GLEN COVE, N.Y., Feb. 19, 2010 (GLOBE NEWSWIRE) -- Compliance Systems Corporation (OTCBB:COPI) announced today that it successfully completed the acquisition of Execuserve Corp., a provider of behavioral assessment software. In addition to offering call center customers with instant updates for complying with Do-Not-Call regulations through the Company's wholly owned subsidiary Call Compliance Inc., we believe the Execuserve acquisition strengthens Compliance Systems Corporation's position in providing a vertically integrated software suite by offering a "new hire" software program which conducts dynamic assessments of prospective job seekers with embedded features, including artificial intelligence, marketed as Hire-Intelligence™ and Hire-Choice™.
We believe Execuserve's Hire-Intelligence™ and Hire-Choice™ software platform is architected to provide call center customers, and other industries, that traditionally experience high rates of employee churn, with efficiencies to reduce "new hire" expenses. Typically, call center operators will hire up to 4 individuals with an expectation that only one new hire employee will be successful over the long term. We anticipate Execuserve's Hire-Intelligence™ and Hire-Choice™ software platform will be marketed to existing and future Call Compliance customers, and may provide a competitive advantage in the call center space currently comprised of more than 56,000 call centers nationwide with over 5,000,000 employees, which represent about 4% of the U.S. workforce.
"With the close of the Execuserve acquisition, we believe we've achieved an exciting milestone and an important and consistent next step in our strategy to become the foremost end-to-end call center solution provider in the market today," said Dean Garfinkel, Chairman and CEO of Compliance Systems Corporation. "We anticipate the combined resources, talent and track record of Call Compliance and Execuserve create a platform for accelerated innovation, expanded service and support, and improved delivery of the results that matter most to our call center customers."
As part of the Execuserve acquisition, Compliance Systems Corporation has modified its organizational structure to account for the Execuserve acquisition and its operational management team. The Company's new Execuserve subsidiary division will be managed by its CEO and President Jim Robinson and Vice-President of Sales Robin Rennockl. The Company's Call Compliance, Inc. subsidiary will be led by Stefan Dunigan as its CEO and President. Dean Garfinkel will remain as Chairman of the Board of Directors and CEO of Compliance Systems Corporation and Barry Brookstein will continue as a member of the Board of Directors and as Secretary and CFO. Additionally, Tom Eley, the former CEO of Execuserve will be appointed to the Board of Directors of the Company.
"With our operational management team in place, Mr. Brookstein and I will oversee all strategic business developments and lead future M&A activity of Compliance Systems Corporation," continued Mr. Garfinkel. "We will continue to seek ways to enhance our call center support position by pursuing acquisitions which we anticipate will provide feature rich services to existing and future call center customers. We plan that one area of our focus will be to augment our new hire and compliance software offerings with services that provide educational features tailored to call center specific protocols and procedures. We believe the key to our growth will be to continue offering strategic and tactical call center support services based upon our years of experience that delivers results for clients."
About Call Compliance Inc.
Headquartered in New York, Call Compliance Inc. (www.callcompliance.com%26index=1">www.callcompliance.com), is a developer of technology-based compliance solutions for the teleservices industry. Its prime focus is ensuring compliance with "Do-Not-Call" laws through its patented product, TeleBlock®. 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%26index=2">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 Corp.
Headquartered in Virginia, Execuserve (www.execuservecorp.com) 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. Execuserve Corporation is a wholly owned subsidiary of Compliance Systems Corporation (OTCBB:COPI).
Forward-Looking Statements
The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof.