Versabanq provides no cost AmSchedule software ideal for banks & credit unions to accommodate virtually any borrower's request for a custom amortization schedule

    LONDON, ON, Oct. 18 /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., has made
its new product, AmSchedule Express, available as a free download on its
Versabanq website. Interested financial institutions can download this product
    Versabanq's main product line is a comprehensive end-to-end Asset and
Deposit Management System (AMS and DMS) for small and medium financial
institutions. AmSchedule Express is a simple component of this system that has
been designed to easily plug into a bank's or credit union's lending
operations, allowing them to accommodate virtually any borrowers request for a
custom amortization schedule.
    Mr. Taylor, Versabanq's Chairman and CEO, stated that, "we are providing
this tool to give our target customers a feel for the tremendous versatility
and ease of use of our banking software. Many small financial institutions
struggle to accommodate their customers' request for custom amortization
schedules by using spreadsheets, which can be time consuming and prone to
error. AMS and DMS truly is software you can bank on."
    Mr. Mark Sibthorpe, Publisher of BankNews TV Publishing Corp., an
external 3rd party that conducted a bench-marking exercise of AMS and DMS,
stated that Versabanq's banking software represented one of the most
interesting sets of products reviewed. "The software provides incredible
flexibility and speed, featuring excellent portfolio management and extensive
reporting and analysis tools" along with "many pluses that other products
could learn from".
    David Taylor added that while the Canadian market of hundreds of small to
mid-sized banks and credit unions are an obvious target market, he expected
Versabanq's state of the art software to be particularly appealing to the U.S.
market. This is due to the fact that it is fully Basel II compliant and U.S.
financial institutions will soon need Basel II compliant software. More than
50% of the huge U.S. financial institution industries are squarely in
Versabanq's target market.
    The licensing of Versabanq's Software has the potential to provide a very
significant new revenue stream for Pacific & Western Credit Corp.

    To receive company news releases via e-mail: Karen McConnell, (519)
    Further information on PWC is available through Pacific & Western's
corporate web site at and

For further information:

For further information: For further information on VersaBanq: Neil
Beaton, (519) 488-1257, or Steve Estabrooks, (519)
488-1261,; For further information on PWC: Bruce Schruder,
Investor Relations, 1-800-244-1509,; Tel
Matrundola, Vice President, Public & Government Relations, (416) 203-0882,

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