LOS ANGELES, Aug. 2, 2004 (PRIMEZONE) -- The Board of Directors of Victory Capital Holdings Corp. (OTCBB:VTYC) announced today that it has elected to file Form N-54 under the Investment Company Act of 1940, sections 55-65. The management of Victory is confident that by amending its registration statement and functioning as a Business Development Company, Victory will be able to more easily pursue investments in their existing subsidiaries as well as new ventures using money raised from the public markets. Acting as a holding company, Victory may rapidly raise capital for investments in growth opportunities, start-ups and turnaround ventures. This capital is typically not readily available to traditional public companies because of the lengthy and costly registration process. With the recent formation of Corporate Network, Inc., the Company has been presented new business opportunities in major growth sectors. The Company has created additional sources of revenue through the purchase and/or sell of these opportunities.
Since July 15, 2004, Corporate Network, Inc. has been presented over 10 business opportunities in excess of $50,000,000 USD in gross values. The Company anticipates completing the document phase for several of these projects in the coming days.
"By forming Corporate Network, we have several new exciting profit centers that generate brokerage fee income for the Company. These fees generally range between 3%-10% off the gross purchase price of the business opportunities that consummate. By further expanding the existing alliance between Victory and Keller Williams to include Corporate Network, we were excited to uncover an unprecedented amount of business opportunities. It was like finding a diamond in the rough," 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.
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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.