Versabanq Innovations Inc. announces software application sale with Via Bank

LONDON, Dec. 9 /CNW/ - David Taylor, President & C.E.O. of Pacific & Western Credit Corp. (TSX:PWC), is pleased to announce that Pacific & Western Credit Corp.'s wholly owned subsidiary, Versabanq Innovations Inc. ("Versabanq"), has signed a licensing agreement with Via Bank Ltd. ("Viabank"), an international bank with operations headquartered in St. Lucia.

Through the agreement, Versabanq will provide Viabank with a turn-key software solution for their banking operations. "We are very excited to be providing this service to Viabank. As an international bank, Viabank provides innovative financing to major projects around the world. Versabanq's applications are ideally suited to support Viabank, allowing them to serve their markets and customers with maximum efficiency", said David Taylor.

Neil Beaton, President of Versabanq, stated that "Versabanq specializes in providing powerful, flexible and easily integrated solutions. Our Asset Management System (AMS) is a full-lifecycle loan origination and management system that can also be broken into modules and integrated with other core banking systems. The Deposit Management System (DMS) provides financial institutions with an original and highly efficient alternative method of deposit gathering via deposit brokers. Having Viabank as a customer underscores Versabanq's capability to provide our innovative products not only to the Canadian market, but also internationally."

Jordan Oxley, President of Viabank said, "We were very impressed with the solutions Versabanq has developed. Our financing requires significant flexibility since the loans themselves and the various relationships of the involved parties are often very complex. With Versabanq's AMS, we will be able to manage all of the intricacies of our business in a fully automated fashion."

Versabanq provides state of the art, reliable and versatile information technology solutions for financial institutions. Using the latest internet-age software development techniques, Versabanq gives our customers the opportunity to offer entirely new kinds of financial services and products to previously unreachable markets.

Versabanq is wholly owned by Pacific & Western Credit Corp., whose shares trade on the TSX under the symbol PWC. Viabank was incorporated as a Class A bank in St. Lucia in 2007 and will commence operations after implementation of the Versabanq system.

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SOURCE Pacific & Western Credit Corp.

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