VirtGate Processing Now Automated with FundSERV

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Extremely easy to use and at a fraction of the cost compared to alternatives, VirtGate is poised to be a strong entrant into the Canadian mutual fund systems market.

CoVirt Inc. (Canada) announced today that the option is now in its VirtGate wealth management system for Canadian fund processing to be completely automated through FundSERV. Buy, sell and switch orders can be placed through VirtGate and the client files, transactions, and commission files automatically imported and the records in VirtGate updated. The new features are now in production at several pilot insurance brokerage firms.

Tim Fitzpatrick, President of CoVirt said "VirtGate has always supported mutual and segregated funds but the transactions and commissions had to be entered manually. Thanks to our already flexible VirtGate tools for importing and exporting files combined with FundSERV's industry standards and documentation, the project to automate went very smoothly."

There are two levels of support -- the normal free support and a more turnkey back office support option. The turnkey support option results in a lower cost than hiring, training and supervising staff and at the same time provides instant expertise. Fitzpatrick said "If the brokerage is not selling FundSERV configured products, we will help them get set up. If the brokerage has been selling FundSERV configured products, we will work to import all historical client files and transactions in the standard FundSERV format from the suppliers."

Fitzpatrick concluded "All our current clients are life insurance licensed and we will be concentrating on segregated funds. However, the technology for mutual funds is identical, which means two things. First, VirtGate is now available to the mutual fund industry at what we are told is a much a lower cost yet with superior and more modern features compared to the competition. Secondly, VirtGate is the first to perfectly marry together insurance and wealth management products into one integrated system with robust features for each."

CANNEX Financial Exchanges Limited was selected the primary source of nightly unit values and general fund information and this is integrated as well into VirtGate at no extra cost to the brokerage firm.

About CoVirt:

We provide a cost-effective wealth management system we call VirtGate via a web service that automates much of the workflow of a wealth management, life insurance or health insurance brokerage enterprise. Our clients are wholesalers representing insurance and investment suppliers and deal with multiple selling brokers. VirtGate is used to track all aspects of a brokerage business and integrated with data feeds to and from a carrier / suppliers and other trading partners eliminating the need for manual entry and reducing the amount of time it takes to work a case. For more information, see CoVirt.com or please contact:

Tim Fitzpatrick

President

CoVirt Inc. (Canada)

Phone 416-628-1056

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TIM FITZPATRICK
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