Conversion Services International Completes Transactions to Strengthen Its Balance Sheet
April 23 2008 - 9:00AM
PR Newswire (US)
EAST HANOVER, N.J., April 23 /PRNewswire-FirstCall/ -- Conversion
Services International, Inc. (AMEX:CVN) ("CSI"), a premier
professional services firm focused on delivering business
intelligence and business process optimization solutions to Global
2000 organizations and other businesses, today announced that it
had converted $600,000 in debt to equity during March 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO ) Bill
Hendry, chief financial officer of CSI, stated, "In December 2007,
we made the final payment of $250,000 to repay our debt to Sands
Brothers Venture Capital LLC, and we converted $2.5 million of debt
to equity. In March 2008, we converted another $600,000 of
long-term debt to equity. We are very pleased to have completed
this transaction as we continue to strengthen our balance sheet.
Also, in March 2008, we replaced our previous line of credit with
Laurus Master Fund Ltd. with a new line of credit with Access
Capital, Inc." Hendry concluded, "We have made progress toward
improving the Company's capital structure during the last few
months and we expect to continue to make further improvements."
Scott Newman, chairman and chief executive officer of CSI, stated,
"This strengthening of our capital structure will allow us to
pursue our business strategy with greater flexibility and enhance
our ability to pursue acquisitions that are complementary to our
business. Despite the economic climate, we are continuing to win
new contracts and expand our customer base." About Conversion
Services International, Inc. Conversion Services International,
Inc. (CSI) is a provider of professional services focusing on
strategic consulting, data warehousing, business intelligence,
business process reengineering, as well as integration and
information technology management solutions. CSI offers an array of
products and services to help companies define, develop, and
implement the warehousing and strategic use of both enterprise-wide
and specific categories of strategic data. CSI's customers include
ADP, Coach, Goldman Sachs, Liberty Mutual, Merck, Morgan Stanley,
and Pfizer. Information about CSI can be found on the web at
http://www.csiwhq.com/ or by calling its corporate headquarters at
888-CSI-5036. Note on Forward-Looking Statements Except for the
historical information contained herein, this press release
contains, among other things, certain forward-looking statements,
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainties. Such statements may
include, without limitation, statements with respect to CSI's
plans, objectives, expectations and intentions and other statements
identified by words such as "may," "could," "would," "should,"
"believes," "expects," "anticipates," "estimates," "intends,"
"plans" or similar expressions. Actual results may differ from
those set forth in the forward-looking statements. These
forward-looking statements involve certain risks and uncertainties
that are subject to change based on various factors (many of which
are beyond CSI's control). CSI undertakes no obligation to update
publicly any forward-looking statements. Investor Relations: Media
Contact: Porter, LeVay & Rose, Inc. Tracee Lee Beebe Michael J.
Porter, President Marketing & Communications Jeffrey Myhre, VP
-- Editorial Conversion Services International, Inc. 212-564-4700
973-560-9400
http://www.newscom.com/cgi-bin/prnh/20060421/NYF015LOGO
http://photoarchive.ap.org/ DATASOURCE: Conversion Services
International, Inc. CONTACT: Investors, Michael J. Porter,
President, or Jeffrey Myhre, VP, Editorial, +1-212-564-4700, both
of Porter, LeVay & Rose, Inc. for Conversion Services
International, Inc.; or Media, Tracee Lee Beebe, Marketing &
Communications of Conversion Services International, Inc.,
+1-973-560-9400, Web site: http://www.csiwhq.com/
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