Although no mention of MCF, with all the talk of the possibilities of Calms, thought the thread might be interested.
newswire.ca
NORTH BAY, ON, May 13 /CNW/ - Equisure Financial Network Inc.
(TSE ''EFN'') is extremely pleased to announce that it plans to launch a
major Internet based financial service e-commerce site under the name
''moneyramp.com''.
Moneyramp.com will offer the growing ranks of Internet consumers the
opportunity to obtain quotations and purchase or access on-line in real time,
one or more of the following financial services: auto insurance, home
insurance, life insurance, travel insurance, critical illness insurance,
mortgage life and disability insurance, residential mortgages, vehicle leases,
personal lines of credit, high interest savings accounts, GIC's, RRSP's,
RESP's, credit cards, mutual funds, segregated funds, full service stock
brokerage services, discount stock brokerage services, on-line tax
preparation, pension and estate planning services. These services will be
marketed under the moneyramp.com brand name.
It is estimated that approximately 50% of all financial related services
to be sold on moneyramp.com will be provided by companies which are
subsidiaries or affiliates of Equisure Financial Network. The remaining 50% is
expected to be provided by third party financial service corporations which
Equisure Financial currently has or will have strategmoc alliances with.
To further enhance the capabilities of the moneyramp.com site, site
visitors can register to receive free access to a multitude of utilities and
software tools which are designed for ease of use by do it yourself
enthusiasts. Registered users will receive ongoing financial news, utility and
software updates, the ability to access a personalized portfolio tracking
system, as well as a whole range of useful additional services. The utilities
and tools range from mortgage amortization calculators to capital analysis
worksheets, from financial net worth calculators to on-line downloadable will
preparation kits. Additional content on moneyramp.com will also include stock
indexes, stock and mutual fund quotations, bank rates, currency exchange
rates, mortgage, GIC and savings rates, press releases, news, weather and
sports updates. Moneyramp.com will also contain a library of business
publications and self-help books that can be purchased on line.
The rapid pace of Internet and e-commerce growth continues to astound and
amaze most everyone. In 1983 there were just over 500 Internet users, yet by
year end 1998, over 95.4 million users had access to the Internet from either
their home or office. It is estimated that by the year 2000, total Internet
users could exceed 172 million. E-commerce revenue (the purchase of goods and
services from the Internet and computer based networks) topped $33 billion in
1998 and is expected to reach over $600 billion by year 2002. The $1 trillion
mark in e-commerce revenue is estimated to be realized within five years.
Equisure Financial, as Canada's largest general and life insurance and
financial service network, recognizes fully the importance of sharing in these
potential colossal e-commerce revenues, as a significant supplement to the
growing revenues already derived by Equisure from its existing 143 full
service insurance and financial service offices across Canada.
While at this time it is unknown as to the extent of financial service
sales that will ultimately be produced through the moneyramp.com site,
Equisure intends to devote the necessary resources to ensure that
moneyramp.com meets Equisure's expectations. Moneyramp.com is expected to go
live with substantial core content by September 1, 1999, with full site
content completed by November 30, 1999. New members may register on the site
immediately at no cost.
One of Equisure's subsidiaries is efni CONNECT, a very successful
regional Internet Service Provider (ISP) which currently services thousands of
Internet clients utilizing the most advanced digital connectivity equipment
and routing devices backed by a T3 feed to the Internet backbone. Efni
CONNECT's highly competent e-commerce division has been tasked by Equisure
with the development project, including web application integration with core
systems as well as the security infrastructure of the site.
Moneyramp.com will operate as a wholly owned subsidiary of Equisure
Financial Network Inc. and is expected to generate ongoing revenue for the
Equisure network from four primary sources: commissions and fees from the
sale of various insurance and financial services sold by Equisure's
subsidiaries and affiliates, commissions and fees from the sale of
moneyramp.com third party financial services, fees from sales of specific
planning and consulting services, and revenue from site advertising and sales
of investor self help books and software.
Equisure plans to continue to expand its existing network of full service
insurance, financial service and banking operations throughout Canada and,
through moneyramp.com, create a potential new source of revenue for the
Corporation by offering a wide range of Internet based financial services to
those consumers, who now or in the future turn to the Internet for insurance,
financial services and advice.
Equisure Financial Network Inc. with 143 offices is the largest Canadian
owned publicly traded general and life insurance and financial service
brokerage network in Canada. With the completion of the most recently
announced acquisition, Equisure's consolidated annualized commission revenue
will exceed $104 million and annual network premium volume will climb to
approximately $325 million. Equisure, through wholly owned subsidiaries,
operates major regional brokerages throughout Canada, which deliver full
service general, life, group, mutual funds and financial service products to
an estimated 300,000 clients. Equisure also owns the ''Balanced Planning
Financial Group'', one of Canada's largest independent financial planning
firms, with over $2.7 billion in mutual funds under administration and
''Evangeline Trust Company'', a federally chartered trust company currently
licensed to do business in Ontario, Nova Scotia, New Brunswick, P.E.I. and
Alberta. In addition, Equisure owns ''South Western Insurance Group'', one of
Canada's largest insurance intermediaries, currently servicing 2,600
independent brokers in Canada. Equisure also holds equity interests in a
Bermuda-based insurance management firm. In the technology sector, the
Corporation owns ''efni CONNECT'' a major regional Internet service provider.
Signed at North Bay, Ontario, May 13, 1999.
GEORGE R. HUTCHISON
C.E.O. & Chairman of the Board
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