Another One - Thursday August 19, 9:40 am Eastern Time
Company Press Release
Viking Announces Availability of Benefits IP
Proprietary Human Resource and Benefits Software System to Provide Online Employee Benefits Data to Employees
DALLAS--(BUSINESS WIRE)--Aug. 19, 1999--Viking Systems, Inc. (VSI) - a wholly owned subsidiary of Viking Capital Group, Inc. (OTC BB: VGCP) announced today the availability of a software system which is expected to generate substantial additional income for the Company. The Benefits IP (Internet Portal) software has been written to assist companies in further leveraging their workforce talents, and provide online employee benefits data to their employees.
The native Web application, developed by Viking Systems, Inc. has been designed to increase the human resources (HR) and Benefits departments efficiency, and reduce the operational expenses of the respective HR/ benefits organization. By completing Viking's vision of its own software for providing companies with an easy to use tool to bring the workforce, company and administration into an integrated paradigm, the Benefits IP service bureau will enable corporations to immediately take advantage of the Internet connectivity and information resources.
Barbara Hitz, senior vice president of operations said, ''We achieved a holistic system solution to a unique database design, HR/benefits administration, employee and applicant access, and management's instant-access to information. Other software and service bureau products give the client an ''either or solution.'' Either implement software and manage in-house - with high implementation costs and maintenance - or outsource to a service bureau with cookie-cutter structure and limited fields and functionality. Our Benefits IP system structure brings the organization the best of both worlds without the headaches inherent in the two choices.''
The Benefits IP software will serve several markets. Garry Millar, CEO of Viking Systems, Inc., states, ''We are looking forward to assisting our banking clients in adding value to their service bureau payroll accounts. With Benefits IP, the bank's payroll client has a complete package to make informed business decisions and meet reporting requirements, while using state of the art technology.''
Viking provides a full range of financial services through subsidiary divisions specializing in service bureaus for insurance, Internet banking, on-line brokerage services and other on-line administration services. Benefits IP is an integral part of the Viking Capital Financial Network (VCFN) platform.
ABOUT VIKING SYSTEMS, INC.
Viking Systems, Inc., is a wholly owned subsidiary of Viking Capital Group, Inc. (OTC BB:VGCP - news), headquartered in Dallas. Viking Systems, Inc. is responsible for all data processing and technology needs of its parent and sister companies and its external customers. VSI's focus is developing its private network (Viking Capital Financial Network) to provide all of its customers high quality video, voice, and data communications and to further serve those customers by providing, in cooperation with its sister companies, applications and additional products and services over the private network and the Internet. These Internet based products and services include Universal IP (insurance), IP Banker (remote banking), Benefits IP (employee benefit plan data processing), IP Trader (securities trading) and IP Marketer (sales organizations). The Company's target market is financial services operations such as banks, insurance companies, and employee benefit plans.
ABOUT VIKING CAPITAL GROUP, INC.
Viking Capital Group, Inc. corporate headquarters in Dallas, is creating a group of strategically positioned companies to provide specialized solutions, using proprietary technology to reduce costs and improve quality of service to employee benefit plans, banks, insurance companies and their respective marketing organizations as well as other financial institutions. Simultaneously, the Company plans to purchase and manage its own portfolio of insurance company assets. The Company's strategic goal is to acquire $1.5 billion in insurance managed assets through the purchase of existing life insurance companies. Viking is a fully reporting SEC Company and is traded on the OTC-BB market under the symbol VGCP.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Certain statements made by the Company which are not historical facts may be considered forward-looking statements, including, without limitations, statements as to trends, management's beliefs, expectations and opinions, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors, which may cause actual results to differ materially from those in the forward-looking statements.
Among the factors that could cause actual results, performance or achievement to differ materially from those described or implied in the forward-looking statements are general economic conditions, competition, potential technology changes, changes in or the lack of anticipated changes in the regulatory environment in various countries, the ability to secure partnership or joint-venture relationships with other entities, the ability to raise additional capital to finance expansion, and the risks inherent in new product and service introductions and the entry into new geographic markets.
For further information that could cause actual results to differ from the Company's expectations, as well as other factors that could affect the Company's financial statements please refer to the Company's report filed with the Securities and Exchange Commission.
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Contact:
Viking Capital Group Inc., Dallas
Matthew W. Fossen, 972/386-9996 or mfossen@vcgi.com |
