Message #2 From:
NewsBot Date: April 4, 2008 08:12:49 AM
WealthCraft to Sell 60% Stake to EAB Systems (Australia) Limited in Exchange for License to Sell EAB Systems Products
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-nationalcustomers
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.
