Published: June 17, 2008
CSI Completes Heartland Acquisition
PADUCAH, Ky., June 17 /PRNewswire-FirstCall/ -- Computer Services, Inc.
(CSI) (Pink Sheets: CSVI) today reported that it had completed the acquisition
of the remaining minority interests in Heartland Communications Internet
Services, Inc. (Heartland).
(Logo: http://www.newscom.com/cgi-bin/prnh/20080418/CSILOGO )
"The acquisition of Heartland provides CSI with an expanded infrastructure
to support telecommunications services for CSI and our bank customers," stated
Steven A. Powless, CSI's President and Chief Executive Officer. "Since our
initial investment in Heartland in 2005, we have expanded the delivery of
communications services and improved our cost structure for telephone and
internet circuits.
"We plan to exit Heartland's retail business to concentrate on CSI's bank
customers and other institutional users going forward. We are pleased with
the collaboration between Heartland's technical team and our Data Services
group at CSI and look forward to their continued development of
state-of-the-art communications infrastructure to serve CSI, our bank
customers and others. We expect this acquisition will leverage Heartland's
capabilities across our broader customer base to create additional revenue
opportunities for CSI," concluded Mr. Powless.
Heartland was incorporated in 1997 and has been a provider of a broad
array of internet, voice, data and video services. CSI made its initial
investment in Heartland during March 2005 by purchasing 49% of its stock. CSI
purchased additional shares in July 2006 that raised its stake to a majority
position. As a result of CSI purchasing the remaining minority interests,
Heartland will operate as a wholly-owned subsidiary of CSI. Steven A. Powless,
CSI's President and Chief Executive Officer, will also serve as President and
CEO of Heartland.
About Heartland Communications
Heartland Communications Internet Services, Inc. is a full service
communications provider that specializes in assisting financial institutions
with cost effective telecommunications and Internet data transfer across a
secure network. Telephone services include traditional local and long
distance, VoIP and hosted PBX systems. Heartland's affiliate program uses
fiber optics, Data T1s, PRIs, T3s and collocations to offer carrier grade,
turn-key solutions to meet the regulatory needs of ISPs, CLECs and other
organizations and enable providers to capitalize on residential and commercial
wholesale services. For more information about Heartland, visit
http://www.hcis.net .
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing,
Internet, card services, risk assessment, fraud prevention, network
management, and regulatory compliance solutions to over 4,600 financial
institutions and corporate entities. Technology planning, local account
managers and world-class customer service explain why CSI has been known as
the nation's premier provider of banking solutions for over 40 years. CSI's
stock is traded on the OTCQX under the symbol CSVI. For more information
about CSI, visit http://www.csiweb.com .
This news release contains "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995. All
statements except historical statements contained herein constitute
"forward-looking statements." Forward-looking statements are inherently
uncertain and are based only on current expectations and assumptions that are
subject to future developments that may cause results to differ materially.
Readers should carefully consider: (i) economic, competitive, technological
and governmental factors affecting the CSI's operations, customers, markets,
services, products and prices; and (ii) other factors discussed in CSI's
Information and Disclosure Statements and other documents posted from time to
time on the OTCQX website, including without limitation, the description of
the nature of CSI's business and its management discussion and analysis of
financial condition and results of operations for reported periods. CSI
undertakes no obligation to update, and is not responsible for updating, the
information contained in this release beyond the publication date, whether as
a result of new information or future events, or to conform the statement to
actual results or changes in CSI's expectations, or otherwise or for changes
made to this document by wire services or Internet services.
SOURCE Computer Services, Inc.
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