RICHMOND, BC, Jan. 31 /CNW/ - MacDonald, Dettwiler and Associates Ltd.
(TSX: MDA), a provider of essential information solutions, announced today
that Wertweiser GmbH, its joint business initiative with HVBExpertise GmbH in
Germany, has signed its first contract and is launching its automated
This first booking by Wertweiser is a multi-year contract with
HypoVereinsbank (HVB), member of the UniCredit-Group, to provide valuations to
support its point-of-sale mortgage origination and underwriting of residential
properties across Germany. This contract is expected to ramp up over the next
few months at which time it will be fully integrated with HVB's workflow. Over
the term of the contract, the range of valuation services provided is
anticipated to expand to meet the need of HVB to comply with the new Basel II
international banking standards.
Wertweiser's information solution is designed to reduce the overall time
and cost involved in professional real estate valuation, by automating
labor-intensive parts of this process using analytical algorithms and models
which draw on extensive property data sources accumulated over time. This
service will be marketed to financial institutions, such as banks, building
and loan associations, and insurance companies that are active in the German
real estate market.
"The Wertweiser valuation service will be the first of its kind in the
German market, and it is expected that other German mortgage banks will be
very interested in taking advantage of the operational efficiencies and
customer service improvements that are made possible with the use of
Wertweiser services," said Raymond Trotz, Chief Appraisar of HypoVereinsbank.
"This multi-year commitment by the parent of our founding business partner
HVBExpertise will put Wertweiser on a sound financial footing and enable the
company to explore expansion opportunities in the German and other European
markets," said John Geddes, Vice President of Business Development at MDA and
a member of the Wertweiser Management Board.
MDA provides advanced information solutions that capture and process vast
amounts of data, produce essential information, and improve the decision
making and operational performance of business and government organizations
Focused on markets and customers with strong repeat business potential,
MDA delivers a broad spectrum of earth and space based information solutions,
ranging from complex operational systems, to tailored information services, to
electronic information products.
MDA employs more than 3,000 people in locations across the United States,
the United Kingdom, and Canada. The Company's common shares trade on the
Toronto Stock Exchange under the symbol TSX:MDA.
This release contains forward-looking statements and information, which
reflect the current view of MacDonald, Dettwiler and Associates Ltd. with
respect to future events and financial performance. Any such forward-looking
statements are subject to risks and uncertainties and MDA's actual results of
operations could differ materially from historical results or current
expectations. Additional information on these and other potential factors that
could affect MDA's financial results are detailed in documents filed from time
to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form
or content of this release.
For further information:
For further information: Wendy Keyzer, MDA External Relations, (604)