United Financial Technologies Signs LandAmerica Family of Title Insurance Companies as Preferred Vendors
LandAmerica Companies Provide Title Services
CHICAGO [February 1, 2006] - United Financial Technologies ("UFT"), a designer and developer of financial instruments and solutions, signs LandAmerica Commercial Services, CommonWealth Land Title Insurance Company and Lawyers Title Insurance Company for title services as part of UFT’s Preferred Vendor Network. These LandAmerica companies are engaged for purposes of administering and completing title work in support of those of UFT’s Licensee’s whose business models call for escrow, title and closing services. Most obviously, these firms will be key to providing title services to those of UFT’s Licensee’s that focus on the real estate and development industries.
“LandAmerica’s family of companies brings with it ability for UFT’s Licensees to easily access title insurance and services companies that understand the CVRDN and UFT’s objectives for end-to-end financial transparency in the deployment of proceeds raised with the CVRDN. In conjunction with firms such as Entrex [UFT’s Preferred Vendor for data collection services], LandAmerica’s family of title companies can help to close the loop in demonstrating the type of transactional governance practices that the capital market institutional investor demands of firms today,” comments Joanne Marlowe, Chief Executive Officer, United Financial Technologies.
UFT’s Preferred Vendors act as financial service providers for UFT Licensees in various capacities such as Corporate Trustees, Placement Agents, Fiscal Agents, Principal Letter of Credit Underwriters, Interest Letter of Credit Issuers, Accountants, Title Services, and several others. All of UFT’s Preferred Vendors have been practically trained or educated in the specific application of the CVRDN technology and are employed as a sophisticated support system to approved Licensees. UFT recognizes that to assure proper use of the CVRDN instrument, each Licensee must have access to key professionals to assist in implementation at every turn. It is vital that UFT’s Preferred Vendor Network continue to grow in depth and capacity to keep pace with the expansion of the Licensee and user base.
The CVRDN financial solution appeals to credit-worthy companies with capital intensive business models that consistently utilize debt financing. It is an interest-only financial instrument which increases cash flow and allows debt capital to be pooled prior to allocation into the commercial operation of the CVRDN Issuer as borrower. The CVRDN build upon the best of the traditional Variable Rate Demand Note [VRDN] by qualifying for short-term/weekly interest rates that are woven over long-term finance commitments through the use of a “put” coordinated with a remarketing function. The CVRDN represents a cornerstone improvement on traditional VRDNs by doing away with a one-off or granular approach to raising capital markets driven finance opportunities.
United Financial Technologies’ business model includes the creation and implementation of a standardized approach to accessing capital from the institutional capital marketplace for all types of users. For example, the CVRDN is a natural fit for companies in the following industries: Auto; Equipment Financing & Leasing; Real Estate Development; Real Estate Investment; Manufacturing; Construction; Maritime; Hospitality; Entertainment; Trade Finance; and Land Banking.
United Financial Technologies, a designer and developer of financial instruments and solutions, is a privately held company headquartered in Chicago, Illinois. Learn more about UFT at www.unitedft.com.
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Notice: The information contained in this announcement is only accurate as of the date of its publication and release, and may contain certain forward-looking statements based upon anticipated events that may or may not come to pass. The company makes no representation or warranty as to the correctness or accuracy of the information contained herein, and is under no obligation to update this information at any time after the date of release.