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| First Sierra And Intuit Form Second Alliance To Offer Online Working Capital Financing To Small Businesses |
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Houston, Texas -
October
20,
1999 -
First Sierra Financial, Inc. (Nasdaq:BTOB) today announced that it has formed a second alliance with Intuit and will offer the Company's new online Working Capital Financing product to Intuit's QuickBooks and QuickBooks.com customers. The new alliance with Intuit marks First Sierra's second agreement with a major Internet player to provide its Working Capital Financing product to small businesses via the Internet. The Company announced its first Working Capital Financing agreement with VerticalNet Inc. on October 12, 1999.
Working Capital Financing offers qualified small businesses approval in as little as two minutes and access to capital in as little as 24 hours from the time of approval. It significantly increases a small business owner's flexibility to use funds for general business purposes not limited to a specific equipment purchase. First Sierra's new Working Capital Financing product will be made available through the upcoming version of QuickBooks® and Intuit's www.quickbooks.com Web site.
As announced on August 3, 1999, First Sierra is providing Intuit's QuickBooks small business customers with its LeasingOnline equipment financing product, which is now live on Intuit small business Web sites and will be available in the upcoming version of QuickBooks.
First Sierra's alliance with Intuit brings together one of the largest small business customer bases and the leading edge e-finance products sought by these customers. The alliance will more efficiently deliver loans to the fragmented small business market.
"Our alliance with First Sierra brings the enabling power of the Internet to one of the largest and least serviced sectors of the economy, the business-to-business loan market," said Scott Cook, Executive Committee Chairman of Intuit. "Online access to business capital is one of the best examples to date of the Internet fulfilling its promise to our customers and to the market."
"Intuit's leading position in the sought-after small business market and our unique focus on quickly and easily fulfilling online business loans combine to offer a real competitive advantage to small businesses," said Michael Sabel, First Sierra's EVP and Chief E-Commerce Officer. "We believe this alliance will strengthen Intuit's ability to become the winning small business loan portal on the Internet."
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About Intuit
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Intuit Inc. (NASDAQ: INTU) is the leader in e-finance, including financial software and Web-based services. Intuit develops and markets QuickBooks®, the most popular small business accounting software; Quicken®, the leading personal finance software; and TurboTax®, the best-selling tax preparation software.
Intuit's Quicken.com® Web site (www.quicken.com) is a leading financial site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.
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About First Sierra Financial
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First Sierra Financial, Inc., headquartered in Houston, Texas, is an e-commerce technology and services provider to small businesses. The Company customizes lease financing products and offers servicing, consulting and technology solutions via on-line connections to its e-commerce software system. The Company acquires, originates, sells and services equipment leases on a wide range of computers and peripherals, software, telecommunications, and diagnostic equipment as well as other specialized equipment for the health care, automotive, food and hospitality industries. First Sierra operates 28 offices in 14 states in the US and three locations in the UK. For more information please visit our Web site at www.firstsierra.com.
This release may contain forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Readers should not place undue reliance on forward-looking statements, which reflect First Sierra's management's view only as of the date hereof. First Sierra undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents First Sierra files from time to time with the Securities and Exchange Commission, including the Form 10-K for the year ended December 31, 1998.
This press release may include "forward-looking" statements about future financial results, future products and services or other events that have not yet occurred, including but not limited to statements regarding third-party agreements relating to Intuit's next version of its QuickBooks software and/or related websites. For example, statements in the future tense, and statements such as we "expect," we "anticipate" or we "believe" are forward-looking statements. Investors should be aware that actual results may differ materially from Intuit's expressed expectations because of risks and uncertainties about the future. Intuit will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Risks and uncertainties that may affect future results and performance include following: The technology and services may still need to be completed and/or integrated with QuickBooks and/or related websites, and are subject to risks and uncertainties involved in the product development process, including technological difficulties and possible delays. The proposed services are subject to competition via other software, the world wide web or other traditional means. The anticipated benefits of the proposed services to Intuit may depend on the rate at which customers upgrade to the next version of QuickBooks, and Intuit cannot predict the upgrade rate. Customers may not adopt the services in sufficient numbers, and advertisers may not purchase advertising or sponsorships in sufficient levels, for Intuit to reach anticipated revenue levels. Additional information about factors that could affect future results and events is included in Intuit's fiscal 1999 Form10-K and subsequent reports filed by Intuit with the Securities and Exchange Commission.
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Intuit, Quicken, QuickBooks, QuickBooks Pro, TurboTax and ProSeries, among others, are registered trademarks and/or registered service marks of Intuit Inc. or one of its subsidiaries. Quicken.com and WebTurboTax, among others, are trademarks and/or service marks of Intuit Inc. or one of its subsidiaries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such.
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