WealthCraft to Sell 60% Stake to EAB Systems (Australia) Limited in Exchange for License to Sell EAB Systems Products
HONG KONG--(Business Wire)--
WealthCraft Systems Inc. (OTCBB:WCSY), has announced the signing
of a Heads of Agreement with EAB Systems (Australia) Limited (EABA),
pursuant to which WealthCraft has been granted a license to
exclusively sell EABA products in Australia and New Zealand and to
exclusively sell EABA products worldwide to clients introduced by EABA
or WealthCraft. The EABA products are licensed by EABA from EAB
Systems (Hong Kong) Limited (EAB). EABA is jointly owned and
controlled by EAB and Raw Capital Partners Limited (RCA).
In consideration for the license, WealthCraft has agreed to issue
to EABA common shares representing 60% of the outstanding stock of
WealthCraft. By entering into the agreement, WealthCraft and EABA seek
to establish an organization to develop Asia's leading provider of
technology and information services in the life insurance and wealth
management industry in the Asia Pacific region (the business).
The EAB products licensed by EABA are business solutions designed
for the life insurance and wealth management financial services
industry. They are designed to help customers reduce their total cost
of administration and accelerate the introduction of financial
products to the market and enhance customers distribution
capabilities. The solutions are comprehensive, multi-currency and
ready for global application.
The products are available both as an integrated or modular
enterprise solution platform to provide a full suite of enterprise
advisory business solutions, day-to-day management of life insurance
operations, day-to-day management of group business operations,
support for virtually all general or non-life insurance products,
front-end Portfolio Management Tools all the way to back-end
transaction administration.
WealthCraft will be the marketing and distribution arm of the
business and will be initially marketing the extensive range of EAB
products to WealthCraft's existing customer base.
EABA is a company jointly owned by Raw Capital Partners Limited
(RCA) and EAB Systems (Hong Kong) Limited. In connection with the
agreement, RCA, which is listed on the Australian Stock Exchange, will
assist WealthCraft in raising between US$5 Million and US$20 Million
in new capital. It is anticipated that RCA will play a key role and
will have significant input into the development of the business
throughout the Asia Pacific region.
About EAB Systems Australia
www.eabsystems.com
EAB Systems is a leader in enterprise software and consulting
services for the life insurance and wealth management industries
throughout the Asia Pacific region. With 15 multi-national customers
globally - including nearly a dozen insurance carrier clients, EAB has
developed the most complete, modern solution available for life
insurers. EAB's customer base reflects the tremendous success of the
Integrated Insurance System, which provides a true end-to-end
solution.
EABHK has developed an extensive portfolio of leading edge
products covering many facets of the financial services industry, has
proven sales and marketing expertise in the financial services
industry in Hong Kong.
About Raw Capital Partners Ltd
www.rawcapitalpartners.com
Raw Capital Partners Ltd is an Australian based global technology
provider, publicly listed on the Australian Stock Exchange, with a
corporate office based in Brisbane, Australia and other offices in
Sydney, Australia and Hong Kong. RCA has long standing capabilities in
Information Technology. The established technology division known as
Trysoft Technologies provides two services; outsourced information
technology services and billing solutions.
About WealthCraft
www.wealthcraft.com
WealthCraft Systems Inc. (OTCBB:WCSY) headquartered in Hong Kong
SAR, is the parent company of WealthCraft Systems Ltd, an information
technology company that designs, develops, markets and supports a
flexible, scalable and secure technology platform for wealth
management services to financial institutions, including investment
advisory firms, securities brokerage firms, retail and private banks,
mutual fund companies and insurance companies.
WealthCraft's Advisor Workbench enables professionals to develop
their wealth management business while its ATOMS Order Management
provides an integrated back-office system providing order execution,
order management and portfolio and commission management.
WealthCraft's products facilitate seamless implementation of the
industry standard SWIFTNet Funds solution for automated mutual fund
transactions.
This news release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on WealthCraft management's current
expectations and are subject to risks and uncertainties and changes in
circumstances. All forward-looking statements included in this press
release are based upon information available to WealthCraft as of the
date of the press release, and it assumes no obligation to update or
alter its forward- looking statements whether as a result of new
information, future events or otherwise. Further information on risks
or other factors that could affect WealthCraft's results of
operations are detailed in the filings of WealthCraft with the SEC.
WealthCraft Systems Limited
Investor:
Rebecca Meng, +(86) 755-8828-4994
rebecca.meng@wealthcraft.com
or
Upstream Asia Limited
Media:
Jennifer Shay, +(852) 2973-0222
jennifer.shay@upstreamasia.com
Copyright Business Wire 2008
