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(BSNS WIRE) Viking Systems, Inc. Signs Strategic Alliance With Pearse EF
Viking Systems, Inc. Signs Strategic Alliance With Pearse EFT, Inc. for
Electronic Banking E-commerce Application
Business Editors
DALLAS--(BUSINESS WIRE)--Jan. 26, 1999--
Alliance Provides State-of-the-Art Middleware to Enable On-Line
Banking Via Viking Systems Network
Viking Systems, Inc., a wholly owned subsidiary of Viking Capital
Group, Inc. (OTC: VGCP), has completed a strategic alliance agreement
with Pearse EFT, Inc. of Malta, NY. The agreement allows Viking to
offer Pearse's remote banking software application as a service on the
Viking Systems Network (VSN) for banks wishing to provide their
customers with remote or virtual banking services.
Viking Systems will offer both the ability to connect to the VSN
via remote banking middleware and the ability to out-source using a
customized version of the Pearse EFT virtual banking package. Once
installed at the banking client's site, customers of the bank can be
linked via the Internet to Viking's e-commerce Web portal. The portal,
announced on January 14, will provide access to a "financial services
mall" where registered account holders can view and interact with
their "total net worth statement" on a single, secure screen supplied
with information from several participating financial institutions.
Under the agreement, Viking Systems and Pearse will offer the
middleware developed by Pearse, which enables remote banking
applications such as balance inquiries, funds transfer and bill
payment, to banks, credit unions, savings and loans and investment
banking firms connected to the VSN. Pearse will offer its existing
customers the ability to register with the VSN and gain access to
insurance-related services such as Viking's Universal IP insurance and
Benefits IP employee benefits host applications.
Mr. Garry Millar, president of Viking Systems, said, "Pearse's
Remote Banker middleware adds great value to our selling process,
because our clients now have a more seamless option to get their
customers and employees online faster and at far lower cost than
previously thought possible. We see it as a big plus for smaller banks
who might think twice about developing such a system on their own"
Terms of the deal also include the future creation of the Viking
Remote Banking Service Bureau. This service will allow smaller banks
and financial institutions the ability to out-source their remote
banking and other services to Viking Systems rather than purchasing
and establishing their own. Each client bank would link their current
in-house account maintenance systems to the Viking/Pearse system's
server site, located in New York City, giving them access to all of
the Viking's e-commerce host applications and Internet network services.
Mr. Douglas W. Bennett, president of Pearse EFT, said, "This is a
deal that opens up opportunity for both companies. Working together,
we can offer our customers greater value than would be the case if we
worked alone. Our strategic alliance hosts our application on the
world's premium "virtual private network" and extends our research and
development capabilities through association with Viking's other
partners."
The Virtual Banking enhancement will be offered as a premium
value-added component to Viking Systems' original service of
insurance-related data processing and administration. Viking's target
market for this service is more than 1,000 banks in the United States
who may be too small to undertake an independent development program
and an estimated additional 6,000 banks that wish to set up their own
in-house system, utilizing the global Viking Systems Network. Viking
plans to also court foreign banks as the Pearse system has
multi-lingual and multi-currency capabilities.
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 which could cause actual results to
differ from the Company's expectations, as well as other factors which
could affect the Company's financial statements, please refer to the
Company's report filed with the Securities and Exchange Commission.
About Viking Capital Group, Inc.
Viking Capital Group, Inc., head office in Dallas, is creating a
group of streamlined companies to provide specialized administration
services, using proprietary technology to reduce costs and improve
quality of service to insurance companies, banks and 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.
Contact Viking on the World Wide Web. vcgi.com
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--30--LM/na*
CONTACT: Viking Capital Group Inc., Dallas
Investor:
Matthew W. Fossen, 972/386-9996
mfossen@vcgi.com
or
Ackermann Public Relations
Media:
Robert Cathey, 423/584-0550
rcathey@ackermannpr.com
KEYWORD: TEXAS
INDUSTRY KEYWORD: INSURANCE BANKING
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