'U.S. News & World Report' Names Kaiser Permanente Top-Ranked Health Plan in Georgia

PRNewswire-USNewswire/ -- Kaiser Permanente of Georgia has been ranked among the top 30 health plans in the nation by the National Committee for Quality Assurance (NCQA) and U.S. News & World Report in their annual survey of commercial health care plans.

Selected as one of "America's Best Health Plans," Kaiser Permanente ranked #27 of 239 plans nationally, up 26 places from last year, and is the top ranked plan in Georgia for the fourth straight year.

The magazine's November 17-24 issue, on newsstands Nov. 10, 2008, also ranked Kaiser Permanente's Medicare plan 37th out of 150 plans -- making it the top Medicare plan in the state for 2008 and one of the top 40 Medicare plans in the nation.

In addition to maintaining its NCQA Excellent Accreditation status, Kaiser Permanente's performance in several other key areas also contributed to its high rankings:

-- Member Satisfaction
-- Cardiovascular Disease, Respiratory Health and Cancer Screenings
-- Child and Maternal Health


Peter Andruszkiewicz, president of Kaiser Foundation Health Plan of Georgia, Inc., said these areas -- as well as many others -- have been enhanced in recent years with the addition of KP HealthConnect, Kaiser Permanente's state-of-the-art electronic medical record system.

"KP HealthConnect helps our doctors deliver the best care to our members. It has proven to be an integral part of improving patient safety, coordinating care and decision-making, enhancing documentation, adhering to evidence-based clinical guidelines and improving provider and operational efficiency," Andruszkiewicz said.

"Having KP HealthConnect allows our members to send and receive secure messages from their doctor over the Internet, refill prescriptions, make appointments and use dozens of programs and resources to help them stay healthy," he added.

The basis for the rankings is data collected, analyzed and converted to scores from zero to 100 by the National Committee for Quality Assurance (NCQA), managed care's major accrediting body. The three reporting categories include consumer experience, prevention and treatment. Kaiser Permanente of Georgia's score of 86.7 gave it the highest score of any plan in Georgia.

Kaiser Permanente is the state's largest nonprofit health plan, serving the health care needs of Atlanta metro area residents for more than 23 years. The health plan currently provides comprehensive health care services to more than 270,000 members through 15 medical facilities in a 28-county service area and a network of affiliated hospitals and physicians.

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Silverton Bank a Finalist for Georgia Technology Award

Silverton Bank, a leading national correspondent bank based in Atlanta, was recently honored as a finalist in the Mid-Sized Company category at the fourth annual Excalibur Awards, presented by the Technology Association of Georgia (TAG). Silverton Bank was nominated by Abel Technologies for their TBBConnect product, an innovative Web-based communications solution and the main transaction processing system for over 600 community financial institutions nationwide.

Silverton Bank’s proprietary TBBConnect product offers financial organizations a highly secure system for managing their account information and conducting financial transactions such as ACH originations, FRB services, domestic wire transfers, and OFAC / SDN scanning, as well as international services, including funds transfers and foreign drafts.

“I was deeply impressed by the range and quality of the companies represented in the ceremonies,” said Earl Howell, Silverton Bank’s chief operating officer. “Getting into the finalist group is exceptional recognition of our technology, our staff and the business partners that make up Silverton Bank.”

Established in 2005, the Excalibur Awards were founded by TAG to recognize Georgia’s “tech-enabled” companies who demonstrate exceptional competency in utilizing technology to enhance their business. Nominees were judged on a variety of criteria, including the complexity of the problem, creativity of the solution, the return on investment and business results. TAG is a non-profit organization made up of over 6,000 members representing technology leaders from over 1,500 Georgia-based companies.
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Circuit City Stores, Inc. to Reorganize Under Chapter 11

PRNewswire-FirstCall/ -- Circuit City Stores, Inc. (NYSE:CC) today announced that it has filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia ("Bankruptcy Court") in Richmond, Va. The company plans to continue operating the business without interruption as management focuses on developing and executing a comprehensive corporate restructuring plan. Circuit City's Canadian operations also will be seeking protection under the Companies' Creditors Arrangement Act in Canada ("CCAA").

