MOUNDS VIEW, Minn. and ENGLEWOOD, Colo., Jan. 16 /PRNewswire/ -- Liberty,
the credit union movement's leading provider of payment systems, marketing
services and technology solutions, is exploring the feasibility of purchasing
the assets of Cavion Technologies, Inc. (Nasdaq: CAVN).
Cavion offers secure Internet financial products and services designed
specifically for credit unions. An agreement would expand Liberty's offerings
to include Cavion's security-focused private network for credit unions,
CUiNET, and its Internet banking platform, CUiBanking, and its Members
Emporium Internet service.
"Mutual credit union customers have encouraged us to explore adding
Cavion's products and services to our organization," said Robert D. Anderson,
Liberty President and Chief Executive Officer. "We have been impressed with
Cavion's technology developments, service track record and strong IT
reputation with their customers."
Liberty has already initiated a strategy to determine the feasibility of
the Cavion purchase. Over the next two weeks, Liberty will be seeking service
agreements from current Cavion customers, 231 credit unions around the
country. Anderson said Liberty's acquisition decision will be based on Cavion
customer response and commitment. A deadline of Jan. 31 has been established.
The Liberty-Cavion agreement must then also be approved by the bankruptcy
court with which Cavion has filed for Chapter 11 protection.
"The credit union customer agreements must allow the new company to
establish a foundation for a positive cash flow and break-even operating
income," said Anderson. "If the response from Cavion's customer base does not
meet our goals, we will not pursue the acquisition."
The sale of Cavion would make the Nasdaq-traded company part of Liberty, a
15-year-old private, employee- and family-owned company with 920 employees.
Liberty serves 5,000 credit unions in all 50 states, Guam and Puerto Rico.
"Liberty is one of the most respected credit union service providers,"
said David J. Selina, Cavion President and CEO. "Liberty shares Cavion's
credit union focus and commitment. Both companies are dedicated to providing
our customers with technologies necessary to compete in the dynamic financial
services marketplace."
Cavion filed for Chapter 11 bankruptcy protection on Dec. 21, 2000. Under
the reorganization, Cavion remains in possession of current operations and
assets during the reorganization period and has had ongoing negotiations with
several entities interested in acquiring Cavion's assets and providing capital
to continue operations and services.
About Liberty
Liberty partners with 5,000 credit unions in all 50 states, Guam and
Puerto Rico. Liberty's core product is the check, still consumers' leading
financial transaction vehicle. The company is the credit union movement's
leading provider of payment systems (checks, card services, financial
supplies), marketing services (database marketing, creative services,
outsource marketing, market research) and technology solutions (data
processing, Web-site development and hosting, Internet banking). Liberty is
headquartered in Mounds View, Minn., a suburb of Minneapolis-St. Paul. The
company has also established marketing centers in Los Angeles, St. Louis,
Minneapolis and Hartford, Conn. For more information, contact Rick Foy,
Public Relations Manager at 800-607-2435, ext. 2436.
About Cavion
Cavion Technologies offers products and services for secure
business-to-business communications and secure Internet financial products and
services designed specifically for the needs of credit unions. The company's
Internet software products include secure Internet access, online
transactional banking, cellular access, online bill payment, and online loan
decision products, along with enabling software for kiosks.
Cavion created a secure, private communications network called CUiNET
(Credit Union interactive Network) exclusively for the credit union industry.
CUiNET provides a secure, high-speed communications platform for the delivery
of services, transactions and information to and from credit unions and
related organizations, such as trade organizations, corporate credit unions
and credit union vendors. The company's headquarters are located at 6466
South Kenton Street, Englewood, Colo., 80111. Its telephone number is
720-875-1900.
This news release contains forward-looking statements. Cavion uses words
such as "anticipate," "believe," "expect," "future," "may," "will," "should,"
"plan," "projected," "intend" and similar expressions to identify
forward-looking statements. These statements are based on the company's
beliefs and the assumptions it made using information currently available to
it. Because these statements reflect the company's current views concerning
future events, these statements involve risks, uncertainties and assumptions.
The actual results could differ materially from the forward-looking
statements. Some, but not all, of the factors that may cause these
differences are discussed in the risk factors section of the company's
periodic filings under the Securities Act of 1933. In any event, you should
not place undue reliance on these forward-looking statements, which apply only
as of the date of this news release.
SOURCE Liberty Enterprises
 back to top
Related links:
http://www.libertycheck.com
Company News On-Call:
http://www.prnewswire.com/comp/110839.html or fax,
800-758-5804, ext. 110839
CONTACT:
Rick Foy, 800-607-2435, ext. 2436, or Robert
D. Anderson, President & CEO, 800-607-2435, ext. 2355, both of
Liberty, or David Selina, President & CEO of Cavion, 720-875-1910
|
