ESCONDIDO, Calif., April 22, 2004 (PRIMEZONE) -- Virtual Gaming Enterprises (Pink Sheets:VGME) announced today that it has further defined the joint marketing arrangement with Global Card, Inc., a subsidiary of Victory Capital Holdings Corporation (OTCBB:VTYC), to market the WageWire payroll solutions card and the TurboCard retail debit card to the existing Virtual client base. This arrangement demonstrates the definitive shift in the Company's business direction away from the gaming industry to that of B2B (business-to-business).
Mr. Virgil Williams, CEO of Virtual Gaming commented, "We have recently defined specific market sectors that can greatly benefit from the Global Card "stored value" technology. The initial launch of our joint marketing alliance will target current relationships that both companies hold. We will be launching a grass roots sales effort towards Multi-Level Marketing Organizations, the California Indian Tribes, National Real Estate Organizations and Licensing/ Co-Branding Affiliations to offer the WageWire (payroll) and TurboCard (retail) stored value products."
This is a tremendous opportunity for us to grow our market share quickly in both the payroll and retail stored value markets," said Mr. TJ Culbertson, CEO of Global Card. "This alliance allows Global Card to provide Virtual's clients with huge cost savings, as well as a customizable loyalty product that will generate monthly recurring revenue for years to come."
According to the American Payroll Association, the potential cost savings for lost paycheck replacement alone is estimated at $48 million annually.
Mr. Williams added, "As the company continues to advance in it's new business direction, we also continue the process of restoration to the Bulletin Board Exchange. We are confident that both such endeavors will prove successful. We will continue to provide updates as these very positive business matters unfold."
About 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.
Safe Harbor
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.