Private Business (NASDAQ:PBIZ)
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Private Business, Inc. (NASDAQ:PBIZ), ("PBiz"), a
provider of technology solutions for financial institutions, today
announced it has signed a definitive agreement to acquire Brentwood,
TN based Goldleaf Technologies, Inc., a market leader in web-based
automated clearing house ("ACH"), website development and remote
deposit solutions for financial institutions. Under the terms of the
agreement, PBiz will acquire Goldleaf for $16.8 million in cash and
$350,000 in stock, and the two companies expect to close the
transaction on January 31, 2006.
Goldleaf's ACH and remote deposit solutions are used by over 2,500
financial institutions, correspondents, and clearinghouse
organizations throughout the United States and Latin America. These
solutions offer the latest electronic transaction capabilities,
including ACH check conversion (eChecks) and remote deposit check
truncation, which can be installed locally or run from a secure
service bureau. Goldleaf also specializes in custom website creation
and secure hosting for financial institutions, and Goldleaf services
have won national awards and recognition for function and form.
Lynn Boggs, CEO of PBiz stated: "Goldleaf Technologies is widely
recognized in the financial services industry as being the market
leader in both ACH and remote deposit offerings as evidenced by the
number of customers and their strong name recognition. The advent of
Check 21 and the continued electronification of transactions have
resulted in ACH and Remote Deposit being two of the fastest growing
products in the financial institutions marketplace."
"This acquisition will be another step in our plan to provide a
full product suite to banks and will give us the opportunity to
continue to expand our footprint on a nationwide basis. We're pleased
to welcome the customers of Goldleaf to PBiz and will continue to
provide the high level of service they have come to expect."
Paul McCulloch, president and CEO of Goldleaf said: "PBiz and
Goldleaf share a common vision for offering a full product suite to
community institutions. Being part of a company that has the same
dedication to providing superior products and outstanding customer
service was a critical factor in our decision to become part of PBiz."
For the twelve months ended December 31, 2005, Goldleaf had
unaudited revenues in excess of $10 million.
About Goldleaf Technologies
Brentwood, TN-based Goldleaf Technologies, Inc. is a privately
held financial services company offering Web-based ACH, check
conversion, and remote deposit solutions as well as dynamic,
feature-rich websites and intranets for community financial
institutions. Goldleaf's e-payments solutions help financial
institutions attract and retain profitable customers, increase core
deposits, and generate recurring fee income. Goldleaf serves over
2,500 financial institutions nationwide. For more information about
Goldleaf please call (877) 999-BANC or visit us on the web at
www.goldleaf.com
About PBiz
Private Business, Inc. (PBiz) offers a fully-featured strategic
product suite that provides core data processing, along with accounts
receivable financing, Internet banking, cash management, CRM/business
intelligence, financial accounting tools, Check 21 compliance,
electronic image/item processing, and online debt collections. PBiz
believes its full suite of products and services will allow financial
institutions and their small-to-medium sized business customers to
better compete in today's aggressive financial services marketplace,
and grow their trusted financial relationships, while providing
increased profitability through the efficient use of technology and an
expanded community presence.
For more information about PBiz, or its line of products for
financial institutions, please visit us on the web at www.pbizinc.com
or contact marketing via email at pbiz@pbizinc.com or call,
800-235-5584.
Safe Harbor Statement
Certain statements made in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based on management's current expectations and include
known and unknown risks, uncertainties and other factors, many of
which the company is unable to predict or control, that may cause the
company's actual results or performance to materially differ from any
future results or performance expressed or implied by such
forward-looking statements. These statements involve risks and
uncertainties, including, without limitation, risks and uncertainties
associated with the company's ability to close the Goldleaf
acquisition as planned, to achieve its growth plans and to identify,
complete, or integrate acquisitions. These risks and uncertainties are
in addition to other factors detailed from time to time in the
company's filings with the Securities and Exchange Commission. The
details of the Goldleaf acquisition will be detailed in the companies
8K filing with the Securities and Exchange Commission. The company
cautions investors that any forward-looking statements made by the
company are not necessarily indicative of future performance. The
company is not responsible for updating the information contained in
this press release beyond the published date, or for changes made to
this document by wire services or Internet services.