EASLEY, SC – April 7, 2008 – Computer Software Innovations, Inc. (“CSI”) (OTCBB: CSWI.OB), a provider of software and technology solutions to public sector organizations, today announced that it has completed the acquisition of ICS Systems, Inc. (“ICS”) based in Greensboro, North Carolina. ICS has a successful 25-year history in providing municipal financial management solutions, including fund accounting and billing software, hardware, and consultation. The acquisition provides CSI strategic advantages, with ICS’s valuable market experience, and increased penetration in its local government market space. The ICS Greensboro, NC office provides an immediate customer base contiguous with the existing CSI selling area and provides a launching point for continued expansion. The transaction is expected to be cash flow positive on an annual basis.
Nancy Hedrick, CSI’s CEO, stated, “We welcome the ICS team and believe they will be valuable contributors to our continued growth. Our attraction to ICS stems from their solid customer base and strong solutions-focus, which supports CSI’s strategy of expanding its solutions offerings, adding higher margin sales and recurring revenue to the revenue mix, and gaining deeper penetration in the areas we serve. The acquisition will provide CSI with a total customer base of 110 municipalities in North Carolina, which represents a 20% share of the municipal government market in that state.” Hedrick added, “Beginning with ICS’s annual revenues of more than one million dollars, CSI should benefit from additional opportunities to serve the embedded client base by presenting CSI technology and software solutions to them. We are excited about the opportunities provided by this acquisition and anticipate expanding into additional territories via the Greensboro office.”
Beth Byers, Vice-President of ICS prior to the acquisition, will transition to CSI Vice President of Software Operations (ICS) and will continue to oversee the operations of the Greensboro office. Beth stated, “Our team is looking forward to joining the CSI team as we continue to focus on delivering quality service and solutions to our clients.”
About Computer Software Innovations, Inc.
CSI provides software and technology solutions primarily to public sector markets. CSI has more than doubled its revenue in the past two years to over $55 million by using organic growth and acquisitions to fuel an aggressive expansion from its southeast base. Over 600 school, government, and non-profit organizations have CSI solutions that encompass financial management software specialized for the public sector, IT infrastructure, IP telephony, IP video surveillance, printing/imaging solutions and interactive classroom technologies. More information about CSI (OTCBB: CSWI.OB) is available at www.csioutfitters.com.
Forward-Looking and Cautionary Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Among other things, these statements relate to our financial condition, results of operations and future business plans, operations, opportunities and prospects. In addition, we and our representatives may from time to time make written or oral forward-looking statements, including statements contained in filings with the Securities and Exchange Commission and in our reports to stockholders. These forward-looking statements are generally identified by the words or phrases “may,” “could,” “should,” “expect,” “anticipate,” “plan,” “believe,” “seek,” “estimate,” “predict,” “project” or words of similar import. These forward-looking statements are based upon our current knowledge and assumptions about future events and involve risks and uncertainties that could cause our actual results, performance or achievements to be materially different from any anticipated results, prospects, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are not guarantees of future performance. Many factors are beyond our ability to control or predict. You are accordingly cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date that we make them. We do not undertake to update any forward-looking statement that may be made from time to time by or on our behalf. In our most recent Form 10-K, we have included risk factors and uncertainties that might cause differences between anticipated and actual future results. We have attempted to identify, in context, some of the factors that we currently believe may cause actual future experience and results to differ from our current expectations regarding the relevant matter or subject area. The operations and results of our software and systems integration businesses also may be subject to the effects of other risks and uncertainties, including, but not limited to:
• a reduction in anticipated sales;
• an inability to perform customer contracts at anticipated cost levels;
• our ability to otherwise meet the operating goals established by our business plan;
• an economic downturn; and
• changes in the competitive marketplace and/or customer requirements.
For More Information, Contact:
Company Contact:
Computer Software Innovations, Inc.
David Dechant, 864-855-3900
Ddechant@csioutfitters.com
Investor Contact:
Alliance Advisors, LLC
Mark McPartland, 910-221-1827
MarkMcp@allianceadvisors.net