In conjunction with the filing, Circuit City is seeking customary authority from the Bankruptcy Court that will enable it to continue operating its business and serving its customers in the ordinary course. The requested approvals include requests for the authority to make wage and salary payments and continue various benefits for employees as well as honor customer programs such as returns, exchanges and gift cards. In addition, Circuit City has negotiated a commitment for a $1.1 billion debtor-in-possession (DIP) revolving credit facility to supplement its working capital. The DIP facility replaces the company's $1.3 billion asset-based credit facility and is being provided by the same lenders. The facility provides additional immediate liquidity while the company works to reorganize the business and will permit the company to pay vendors and other business partners for goods and services received after the filing.

Circuit City recently announced that it was taking certain actions to address the company's financial condition and deteriorating liquidity position. Despite aggressive efforts to secure vendor support, vendor concerns about the company's liquidity and ability to pay for its purchases in this difficult economic climate have escalated considerably since the company provided a liquidity update on November 3, 2008, further impairing the company's ability to conduct business and provide service to its customers. Faced with the need to secure ongoing vendor support and to ensure adequate merchandise flow to stores during the important holiday season, the company has determined that it would be in the best interest of its stakeholders to file for reorganization relief under Chapter 11. Operating under the protection of Chapter 11 will provide the company's vendors with assurances that they will be paid for merchandise the company receives post-filing so the company can be sufficiently stocked for the holiday selling season. Further, the company intends to create a restructuring plan that should allow Circuit City to emerge as a stronger business with an improved national distribution channel for its vendors and a more compelling offering for its customers.

The company recognizes that, to achieve these objectives, there is a critical need to create a more efficient chain with a streamlined cost structure. As previously announced, the company is in the process of closing 155 domestic segment stores. This week, the company took action to realign its regional and district support structure commensurate with the smaller store base, which will include approximately 566 stores when the domestic segment store closings are completed. As a further cost-saving measure, the company reduced its corporate headquarters workforce on November 7, 2008. These corporate, regional and district support reductions totaled approximately 700 positions and are in addition to the reductions resulting from the store closings. The store closings and support workforce reductions will result in a combined domestic workforce and store base reduction of approximately 20 percent.

Under the protection of Chapter 11, the company plans to build on these recent restructuring initiatives. Through the additional flexibility that the bankruptcy process provides the company to restructure its operations, the company will continue its real estate rationalization by taking immediate steps to reject the leases at its previously closed locations. Further, as part of its restructuring efforts, the company will continue to assess the productivity of all assets, review additional cost-cutting initiatives and explore strategic alternatives to maximize the value of the business.

James A. Marcum, vice chairman and acting president and chief executive officer of Circuit City Stores, Inc., said, "We recently have taken intensive measures to overcome our deteriorating liquidity position. The decision to restructure the business through a Chapter 11 filing should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position the company to compete more effectively. In the meantime, our stores remain fully operational, and our associates are focused on consistent and successful execution this holiday season and beyond.

"We appreciate the support we have received from our lenders in the midst of such a tight credit market. With this support, we believe we have the opportunity to leverage our market position and the strength of our brand to restore Circuit City to solid financial footing," continued Marcum.

"We understand how difficult the recent announcements have been on everyone at the company, and we recognize the changes personally affect many people. Further, we know there is never a good time for individuals to be impacted by decisions like these, and we deeply regret the effect this has on our associates. I want to thank them for their continued loyalty and dedicated effort as we go forward with the belief that implementing long-term and lasting change to our business will come by satisfying our customers, one at a time," concluded Marcum.

