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"We Make Better Retailers..." |
CAM Commerce Solutions, Inc.
17075 Newhope Street
CAM Commerce and Private Business enter Strategic Alliance
PBI acquires Access Division from CAM May 28, 2002
Contact: Mathew Hayden, President (FOUNTAIN VALLEY, CA) CAM Commerce Solutions “CAM” (NASDAQ: CADA) announced today a Strategic Alliance with that Private Business, Inc. “PBI” (NasdaqSC: PBIZ) of Brentwood, TN. As part of the Strategic Alliance, PBI haswill acquired CAM’s merchandise planning division called Access Retail Management for $800,000k in cash. Access Retail Management provides merchandise planning services to retailers that are both CAM and non-CAM customers. PBI will merge Access into its own larger merchandise planning division called RMSA. As part of the purchase agreement, PBI shall discontinue selling newits Charter retail management systems and will become a reseller of CAM’s Retail STAR point of sale system, and X-Charge credit card processing services and other products and services. PBI’s approximately 50 merchandise planners will begin recommending and selling CAM’s Retail STAR system in place of theits Charter system on an exclusive basis. Charter customers will continue to be supported by PBI, and will be given an easy upgrade path to Retail STAR. PBI sold approximately 130 Charter systems in the past 12 months. CAM shall promote RMSA-Access as its merchandise planning service to its more than all new 10,000 customers and will work closely with both the Access RMSA planners and the RMSA planners. “This deal is great for both companies”,” stated Geoff Knapp, CEO of CAM Commerce Solutions. “By bringing on PBI as a CAM reseller, CAM stands to generate significantly more revenue and profit than we would have from the Access planning business, while at the same time still being able to offer the planning service to our customers through RMSA without having to worry about PBI being a competitor since they will only be marketing CAM’s retail automation products and services. This will allow both companies to focus on their core product lines and strengths while being able to offer better systems and merchandising planning services to their respective customers. We expect to have a very close relationship with PBI as a result of this transaction that should be to the significant benefit of both companies for many years to come”. “With our acquisition of CAM’s Access merchandise planning division, we have enhanced our market leading position with our RMSA merchandise planning division”, stated Tom Black, CEO of Private Business, Inc. “In addition to adding some of the more talented merchandise planners in the business to our team and picking up a profitable recurring revenue stream, we have also given our more than 600 Charter systems customers an better upgrade path to new software solutions and technology that should greatly benefit them in the long run. This agreement effectively makes CAM and PBI partners instead of competitors and allows us both to enhance our market leading positions”. About Private Business, Inc.Private Business, Inc. is a provider of two services directed at small businesses: a solution that helps banks market and manage accounts receivable financing and a forecast and tracking service allowing retail chains to better manage their inventories. You can find more information about Private Business, Inc. at www.privatebusiness.com. About CAM Commerce SolutionsCAM Commerce Solutions, Inc., provides total commerce solutions for traditional and web retailers that are based on the company’s open architecture software products for managing inventory, point of sale, sales transaction processing, and accounting. These solutions often include hardware, installation, training, service, and consulting provided by the Company. CAM has more than 10,000 retail customers with many more store locations utilizing its systems to manage their business. You can visit CAM Commerce Solutions at www.camcommerce.com. Important InformationThe statements made in this news release, including those relating to the expectations of profitability, economic climates, are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Words such as “will,” “should,” “believe,” “expect,” “anticipate,” “outlook,” “forecast,” and other similar expressions that predict or indicate future events or trends, or that are not statements of historical matters, identify forward-looking statements. Expectations concerning financial results for future quarters are not actual results and are based upon preliminary estimates, as well as certain assumptions management believes to be reasonable at this time. Investors should not rely upon forward looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from our expectations, and the company expressly does not undertake any duty to update forward-looking statements which speak only as of the date of this news release. In addition to the factors set forth elsewhere in this release, the economic, competitive, technological, and other factors identified in CAM Commerce Solutions’ filings with the Securities and Exchange Commission could affect the forward looking statements contained in this news release. The statements made in this press release could be forward looking statements based on expectations that involve a number of risks and uncertainties. The factors that could cause actual results to differ materially include the following: economic conditions; competitive factors and pricing pressures; changes in product mix; technological developments affecting the company’s operations, market, products; and other factors discussed in the company’s filings with the Securities and Exchange Commission. This release contains several "forward-looking statements" concerning Private Business, Inc.'s operations, prospects, strategies and financial condition, including its future economic performance, intent, plans and objectives, and the likelihood of success in developing and expanding its business. These statements are based upon a number of assumptions and estimates that are subject to significant uncertainties, many of which are beyond Private Business, Inc.'s control. Words such as "may," "would," "could," "will," "expect," "anticipate," "believe," "intend," "plan," and "estimate" are meant to identify such forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company assumes no obligation to update this information. Factors that could cause actual results to differ materially are discussed in Private Business, Inc.'s filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2000, and its registration statement, on form S-4 filed in May of 2001, and include, among other factors, the timely development and market acceptance of products and technologies and competitive market conditions. |