Consolidated Data Completes Major Acquisition of YourBank Online.com|
MOUNTLAKE TERRACE, Wash.--(BUSINESS WIRE)--March 30, 1999-- Consolidated Data (OTC BB:CSDD - news) announced today that it has finalized an agreement with DETK Corporation to purchase its proprietary software YourBank Online.com.
The ten million ($10,000,000) purchase price is to be paid in a combination of cash and stock. YourBank Online.com is a dynamic browser-based software that uses the most advanced technology to deliver user-specific financial services and products via the Internet, IntraNets or Microsoft's (Nasdaq:MSFT - news) WebTV.
YourBank Online.com was developed in cooperation with Microsoft and River City Bank (OTC BB:AMRB - news) of Sacramento, California over a one year period of time with BETA testing completed and two additional years of use by numerous financial institutions on a variety of platforms. YourBank Online.com has proven to be extremely stable. In addition, YourBank Online.com has received outstanding industry reviews and has been well received by the approximately 25,000 users.
YourBank Online.com utilizes a central ''data warehouse'' concept of providing functional interfaces to bank customers for a variety of financial management needs, i.e. bill paying, bill presentation online for application and approval, realtime stock quotes and execution, along with the more traditional transactions, such as checking and savings.
YourBank Online.com uses U.S. grade encryption of 128 bit-key (SSL) designed by Netscape Corporation (Nasdaq:NSCP - news). Detailed transaction logging provides the ultimate in audit trails. Both federal and state regulations have accepted YourBank Online.com and recognize its use.
Consolidated Data's business model is to be at the forefront of this Internet technology revolution by being a leader and provider of E-Commerce Solutions on a global basis. With less than one percent of the nation's financial institutions presently offering online services, coupled with the fact that customers are seeking Internet banking capabilities on a daily basis, Consolidated Data's acquisition of YourBank Online.com should prove to be the nucleus of their business.
Statements in this release may contain forward-looking information within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934, and is subject to the safe harbor created by those sections. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of Consolidated Data (CSDD), are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Consolidated Data assumes no obligation to update information contained in this release.
S. Everett Coryell