LOS ANGELES, Sept. 20, 2004 (PRIMEZONE) -- Victory Capital Holdings Corp. (OTCBB:VTYC) announced today that Mr. Jon Fullenkamp has accepted the appointment as the Company's next CEO.
"Over the past two years, we have laid the foundation through partner and vendor relationships for both Global Card and OnDemand. Now that our products and services are being distributed into the marketplace, it's become apparent that in order for us to meet and exceed our projected goals, we need to expand our management team. With Jon's extensive track record of achieving performance and exceeding corporate goals, we are confident that Victory is poised to become a recognized leader in its sector." stated Harold Gregg, Chairman of Victory Capital
With a consistent track record of performance, and possessing over 25 years of cross industry executive leadership experience, Mr. Fullenkamp has a proven ability to assimilate new technology, cross industry segments, and creatively develop new markets and new revenue streams. While personally driving and closing revenue deals as large as $500M, forming multiple national and global distribution networks, he has driven revenue generation at pre-IPO start-ups from -zero- to over $3.5 Billion per year. Mr. Fullenkamp possesses an exemplary track record of effectively and consistently reducing costs of doing business, reducing employee turnover, producing superior profit margins, and has personally re/negotiated numerous supplier agreements as large as $500M adding millions of dollars to the bottom line.
Mr. Fullenkamp, most recently held the position of President and CEO of Verb Exchange, which is a Unified Communications and One Number Gateway Company headquartered in Vancouver, Canada. He was responsible for management restructuring and a complete turn-around, creating 3 new markets and re-establishing corporate goals.
Prior to Verb Exchange, Mr. Fullenkamp was President of the Tacoma, Washington based Long-range wireless technology access company, TagMaster, Inc. He was chosen to develop and manage the selling of twenty-five different products into Canada, USA, and Mexico.
Additionally, Mr. Fullenkamp acted as Chief Executive Officer of CFN, Inc. in San Francisco, California. While running CFN he was responsible for the following:
-- Starting with no market share, within 7-years captured greater
than 30% of total market and over 2 million customers
establishing a North American distribution network of 500-members.
-- Personally closed deals with Chevron ($500M) and Canadian
Government ($100M).
-- Converted the 2 million customers to telephone calling card users
generating an additional $50M in revenue.
-- Established Company as Hewlett-Packard computer equipment VAR
generating $1M/yr. in additional H/W sales.
-- Negotiated transactional agreements with Bank of America,
CitiCorp, and Wells Fargo allowing company to capture revenues
within 24 hours and hold funds for 20-days before releasing funds
forward onto respective distributors (average finance advantage --
3% to 5% on held over funds -- $100M to $200M during a 20-day
period).
-- Negotiated reduced sales tax rate for each of the lower 48 states
saved 7% ($245M).
-- Negotiated supply agreements (averaging $500M) with major
petroleum manufactures. Additional supply agreements for foreign
crude oil -- having access to a fleet of super tankers,
transported own crude in to West Coast based refineries at an
agreed manufacturing cost, then reached supply exchange agreements
with the major petroleum marketers for product exchange and
delivery through out the US (result -- 15% cost of goods
reduction).
-- Established key "big three" supplier vendor relationships,
receiving 10% corporate equipment discount ($20M).
-- Restructured communication architecture from terrestrial/wireless
to satellite/wireless saving $1M per-month.
-- Outsourced software development, saving $2M in
salary/expenses/development costs.
Mr. Gregg will remain Chairman of the Board of the Company and continue to bring his vision and expertise to the Victory family of Companies.
Victory Capital Holdings Corporation (VTYC) organized in Nevada, is a publicly traded company. The Company is designed to leverage the assets of existing, proven technology and to infuse those assets with marketing, management and financial support to become the recognized leader in its space.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.