To: +Blue Voodoo (13633 )
From: +Kimberly Lee
Tuesday, Aug 10 1999 11:55AM ET
Reply # of 13657
bought EVIS, 0.72, on excellent news: eVision Signs Letter of Intent with Quaker
Funds, Inc. lance tips me off on this one
B: eVision Signs Letter of Intent with Quaker Funds, Inc.
DENVER, Aug 10, 1999 (BUSINESS WIRE via COMTEX) -- eVision USA.Com,
Inc. (eVision or the Company) (OTC BB: 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 inQ6 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.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: eVision USA.Com, Inc., Denver
Gary L. Cook, 303/860-1700
WEB PAGE: businesswire.com
GEOGRAPHY: COLORADO PENNSYLVANIA
INDUSTRY CODE: COMED
COMPUTERS/ELECTRONICS
INTERACTIVE/MULTIMEDIA/INTERNET
BANKING
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