Additional Information

Circuit City Advantage Protection Plans(R) are product warranty and service plans sold by the company on behalf of unrelated third parties who are the primary obligors. As a result, these warranty and service plans are not subject to change as a result of the company's Chapter 11 filing. Likewise, Circuit City co-branded credit cards are offered by Chase Card Services and are not impacted by the company's Chapter 11 filing.

Additional information on today's announcement can be found by visiting the company's investor information home page at http://investor.circuitcity.com/ and clicking the link for "Breaking News" and at the Claims Agent's Web site at www.kccllc.net/circuitcity.

About Circuit City Stores, Inc.

Circuit City Stores, Inc. (NYSE:CC) is a leading specialty retailer of consumer electronics and related services. At October 31, the domestic segment operated 712 Superstores and 9 outlet stores in 165 U.S. media markets. At September 30, the international segment operated through 770 retail stores and dealer outlets in Canada. Circuit City also operates Web sites at www.circuitcity.com, www.thesource.ca and www.firedog.com.

Forward-Looking Statements

Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the company's expectations concerning the bankruptcy process, the continuation of day-to-day operations and payments to vendors and employees in the ordinary course. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the following: (1) the impact of today's announcement on the company's operations; (2) the ability of the company to continue as a going concern; (3) the ability of the company to obtain approval of and operate pursuant to the terms of the DIP facility; (4) the ability of the company to obtain court approval of the company's first day papers and other motions in the Chapter 11 proceeding pursued by it from time to time; (5) the ability of the company to develop, pursue, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; (6) risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the company to propose and confirm one or more plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the cases to Chapter 7 cases; (7) the ability of the company to obtain and maintain normal terms with vendors and service providers; (8) the ability of the company to maintain contracts that are critical to its operations; (9) potential adverse developments with respect to the company's liquidity or results of operations; (10) the ability of the company to fund and execute its business plan; (11) the ability of the company to attract, retain and compensate key executives and associates; (12) the ability of the company to attract and retain customers; (13) any further deterioration in the macroeconomic environment or consumer confidence; (14) the success of the company's store liquidators, and the prices obtained, in selling inventory in the stores that the company is closing; and (15) the company's receipt of the income tax refund from the federal government. Discussion of additional factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is set forth under Management's Discussion and Analysis of Results of Operations and Financial Condition in the Circuit City Stores, Inc. annual report on Form 10-K for the fiscal year ended February 29, 2008, the quarterly report on Form 10-Q for the fiscal quarter ended August 31, 2008, and in the company's other SEC filings. A copy of the annual report is available on the company's investor information Web site at http://investor.circuitcity.com/.

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Anheuser-Busch Settles Shareholder Litigation Regarding Pending Merger With InBev

PRNewswire-FirstCall/ -- Anheuser-Busch has announced that it has settled all of the shareholder litigation regarding its pending merger with InBev NV/SA. The settlement is subject to approval by the Delaware Court of Chancery. A copy of the Notice in connection with the settlement, which provides details of the settlement terms and the hearing before the Delaware Court of Chancery, is available on the Company's website at http://www.anheuser-busch.com/.

Based in St. Louis, Anheuser-Busch is the leading American brewer, holding a 48.5 percent share of U.S. beer sales. The company brews the world's largest-selling beers, Budweiser and Bud Light. Anheuser-Busch also owns a 50 percent share in Grupo Modelo, Mexico's leading brewer, and a 27 percent share in China brewer Tsingtao, whose namesake beer brand is the country's best- selling premium beer. Anheuser-Busch ranked No. 1 among beverage companies in FORTUNE Magazine's Most Admired U.S. and Global Companies lists in 2008. Anheuser-Busch is one of the largest theme park operators in the United States, is a major manufacturer of aluminum cans and one of the world's largest recyclers of aluminum cans. For more information, visit http://www.anheuser-busch.com/.

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Rinnai Appoints General Manager of Rinnai America Operations

(BUSINESS WIRE)--Rinnai Corporation, the world’s largest gas appliance manufacturer and leading tankless water heater manufacturer, has announced the appointment of Phil Weeks as general manager of its North American operations, effective October 13. In this newly created position, Weeks will oversee the company’s sales, marketing and operations functions in the United States and Canada.

