Virtual Technology Corp. announced Thursday a multi-year marketing and advertising agreement with First USA.
The agreement makes First USA the exclusive marketer of credit card products throughout the VTC Internet properties, which include [www.virtual-world.com] and [www.vtcoauctions.com].
As part of this agreement First USA will offer a VTC co-branded credit card which consumers will be able to apply for on-line via VTC’s Internet sites. The co-branded “Virtual” card carries no-annual fee, and a low introductory rate followed by a competitive annual percentage rate on purchases and balance transfers.
Consumers submit an application on-line and receive instant credit approval notification for those who qualify. Other features include: co-branded card reward points, money saving balance transfers from another card, 24 hour on-line statement access, and an on-line shopping guarantee against unauthorized charges.
Greg Appelhof, president and chief executive officer of Virtual Technology Corp., said: “First USA is both a leader and an innovator in the credit card field and has been in the forefront of recognizing the potential of the online medium. We are committed to making the on-line shopping experience an enhancement to people’s lives. First USA enables VTC to make consumers everyday lives easier by providing them with the credit card resources they need all in one place in addition to the benefits and convenience that the online medium delivers.”
“Our relationship with VTC presents an exciting opportunity for First USA to continue to take advantage of the power of the Internet as a highly effective marketing channel,” said Kurt Campisano, senior vice president, Internet marketing, First USA.
ABOUT FIRST USA
First USA ([www.firstusa.com]), a subsidiary of BANK ONE CORPORATION, is the nation’s largest Visa and MasterCard lender. First USA offers credit cards for consumers and businesses under the First USA, First Card and Bank One names and on behalf of more than 1,500 marketing partners.
ABOUT VIRTUAL TECHNOLOGY CORP. Virtual Technology Corp. is a publicly held Minnesota based company with offices in Minneapolis. VTC is an E-Commerce Internet retailer of high performance computer hardware, and with its recent acquisition of Graphics Technologies Inc. (GTI), is also a leading specialty distributor of premium computer and graphics products, software and peripheral products to sophisticated computer users.
Through its E-Comm Web site at www.virtual-world.com, the company offers more than 42,000 units of selective high-performance, brand name computer equipment. Such Web site and its contents are expressly not incorporated by reference into this press release.
VTC offers an online specialized store that is intended to provide one-stop shopping for its targeted domestic and international customers, 24 hours a day, seven days a week. The company’s online store features a fun, easy to navigate interface, competitive pricing, extensive product information and powerful search capabilities.
In January 1999, VTC acquired substantially all of the assets of Graphics Technologies Inc., a 12-year old company with seven offices nationally and 1998 net sales of $65 million. GTI specializes in the wholesale distribution of high-end premium computers and graphics products such as notebooks, scanners, graphics cards, monitors and other peripherals.
Some of GTI’s vendor relationships are with companies such as Viewsonic, Matrox, Hitachi, Phillips, Okidata, Infocus and ATI. With a customer base of over 1,000 corporations, GTI specializes in business-to-business sales and offers unique purchase programs, solution-oriented sales, integration and configuration services and post-sales support.
GTI has been named as one of the top specialty distributors in Computer Reseller News’ Distributor Census 1998 and VAR Business’s Distributor 50 1998, two of the most prominent trade magazines in the computer wholesaling industry.
Statements in this Press Release that are not purely historical are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding VTC’s expectations, hopes, beliefs, intentions or strategies regarding the future generally, VTC’s growth strategy, future sales and anticipated trends in VTC’s business. All forward looking statements included in this Press Release are based on information known to VTC on the date hereof, and VTC assumes no obligation to update any such forward looking statements. It is important to note that actual results could differ materially from those in such forward looking statements as a result of a number of factors, most of which are out of the control of VTC, including, but not limited to, VTC’s early stage of development, its lack of profitability and cash flows and competition for the sale of hardware and software products both on and off the Internet.