Compliance Systems Corporation to Acquire Execuserve Corp.
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NEW YORK, Nov. 12, 2009 (GLOBE NEWSWIRE) -- Compliance Systems Corporation
(OTCBB:COPI) announced today that it has signed a Memorandum of Understanding
with Execuserve Corp., a privately held company, in a transaction which is
intended to be a tax-free reorganization in which Execuserve would become a
wholly-owned subsidiary of Compliance Systems Corporation. COPI previously
announced that it had signed a Letter of Intent to enter into an exclusive
licensing agreement to distribute Execuserve's Hire-Intelligence(TM) and
Hire-Choice(TM) software program, which conducts dynamic assessments of
prospective job seekers with embedded features, including artificial
intelligence.
"We believe Jim Robinson and his team have built a strong foundation in
Execuserve, with an enviable suite of software advances incorporating artificial
intelligence, the integration of which will benefit Compliance Systems," stated
Dean Garfinkel, CEO of Compliance Systems Corporation. Jim Robinson, CEO of
Execuserve, added, "Dean Garfinkel and I discovered early on in our discussions,
that we share a common goal and after further discussions between our respective
organizations it became clear that a license arrangement as previously agreed to
would not be as beneficial to our shareholders as Execuserve becoming part of
COPI."
Compliance Systems Corporation's wholly owned subsidiary Call Compliance Inc. is
the creator and developer of the patented TeleBlock "Do-Not-Call Blocking"
system sold by telephone carriers worldwide such as AT&T, Verizon Business and
Qwest Communications. The TeleBlock system assists teleservice professionals
maintain compliance in the highly regulated Do-Not-Call environment by
automatically screening and blocking outbound calls against USA and Canadian
Do-Not-Call lists. Call Compliance is celebrating TeleBlock's 10th year
anniversary with a perfect record; over six billion error free calls since its
commercial introduction. No TeleBlock Subscriber has been fined.
Call Compliance and Execuserve are currently negotiating a definitive, ongoing
acquisition agreement. No assurance can be given that the parties will enter
into such an acquisition agreement, that this transaction will be consummated or
that consummation of the transaction will result in any benefit to Call
Compliance and its shareholders.
About Compliance Systems Corporation
Headquartered in Glen Cove, NY, Compliance Systems Corporation
(www.callcompliance.com), is a developer of technology-based compliance
solutions for the teleservices industry. Its prime focus is ensuring 100%
compliance with government "Do-Not-Call" laws through its flagship patented
product, TeleBlock(R), as well as its associated suite of telecommunication
products. The company sells to corporate companies and businesses across a
wide-range of industries and sectors. Additional information on the company
and/or its suite of products can be obtained at www.callcompliance.com or by
calling (888) 674-6774. Call Compliance Inc. is a wholly owned subsidiary of
Compliance Systems Corporation (OTCBB:COPI).
About Execuserve
Execuserve Corp. is a Virginia corporation with offices located at 929 Williams
Wharf Road, Mathews, VA 23109. Execuserve was founded in 1987 as a
search/services firm dedicated to helping clients increase revenue and decrease
attrition by making smart hiring decisions. From the start, Execuserve
differentiated itself from other search firms by using a detailed process model,
along with profiling and reporting tools to evaluate candidates and employees
from a behavioral perspective. It is this depth of experience that provided the
basis for Hire-Intelligence, a revolutionary online behavioral assessment tool.
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CONTACT: Public Communications Co.
Michael Selsman
310-553-5732
www.publiccommunications.biz
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