“Phil was the driving force behind the Jacuzzi brand becoming one of the most recognized in its category,” said Rinnai America President Yuzo Yoshida. “His deep experience in strategy, operations and sales, as well as his familiarity with our distribution channels, will be invaluable to us. We are confident that under his leadership, Rinnai will transform the way America heats water.”

Weeks demonstrated his ability to build a category-leading business with outstanding brand awareness during his 27-year career at Jacuzzi Whirlpooth Bath, the largest manufacturer of whirlpool baths in North America. Weeks joined Jacuzzi in 1975 as a district sales representative and rose through the sales management ranks to become vice president of sales and marketing and later president. In his capacity as president, Weeks was instrumental in establishing Jacuzzi as the exclusive whirlpool bath brand carried by major home improvement retailers, which led to the doubling of Jacuzzi’s sales over a three-year period. In addition, Weeks expanded the company’s manufacturing operations and implemented processes that increased operating efficiencies and overall profitability.

In his role as vice president of sales and marketing, Weeks expanded the company’s distribution channels beyond wholesale and created a multi-channel business strategy that garnered Jacuzzi more than 40 percent market share. He also developed and implemented strategies for expansion into new markets including Mexico and Asia.

Weeks left Jacuzzi in 2003 and created Zenith Enterprise where, with Clarke Products, he developed private label products for major wholesale plumbing companies. In 2005, Weeks was recruited back to his post as president of Jacuzzi and returned the company to profitability after three years of operating losses and declining margins.

“Rinnai has a winning combination of outstanding products, a highly driven team and excellent channels to market,” said Weeks. “I'm excited to be part of the next chapter in this company’s success story.”

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Atlanta-based Women's Group Announces Partnership with Women For Hire

24-7 -- The Joy of Connecting, a national non-membership organization headquartered in Atlanta announces a new partnership with the Women For Hire network.

Bonnie Ross-Parker, CEO and founder of The Joy of Connecting shares her excitement about this partnership, "I'm proud Women For Hire acknowledges our organization as one they endorse for women in business. We are here to empower women by providing opportunities to help them grow their businesses. This partnership gives our supporters the necessary tools they need to help them along their journey to career success."

At a time when corporations are laying off and cutting budgets, organizations such as The Joy of Connecting and Women For Hire are serving as anchors to help women with their 'Plan B' and 'Exit Strategies'. Women For Hire is the nation's only producer of high caliber career services expos connecting professional women with leading employers. "Women For Hire is invested in fostering partnerships with organizations that are equally dedicated to promoting women's career advancement and development. We are proud to work with Bonnie and The Joy of Connecting as well as other professional organizations and diversity networks throughout the country as they work to empower and inspire women to provide for themselves and their families," says Michelle Atkins, Marketing Coordinator for Women For Hire.

This partnership benefits supporters of The Joy of Connecting by providing career advancement resources and events available which are exclusive to JOC Licensees. It also allows premium membership to Women For Hire Career Network. These member benefits allow women to make new contacts with other professionals with shared interests and stay in touch with existing contacts as well as allow access to ask career questions to Tory Johnson, CEO and Founder of Women For Hire, directly.

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Appliance Recycling Centers of America (ARCA) Announces Plans to Open the Sixth ApplianceSmart Factory Outlet in Atlanta Market

Appliance Recycling Centers of America (ARCA) Announces Plans to Open the Sixth ApplianceSmart Factory Outlet in Atlanta Market and Twentieth Outlet Nationally

PRNewswire-FirstCall/ -- Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI) today announced that it will open a 24,920 square-foot ApplianceSmart Factory Outlet in Conyers, Ga., in January 2009 to serve the southeastern suburbs of the Atlanta metropolitan area.

