VGCP - PRESS RELEASE:
Viking Systems, Inc. Signs Strategic Alliance With Pearse EFT, Inc. for Electronic Banking E-commerce Application
Alliance Provides State-of-the-Art Middleware to Enable On-Line Banking Via Viking Systems Network
DALLAS--(BUSINESS WIRE)--Jan. 26, 1999-- Viking Systems, Inc., a wholly owned subsidiary of Viking Capital Group, Inc. (OTC: VGCP - news), 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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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
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