FOR IMMEDIATE RELEASE
Compliance Systems Corporation to Acquire Execuserve Corp.
Glen Cove, N.Y. – November 12, 2009 (Globe Newswire) - Compliance Systems Corporation (OTC BB: 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™ and Hire-Choice™ 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®, 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 (OTC BB: 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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