Located at 1380 Dogwood Drive, S.E., the outlet is part of the Conyers Plaza I Shopping Center. The new factory outlet will be ApplianceSmart's sixth location in the Atlanta market and twentieth outlet nationally. The five other Atlanta outlets are located in Norcross, Smyrna, Lithia Springs and Stockbridge. ARCA previously announced that its fifth retail outlet will be located in Marietta.

Like all ApplianceSmart Factory Outlets, this new location will carry a wide range of special-buy major household appliance brands, including Whirlpool, Maytag, GE, Frigidaire, Jenn-Air, Amana, Bosch and KitchenAid. Special-buy appliances, which ApplianceSmart sells at a significant discount to retail, include new in-the-box closeouts, factory overruns, discontinued models and thousands of discounted out-of-box items.

Edward R. (Jack) Cameron, President and Chief Executive Officer, commented: "Atlanta is a great market for our concept. As we said in our recent announcement about the upcoming new retail outlet in Marietta, we believe there are various strategic locations in the Greater Atlanta market where we can continue to backfill. Our new factory outlet will be in a prime location with dense traffic patterns, wonderful visibility to commuters and shoppers, and a national competitor next door. By adding this outlet, not only will we increase our market penetration, we will also have greater economies of scale in our overall advertising spend and overhead expenses for the Atlanta market."

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Circuit City Stores, Inc. Provides Update on Liquidity and Announces Store Closing Plan

BB Note: 19 Circuit City Stores are slated for closing due to the economy. Store locations include several around the metro Atlanta area.

/PRNewswire-FirstCall/ -- Circuit City Stores, Inc. (NYSE:CC) today provided an update on its liquidity position and its previously announced ongoing comprehensive business review. Due in part to its deteriorating liquidity position and the continued weak macroeconomic environment, the company has decided to take certain restructuring actions immediately, including closing 155 domestic segment stores, reducing future store openings and aggressively renegotiating certain leases. The company also is considering all available options and alternatives to restructure its business.

Business and Liquidity Update

Over the past several weeks, a number of factors have impacted severely the company's liquidity position. These factors include the following:

-- Waning consumer confidence and a significantly weakened retail environment have impacted negatively the company's sales and gross profit margin rate to a greater degree than management had anticipated previously.

-- Following the company's second quarter results announcement, the company's liquidity position and the sharply worsened overall economic environment led some of Circuit City's vendors to take restrictive actions with respect to payment terms and the credit they make available to the company. Additionally, the recent disruption in the financial markets has contributed to certain of the company's vendors experiencing insurmountable challenges with obtaining credit insurance for the company's purchases. As a result of this and other considerations, certain of the company's vendors have set more restrictive payment terms than in previous quarters, including in some cases requiring payment before shipment. Vendors also have limited the credit available to the company for purchases, including in some cases not providing customary increases in credit lines for holiday purchases. While management is working diligently to secure the support of its vendors and believes it has maintained good relationships with these important partners, the current mix of terms and credit availability is becoming unmanageable for the company.

-- To date, the company has been unable to collect an income tax refund of approximately $80 million that the company believes it is owed from the federal government.

-- Due primarily to the weakened economic environment and its potential impact on the timing of sales of the company's inventory and costs and expenses associated with such sales, a recent third-party appraisal conducted for the company's asset-based credit facility resulted in a reduction of the estimated net orderly liquidation value of the company's inventory. This valuation adjustment was made despite the mix of merchandise remaining consistent with the previous appraisal in November 2007. This reduction has led to a lower borrowing base and reduced availability for the current period compared with what the company had expected previously.

James A. Marcum, vice chairman and acting president and chief executive officer of Circuit City Stores, Inc. said, "Since late September, unprecedented events have occurred in the financial and consumer markets causing macroeconomic trends to worsen sharply. The weakened environment has resulted in a slowdown of consumer spending, further impacting our business as well as the business of our vendors. The combination of these trends has strained severely our working capital and liquidity, and so we are making a number of difficult, but necessary, decisions to address the company's financial situation as quickly as possible."

