Francois:
I'm looking into it. Volume was up 100% today but it did affected the price only negatively! They announced a plan at the end of March but still have to carry through with it (signing up banks to their service). I've contacted their IR and am waiting for a response.
Dirk
PS. I enjoy your thread just wish I had gotten in when you first called XNET @0.48, I believe!
News of a few days ago:
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
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