Business Wire (press release), CA
Nov 8 2004
Xybernaut Selected By Vneshtorgbank — Russia’s ‘Bank for Foreign
Trade’ — for Information Technology Solutions and Systems to Enhance
Efficiency and Productivity
FAIRFAX, Va. & MOSCOW–(BUSINESS WIRE)–Nov. 8, 2004–
Vneshtorgbank Engages Xybernaut for Hardware, Software and Solution
Services to Streamline Business Operations and Customer Services
Xybernaut(R) Corporation (NASDAQ:XYBR), today announced that the
Vneshtorgbank (VTB), Russia’s second largest bank and officially
designated “Bank for Foreign Trade,” has selected Xybernaut as an
information technology (IT) provider for a variety of improvements
to business operations, customer services and bank efficiency.
The agreement, which outlines interest in Xybernaut expertise and
know-how calls assigns Xybernaut as a technical services provider and
contractor-integrator for hardware, software and solutions services.
The agreement outlines a series of phases of IT enhancements for the
bank’s computing architecture throughout 2005 and beyond.
In related news, VTB has already completed similar agreements with
IBM, HP, Cisco and Microsoft — American companies that will also be
part of the IT team for this initiative. VTB has also chosen Russian
IT companies who will lead the various integration efforts through
2006. These companies include: “Compulink”, a partner of Avaya and IBM,
“i-Teco”, a partner of HP and Microsoft, “Jet Infosystems”, a partner
of Sun Microsystems, and “Microtest”, a partner of Cisco Systems.
VTB estimates that the bank currently spends $30-40 million on
Information and Telecommunications Infrastructure (ITT) development
every year. According to VTB’s management, intends to become the
most technological bank in Russia in three years. In fact, the VTB
formally documented IT strategy indicates that the banks’ management
plans to spend more than $100 million on ITT enhancements to achieve
these objectives.
“This ITT enhancement initiative is a critical step for VTB and we
anticipate measurable benefits to our operational efficiency and
quality of customer service,” stated Andrey Korotkov, senior vice
president for VTB. “Xybernaut was chosen as a member of this technology
team because of their proven success in mobile/wearable computing with
large government customers and Fortune 500 enterprises. We are not
only interested in Xybernaut hardware and systems but in its know-how,
intellectual property and solutions services. This mix of capabilities
was an important differentiator in our selection process. We have
already identified several IT objective that Xybernaut has been
selected to accomplish.”
Xybernaut and VTB’s other ITT development partners, plan to employ
a staged approach to bank-wide implementation using pilot-programs,
testing/evaluations, reports and refinements related to areas such as
integration with existing VTB information technologies, performance
measurements, training factors and return on investment (ROI) studies.
“VTB is putting together a stellar team of IT providers and we look
forward to contributing with expertise, experience and technologies
that will truly make a difference for VTB,” stated Steven A. Newman,
president and COO of Xybernaut. “Successes in the banking and finance
sector, such as our Atigo deployments for NYMEX member-company MBF
Clearing Corp., are providing valuable perspective and metrics that
can be used for strategic planning and evaluation of efforts for VTB.”
VTB currently has 48 regional representative offices in 11 time zones
and over 1000 branches throughout Russia. Recently, VTB has acquired
several banks in the Top 30 rating among Russian banks. Integration
of these and additional merged banks is one area in which the enhanced
ITT strategy is expected to deliver considerable benefit.
Among Russian banks VTB has the broadest network of correspondents.
The international network of the Bank is represented by five
subsidiaries in Zurich (Switzerland), in Limassol (Cyprus), in Vienna
(Austria), in Luxembourg and in Erevan (Armenia), associated bank in
Frankfurt-on-Main (Germany), representative offices in Milan (Italy),
Beijing (China), Kiev (Ukraine) and Minsk (Belarus).
In addition to traditional banking services, VTB also actively develops
retail markets, small business crediting, commercial and residential
mortgages, while managing a full service insurance company and a
variety of leasing companies. Additional VTB information can be found
at
About Xybernaut:
Xybernaut Corporation is the leading provider of wearable/mobile
computing hardware, software and services, bringing communications and
full-function computing power in a hands-free design to people when
and where they need it. Headquartered in Fairfax, Virginia, Xybernaut
has offices and subsidiaries in Europe (Germany) and Asia (Japan and
China). Visit Xybernaut on the Internet at
Xybernaut, the Xybernaut logo and Mobile Assistant(R) V (MA(R) V)
are trademarks or registered trademarks of Xybernaut Corporation in
the USA and other countries. All other brand and product names are or
may be trademarks of, and are used to identify products or services
of, their respective owners.
This press release contains forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995 (the
“Act”). In particular, when used in the preceding discussion, the
words “plan,” “confident that,” “believe,” “scheduled,” “expect,”
or “intend to,” and similar conditional expressions are intended to
identify forward-looking statements within the meaning of the Act and
are subject to the safe harbor created by the Act. Such statements are
subject to certain risks and uncertainties and actual results could
differ materially from those expressed in any of the forward-looking
statements. Such risks and uncertainties include, but are not limited
to, market conditions, the availability of components and successful
production of the Company’s products, general acceptance of the
Company’s products and technologies, competitive factors, timing,
and other risks described in the Company’s SEC reports and filings.
From: Emil Lazarian | Ararat NewsPress