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Neew One: basis100.com 0 Percent of Canadian Mortgage Brokers will Use Basis100 Technology Strategic Acquisition Provides 27 Canadian Lenders with Access to 2 Minute Mortgage Solution Toronto, Canada, November 2, 1999 - Newly publicly traded Internet-based e-commerce services provider, Basis100 Inc. (TSE:BAS), announced today that it has finalized an exclusive agreement with Morty Systems Inc. (MSI), a major national mortgage broker supplier. Basis100 has acquired MSI's existing technology as well as agreements with 27 lenders and over 1,250 mortgage brokers and producers. The purchase price was satisfied by the issuance of Basis100 shares and a convertible debenture issued by Basis100 to MSI. This strategic acquisition adds another critical technology component to the 2 Minute Mortgage solution, and drastically reduces the time required to sell and implement new mortgage lenders on Basis100's service. Basis100 will migrate existing MSI technology to the Internet platform, which will provide enhanced service to the network's 27 lenders and 1,250 mortgage brokers. These technology enhancements will create efficiencies in the mortgage broker channel, which will result in faster processing times, greater access to information, immediate cost reductions and expanded cross-selling opportunities. MSI will continue to market and support the Canadian mortgage brokerage community. The MSI technology, currently offered to lending institutions such as Toronto Dominion Bank, Scotia Mortgage Corporation, National Bank and Caisse Populaire Desjardins de la Rive, will be upgraded and incorporated into Basis100's browser-based 2 Minute Mortgage solution. Mortgage lenders will have the opportunity to realize the benefits of automated underwriting and workflow capabilities as well as enhanced trading partner integration. Basis100's 2 Minute Mortgage uses Internet-based technology to automate the entire mortgage origination process from start to finish. "By providing Canadian mortgage lenders with immediate access to Basis100's 2 Minute Mortgage solution, we will drive greater efficiencies for the lenders, while enabling them to unlock new value and forge new relationships", said Jason Smith, Executive Vice President Retail Financial Services. "Basis100 is confident that our strategic agreement with Morty will drive value to both companies as well as our respective customers and partners". "Mortgage brokers will benefit from access to Basis100's 2 Minute Mortgage solution. The functional improvements offered by Basis100 technology and product expertise will assist Morty mortgage brokers now and in the future", said Dave Nichol, President of MSI. "Through this alliance, Morty has secured a competitive position in an industry where operating efficiency and new technology-based marketing strategies are crucial to success". Basis100 is founded on the recognition that the entire financial services arena is in a state of profound transformation. This opens the door for new players with innovative market approaches, as well as a deep understanding of the financial services industry and the vision to incorporate state-of-the-art technology into the development of uniquely powerful application services. The company's value-based services increase the efficiency of business-to-business and business-to-consumer transactions. Basis100 is able to uncover new market opportunities and customer bases by applying Internet-based technology to a broad range of financial products, services and channels. Basis100 also links communities of interest networks; this creates cross-selling opportunities around purchase transactions, which drives more value and return for institutions and their trading partners. Morty Systems Inc. (MSI) is one of three major national suppliers of technology designed to automate mortgage origination process. Approximately half of the estimated 2,500 mortgage brokers in Canada subscribe to Morty's services. Regards, TOPSTOCK | ||||||||||||||
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