LOS ANGELES, July 15, 2004 (PRIMEZONE) -- Victory Capital Holdings Corp. (OTCBB:VTYC) announced today that its Board of Directors has approved the formation of Corporate Network, Inc. as a wholly owned subsidiary to formally assume the existing activities of arranging commercial financing and the brokering of business opportunities.
In its original form, Corporate Network has been licensed since the early 1980's by the California Department of Real Estate. Since then it has been involved in the purchase, sale, financing or exchange of over one billion dollars in financial transactions. The newly formed Corporate Network, Inc. will leverage the existing relationship between Victory Capital and Keller Williams Realty to attract prospective buyers and sellers of businesses and broker financing for these transactions.
Corporate Network has recently been authorized to obtain financing for a California firm seeking $30-$36 million dollars in commercial loans, secured by various pools of collateral. Corporate Network has received a conditional funding commitment from a lender, and upon completion and acceptance of the due diligence by the lender, the transaction is expected to close escrow during the third quarter of 2004. If completed as anticipated, the transactions should generate approximately $3.0 million in fees for Victory Capital Holdings Corporation.
"With the growing deployment of our various products and services throughout the Keller Williams organization, the addition of Corporate Network, Inc. was the logical next step in our corporate evolution," stated Harold Gregg, CEO of Victory Capital Holdings Corporation.
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.
About Keller Williams Realty: Founded in 1983, Keller Williams Realty International (KWRI) is an international real estate company with more than 300 offices located across the U.S. and Canada. Currently the sixth largest U.S. residential real estate firm in North America, Keller Williams began franchising its offices in 1991. The company has succeeded by treating its 30,500-plus franchisees and associates as partners, and shares its knowledge, policy control, and company profits on a system-wide basis. KWRI's agents are distinguished by their level of professional education, their full-time commitment to real estate sales, and their level of business success. For more information, visit Keller Williams Realty online at www.kw.com.
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.