Press/News Release
biz.yahoo.com
Tuesday March 30, 8:18 am Eastern Time
Company Press Release
Viking Set to Launch Bank Service Bureau as
E-commerce Network Offering
DALLAS--(BUSINESS WIRE)--March 30, 1999--Viking Systems, Inc. (VSI), a wholly owned subsidiary of Viking Capital
Group, Inc. (OTC BB: VGCP) will leverage a recent agreement with Pearse EFT, Inc. to launch a bank service bureau that
will offer banks the ability to outsource the development and operation of their Internet-based account access and maintenance
systems for their customers.
Called the VS Banker's Service Bureau (VBSB), member banks will no longer need to manage their own systems or maintain
staff to provide Internet banking services to depositors. VSI will handle all systems development, integration, operations,
maintenance, security, hardware/software upgrades, and compliance upgrades for member banks. The VBSB will be based in
the company's operations center in New York City. All fiber optic connections and two, identical backup locations are
managed exclusively by iXnet for the Viking Capital Financial Network (VCFN).
''Banks now have a real-time outsourcing alternative when it comes to setting up and maintaining an online presence for their
customers,'' said Garry Millar, president and CEO of Viking Systems, Inc. ''Creating the VS Banker's Service Bureau and
adding it to our current services lineup, gives Viking's banking customers direct access through VCFN gateway to a fully
integrated range of financial services and e-commerce business solutions.''
A fully customized Website and URL address are provided for each member bank. The VBSB service includes enabling of
everyday depositor services such as:
-- account activation
-- account information
-- customer to bank communication
-- manual payments
-- auto bill pay setup and maintenance
-- intra-bank funds transfers
Cost for the service is a one-time setup fee of $75,000 to cover site development, hardware, software licenses, and site
launch. In addition, a monthly fee of $1 per depositor covers all inclusive depositor account maintenance and overall site
maintenance. All monthly telecommunications charges and any routers or on-site equipment are included under this fee
structure. Service contracts typically are a minimum of seven years, depending on the level of required service.
Once members are connected to the Viking Capital Financial Network, banks can offer customers additional fee generating
online services, including employee benefits administration, insurance, and securities trading.
The VBSB software is Y2K compliant and is designed to meet or exceed OCC security requirements. VBSB also fully
supports ACH correspondent banking requirements.
In addition to servicing banks, VBSB allows S&Ls, credit unions and investment banks to offer remote banking and remote
bill pay services to their customers. VBSB also can provide a complete virtual banking implementation package for businesses
considering entering the commercial banking business.
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
Media contact: Robert Cathey, 423/584-0550
or rcathey@ackermannpr.com
Investor contact: Matthew W. Fossen, CFO
Viking Capital Group, Inc. 972/386-9996 or mfossen@vcgi.com
NOTICE: Individuals who wish to receive news on VGCP via e-mail please send their name and e-mail address with the
words ''add to VGCP list'' to sgonzalez@ackermannpr.com. Documents will be sent in RTF and inline text formats.
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
Regards,
TOPSTOCK
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