MOUNDS VIEW, Minn., Feb. 2 /PRNewswire/ -- Liberty Enterprises has
received a significant number of signed new contracts from Cavion Technologies
credit union customers, but will not decide until Monday evening whether to
take the next steps to acquire the Denver-based credit union technology
provider.
The Liberty team, led by Executive Vice President for Internet
Applications Michael Provenzano, has received 65 signed contracts and 20 oral
commitments from credit unions. Liberty is continuing its efforts to secure
credit union commitments through Monday, Feb. 5.
If the necessary number of credit unions, operating income and cash flow
can be identified by Monday, Liberty must then take final steps to complete
the deal, including:
-- Reaching signed agreements with secured creditors to allow Liberty to
acquire the assets of Cavion; and
-- Receiving approval from the U.S. Bankruptcy Court in Denver. (Cavion
filed for Chapter 11 bankruptcy protection on Dec. 21, 2000.)
"Either these steps are completed with signed preliminary agreements with
secured creditors necessary this coming Monday, or we are not going to be able
to complete the acquisition," Liberty President & Chief Executive Officer
Robert D. Anderson said.
"It would be ironic if we secured customer support only to be faced with
unrealistic creditors or delays in the bankruptcy process. We'll need
resolution on all issues on Monday or Tuesday."
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.
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.
For more information, contact Rick Foy, Liberty Public Relations Manager
at 800-607-2435, ext. 2436.
SOURCE Liberty Enterprises
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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, Public Relations, 800-607-2435,
ext. 2436, or Robert D. Anderson, President & CEO, 800-607-2435,
ext. 2355, both of Liberty Enterprises
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