Domestic Segment Real Estate Actions

As a result of the company's ongoing asset productivity assessment and working capital situation, the company has determined to take the following initial actions with respect to its domestic segment real estate portfolio and strategy:

-- Close 155 stores and exit certain markets: Circuit City plans to close 155 stores that are underperforming or are no longer a strategic fit for the company. The stores identified for closure are located in 55 U.S. media markets, of which Circuit City will exit 12 U.S. media markets.

The list of closing stores can be found by visiting the company's investor information home page at http://investor.circuitcity.com/ and clicking the link regarding today's announcements. The company expects that impacted stores will not open on Tuesday, November 4, and the store closing sales will begin on Wednesday, November 5. The company expects the sales to be completed no later than calendar year end.

For fiscal 2008, the stores that are being closed generated in total approximately $1.4 billion in net sales. When results were viewed at the individual comparable store level, the closing stores, as compared to the stores remaining open, on average had lower net sales, a lower close rate and a lower gross profit margin rate. The stores, on average, were also unprofitable when marketing expenses were allocated to the individual store-level results.

Circuit City will continue to honor its customer commitments and serve its guests through 566 stores in 153 U.S. media markets, via its Web site at www.circuitcity.com and via phone at 1-800-THE-CITY (1-800-843-2489). During this transitional period, Circuit City is executing a plan to minimize disruption to the operations of stores that are remaining open. No international segment stores are closing as a result of the real estate plans announced today.

-- Further reduce new store openings: The company has revised its store opening plans for the current fiscal year and will not open at least 10 locations that were previously expected to be opened. The company still expects to open up to two incremental stores during the remainder of fiscal 2009. As previously announced, other than existing commitments, management intends to suspend store openings beginning in fiscal 2010.

-- Renegotiate certain existing leases: Circuit City intends to begin immediately renegotiating certain of its existing leases with the goal of significantly lowering rents. In some cases, the company may choose to negotiate with landlords to exit leases if rents are not reduced. The company also plans to work with landlords to terminate the leases for the stores included in today's closing announcement, as well as leases for a number of inactive locations that were closed previously and for the locations that are no longer being opened.

As a result of the store closures, Circuit City expects to reduce store operating, payroll and marketing expenses. The store closures will result in a reduction of approximately 17 percent of the domestic segment workforce. The company also expects to incur charges in fiscal 2009 associated with the above real estate actions. The company is currently evaluating the benefits and expenses associated with these changes, which are subject to the outcome of negotiations and store closure agreements. Presentation on the financial statements is currently being evaluated for accounting treatment.

"We deeply regret the impact today's announcement will have on our associates, our guests and the communities where these stores are located. We truly are grateful to each of our associates for their many contributions to the company. We are also grateful for the loyalty and support we have received from our guests in the impacted communities. Circuit City will continue to serve guests through 566 stores in 153 U.S. media markets, via its Web site at www.circuitcity.com and via phone at 1-800-THE-CITY (1-800-843-2489)," concluded Marcum.

Evaluating All Options

As a result of unfavorable macroeconomic conditions and the company's deteriorating liquidity position, the company is considering all available options and alternatives for the business. Consistent with this evaluation, the company will continue to take appropriate actions to conserve cash, reduce expenses and improve liquidity. In addition, the company is continuing to evaluate additional near-term cost reduction initiatives that may be necessary to address its financial condition. The company is also in negotiations with its lenders and other third parties regarding various financing alternatives.

The company plans to operate its business without interruption while it engages in discussions with its lenders and works with advisors to determine the most appropriate restructuring alternatives. The company can make no assurance that the discussions will result in any agreements or transactions.

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Logility Named a Top 10 Fastest Growing Company by Atlanta Business Magazine

PRNewswire-FirstCall/ -- Logility, Inc. (NASDAQ:LGTY) , a leading supplier of collaborative solutions to optimize the supply chain, announced today that it has been recognized as one of the "Top 10 Fastest Growing Companies in Atlanta" by Atlanta Business Magazine.

