utilize the benefits of client/server technology, but will be enhanced by the use of a distributed processing computing model. Distributed processing is a computing environment that allows business logic functions to be assigned to the most appropriate computing platform for a particular task. Although the distributed computing concept is not new, Microsoft has led the charge in making it an accessible application development methodology through its technologies: COM (Component Object Model), DCOM (Distributed COM) and COM+. Windows DNAfs represents the application of these component-based development methodologies to the financial services market.
Commenting on the initiative, Hazlehurst stated, ''Microsoft Windows DNAfs is intended to address financial institutions' needs for custom products and to allow bankers to concentrate on the business of banking instead of technology systems. Simply put, the big advantage that I see for banks is that management can think at a high level about the bank's business and not worry about the plumbing underneath.
''Phoenix and Microsoft are firmly committed to Windows DNAfs. Phoenix had the vision only a few years ago to build a banking system from scratch using client/server computer technology. Today, that very technology is replacing legacy systems and Windows DNAfs is a natural progression of that vision. We are committed to providing the financial industry with the most advanced solutions available.''
Hazlehurst continued, ''Clearly, technology isn't static and neither is Phoenix. We firmly believe Windows DNAfs is the direction the financial industry needs to follow and we have already begun planning some of our next generation core banking systems, namely the Aurora project. Our focus is to fully embrace Windows DNAfs as a central part of our future development in order to benefit our clients and maintain our technological leadership position.''
According to Mike Dusche, financial services industry marketing manager for Microsoft, Phoenix has played a pivotal role in contributing to the DNAfs business model. ''As one of the original members of Microsoft's DNAfs Advisory Board, Phoenix has provided considerable resources and contributed business and application expertise in this endeavor. Microsoft's role has been that of facilitator, bringing the participating vendors together in a collaborative environment. It is Phoenix's experience in retail banking that has been a crucial component in helping shape the direction of DNAfs to ensure its viability for the financial community,'' Dusche said.
Phoenix International Ltd., Inc., headquartered in Orlando, Florida, is a leading provider of highly adaptable, enterprise-wide client/server application software to the financial services industry worldwide. The Company's products include the Phoenix System, a fully integrated client/server retail banking system that includes customer relationship information management, on-line customer profitability analysis, financial reporting, an executive information management system and fully integrated teller, telephone, ATM and Internet banking modules; Phoenix TradeWind™, a trade finance system; and Phoenix TradeCentre, a global payments system. As a full service provider, Phoenix offers clients a full complement of professional and systems integration services.
This press release contains statements which constitute forward-looking statements 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or expectations of the Company and its management with respect to, among other things: (i) the anticipated impact of certain events and circumstances; (ii) trends affecting the Company's financial condition or results of operations; and (iii) the Company's growth strategy and operating strategy. Phoenix's actual results may vary significantly from the results anticipated in these forward-looking statements as a result of various risks, assumptions and certain factors. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are the Company's ability to continue and manage growth; reliance on significant new customers; fluctuations in quarterly results; dependence on new products; competition and other factors that are discussed in detail in Phoenix's filings with the Securities and Exchange Commission, including the ''Risk Factors'' section in Phoenix's Registration Statement on Form S-1 (Registration No. 333-31415), as declared effective by the Securities and Exchange Commission on August 13, 1997.
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