eVision Signs Letter of Intent withQuaker Funds, Inc.
August 10, 1999 11:30 AM
DENVER--(BUSINESS WIRE)--Aug. 10, 1999--eVision USA.Com, Inc. (eVision or the Company) EVIS signed a letter of intent to acquire control of Quaker Funds, Inc. (see www.quakerfunds.com).
Quaker Funds, Inc. is the developer and sponsor of the Quaker Family of Funds, a group of six mutual funds having approximately $70 million assets under management with an independent institutional investment advisor managing each fund. The Quaker Aggressive Growth Fund was rated fourth among the top fifteen performing mutual funds evaluated by the Wall Street Journal on August 2, 1999. The Quaker Aggressive Growth Fund, according to the Wall Street Journal, reflected a 60.25% return for the 52-week period ending July 29, 1999.
"This acquisition will add a new dimension to the Company's broker/dealer related business which has traditionally focused on retail sales and corporate finance," said Mr. Fai H. Chan, President and Chief Executive Officer of eVision. "This should enhance our asset-gathering abilities."
The Quaker Family of Funds was developed to bring the unique skills of prominent investment management firms to the mutual fund community. Quaker Funds include the Core Equity Fund managed by Geewax, Terker & Company, the Aggressive Growth Fund managed by DG Capital Management, the Small Cap Value Fund managed by Aronson + Partners, the Fixed Income Fund managed by Fiduciary Asset Management and the Quaker Mid-Cap and Large-Cap Value Funds managed by Compu-Val Investments.
Quaker Funds, Inc. is based in Valley Forge, Pennsylvania, and is owned by Jeffry King, Principal of Quaker Securities, Inc., Peter Waitneight, Quaker Funds, Inc. President, and David Dameron, Vice President, Marketing. Quaker Funds, Inc. was founded in 1996 and the Quaker Funds commenced operations in November of that year. The Quaker Funds have received favorable comment in the financial press for investment style and performance. The Quaker Small-Cap Value Fund, managed by Ted Aronson of Aronson + Partners, Philadelphia, was the first winner with a feature article in the July 1998 edition of Mutual Funds Magazine. More recently, the Quaker Core Equity Fund, managed by John Geewax of Geewax, Terker & Company, Pennsylvania, and the Quaker Aggressive Growth Fund, managed by Manu Daftary of DG Capital Management, Boston, have attracted press attention.
The terms of the acquisition include payment of 4,666,667 shares of common stock of eVision. After the acquisition, eVision would own approximately 60% of Quaker Funds, Inc. The Quaker Funds, Inc. shareholders will be able to sell their eVision stock back to eVision if the eVision stock does not trade at an average price of $3.00 per share for a period of time between one and two years after the closing. There are also provisions whereby the Quaker Funds, Inc. shareholders may sell the remaining 40% ownership to eVision or buy back the 60% sold to eVision.
The Quarter Funds are now distributed through Schwab OneSource, Waterhouse Advisor NoFee Network, Vanguard Brokerage Services, Fidelity FundsNetwork, E*Trade and other mutual fund "supermarkets." The Quaker Funds will now be made available through American Fronteer Financial Corporation, a subsidiary of eVision.
"I am very excited about this deal," said Jeff King. "I really like the folks at eVision. They have a very good client base and they will be able to use the Quaker Funds to great advantage for individual portfolios. Working together, I believe that we can significantly increase assets."
eVision is a Denver-based holding company with consolidated entities that include American Fronteer Financial Corporation, a regional securities broker/dealer, and eBanker USA.com, Inc. (eBanker) which offers, among other things, Internet-based high-yield lending opportunities. Consolidated developing companies include eBroker USA.Com, Inc. (eBroker), a proposed on-line securities brokerage business. eVision has made a significant investment in Q6 Technologies, Inc. (Q6 Technologies), a business venture surrounding technology-based virtual processing arenas with John Cusick, former founder, chairman and CEO of Primestar, as its chief executive officer.
The statements included in this press release concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.
Note to Editors: This press release contains an asterisk between "E" and "Trade" in the seventh paragraph. This symbol may not appear properly in some systems.
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