10:39 EDT Tuesday, October 16, 2001
Strong sales in 3rd quarter see new lenders in 41 states adopting
Solimar Technology for automated property valuations (AVM)
TORONTO, Oct. 16 /CNW/ - Basis100 Inc. (BAS:TSE), an e-commerce technology solutions provider for the financial services industry, announced today that the U.S. division has signed 200 new lending customers in the 3rd Quarter, boosting total customers to 1,448 for the company's AVM, PASS. Basis100's PASS product is currently in use with eight of the top ten equity lenders in the U.S.
Each property valuation generated by the system is conducted via the Internet in less than 5 seconds and can be used in lieu of a traditional appraisal during origination, for quality assurance purposes, or to value entire portfolios of properties.
"We have been reinforced as the technology solutions provider of choice for financial service providers, as evidenced by this continued growth," said Basis100, Chairman and CEO, Gary Bartholomew. "About 65% of Basis100 revenues are generated from our U.S. operations, so the continued adoption of the technology and success of the sales efforts means sustained revenue growth for the company."
Many of the new lending customers will fully integrate the Solimar Technology interface into their loan origination system so that extraneous data entry is eliminated, facilitating the quick delivery of loan approvals processed through the system.
"The overwhelming success of our U.S. sales efforts indicate a strong confidence in Basis100's technology solutions for automating mortgage and decisioning processes," said Owais Durrani, President for Basis100's U.S. operations. "Our products allow quicker turn-around times and potentially higher profits on mortgage origination for our customers, and is inline with our corporate objective to bring measurable value to the lending community."
Basis100 acquired Solimar Technology with the purchase of California- based Solimar.Net in February 2000, providing the foundation for its U.S. division. Basis100 now directs its Solimar Technology sales and operations from its U.S. headquarters in Irvine, California.
Basis100 (BAS:TSE) is a leading e-commerce technology solution provider for financial institutions and service providers enabling them to build, distribute, buy and sell their products and services in innovative new ways. Basis100 is focused on the mortgage origination, consumer credit, fixed income trading, and automated property valuation markets across North America. For more information about Basis100, visit www.Basis100.com.
Forward-looking (safe harbor) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.