Private Business (NASDAQ:PBIZ)
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Private Business, Inc. (NASDAQ:PBIZ), ("PBiz"), a
provider of technology solutions for financial institutions, announced
today the closing of the acquisition of Brentwood, TN based Goldleaf
Technologies, Inc. The final purchase price was $16.8 million in cash
and $350,000 in stock.
"We are very pleased to announce the completion of this
acquisition and delighted to welcome both the employees of Goldleaf
and their clients into the PBiz family," said Lynn Boggs, CEO of PBiz.
"We look forward to working together to further expand on our
company's market presence within the financial services industry.
Together, our organizations are committed to offering industry-focused
service and solutions designed to enable financial institutions to
better compete and to provide superior products and services to their
customers."
Paul McCulloch, President Goldleaf Technologies commented, "Our
whole team is very excited about being a part of PBiz as well as the
opportunity to offer a more comprehensive product suite to our
customers."
About Goldleaf Technologies
Brentwood, TN-based Goldleaf Technologies, Inc. offers Web-based
ACH, check conversion, and remote deposit solutions as well as
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. Goldleaf Technologies, Inc.
will continue to operate as Goldleaf, a division of Private Business,
Inc. 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 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 Goldleaf acquisition is described in greater detail in
the company's Current Reports on Form 8-K filed with the Securities
and Exchange Commission on January 24 and January 26, 2006, and
further narrative and financial information about the acquisition will
be included in subsequent Current Reports on Form 8-K the company will
file with the SEC. These reports are or will be available at the SEC's
web site at www.sec.gov. 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.