Atlanta Business Magazine announced its list of Top 10 Fastest Growing Companies at a recent awards dinner that was held at the Atlanta History Center. Mike Edenfield, president and CEO of Logility, accepted the award on Logility's behalf. To be considered for the award nominees had to meet specific criteria that included being headquartered in Atlanta, having a minimum of $5 million in revenue and positive revenue growth for the past three years. The nominations were independently evaluated by the CPA firm of Gifford, Hillegass and Ingwersen. Logility has experienced steady revenue growth during the three years evaluated for the award and in Fiscal Year 2008 reported total revenue of $44.9 million.

"It is an honor to be recognized as one of Atlanta's Fastest Growing Companies," said Mike Edenfield, president and CEO, Logility. "To achieve this recognition is a reflection of the value that Logility brings to our more than 1,250 customers who as a result of our two brands, Logility Voyager Solutions(TM) and Demand Solutions(R), have optimized their supply chains to reduce costs and build a foundation for profitable growth."

Logility was also recognized in 2008 as one of America's Fastest-Growing Small Public Companies by Fortune Small Business magazine for the second consecutive year. For more information about Logility, visit www.logility.com .

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TSYS to Expand Global Payment Capabilities with Acquisition of Infonox

(BUSINESS WIRE)--TSYS announced today that it will acquire Infonox, a privately owned California-based technology firm with payments expertise, leading-edge technology and a focused methodology to deliver rapid-to-market solutions. The acquisition is expected to be completed the week of November 3, 2008.

This acquisition will add valuable new payment technology and acceptance capabilities that elevate TSYS in its mission to move any payment form, through any payment device, anywhere in the world, over any network.

The company will be known as Infonox, a TSYS company. Its “plug-and-play” platforms simplify the acceptance of payment forms to include, but not limited to: debit, credit, prepaid, money transfer and checks; it also offers new connectivity interfaces to multiple payment devices and new channels of service delivery such as mobile phones, ATMs and bill-pay kiosks.

Infonox also provides a proprietary end-to-end tool to manage the lifecycle of a merchant so businesses can better engage, serve and retain their customers.

“TSYS’ acquisition of Infonox will add a Silicon-valley innovation team to our arsenal,” said Philip W. Tomlinson, chief executive officer of TSYS. “It provides a host of tools and services that will be very attractive to clients of TSYS Acquiring Solutions and technologies we believe will add increased value to our clients across the TSYS enterprise.”

“This is much more than just an acquisition,” said Dr. Safwan Shah, president and chief executive officer of Infonox. “The synergy Infonox has achieved through the partnership with TSYS presents us with a tremendous opportunity to grow our business and take our products and services to new levels of penetration.”

Dr. Shah will remain with Infonox as president, reporting to Robert J. Philbin, president of TSYS Acquiring Solutions.

“Infonox provides a comprehensive suite of services to manage the lifecycle of a merchant, the lifecycle of a transaction and the lifecycle of a customer. Together we will deliver solutions-on-demand that include a full-range of POS product offerings and payment acceptance forms, more efficient sales and merchant activation tools, enhanced portfolio management, reporting tools and an integrated suite of workflow tools to drive greater back-office efficiency,” said Mr. Philbin.

Infonox offers an array of payment products on self-service and full-service transaction touch points in the gaming, banking and retail markets. The company delivers, manages, operates and supports services for several large publicly traded companies.

Highlights:

* Infonox software platform is used for managing a merchant portfolio from sales to profitability. Thousands of merchants and acquirers get up-to-the-second information on their business.
* Infonox software platform is used to process checks (personal, payroll), intercept and switch ATMs, conduct debit and credit transactions, process instant loans, facilitate bill payments, carry out money transfers, issue and dispense prepaid cards, and more.
* Infonox technology enables connection to any back end processor and payment brands or networks.

Established in 1999, Infonox is based in Sunnyvale, Calif., with an additional office in Pune, India.

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