Newtek
Business Services Announces Acquisition [April
18, 2005]
NEW
YORK, April 18, 2005 /PRNewswire-FirstCall via COMTEX/
-- Newtek Business Services, Inc. (NKBS) (http://www.newtekbusinessservices.com),
a direct distributor to the small to medium-sized business
market, today announced the completion of the acquisition
by First Bancard Alliance of Alabama of a significant
merchant processing portfolio, an affiliate and subsidiary
of Newtek Business Services.
Barry Sloane, Chairman and CEO of Newtek
Business Services, stated, "We were able to work
with First Bancard to acquire 525 new merchant accounts,
with the right to acquire 280 additional accounts, and
a production office in the Midwest. This office has
historically added approximately 15 new clients per
month to the portfolio. We intend to focus on helping
our affiliated companies, operating nationwide under
the name of Newtek Merchant Solutions, to make other
portfolio acquisitions at attractive market prices when
and as available."
About
Newtek Business Services, Inc.
Newtek
Business Services, Inc. is a direct distributor to the
small to medium-sized business market. According to
the SBA, there are over 23 million small businesses
in the United States which in total represent 99.7%
of all employers, generate 60 - 80 percent of all new
jobs annually and generate more than 50% of non-farm
GDP. Since 1999, Newtek has helped these business owners
realize their potential by providing them with the essential
tools needed to manage and grow their businesses. Newtek
focuses on providing its 45,000 customers with access
to financial, management and technological resources
that enable them to better grow and compete in today's
marketplace. Newtek's products and services include:
-- Newtek Small Business Finance: U.S.
government-guaranteed small
business lending services;
-- Newtek Merchant Solutions: electronic merchant payment
processing
solutions;
-- Newtek Insurance Agency: commercial and personal
insurance;
-- CrystalTech Web Hosting: domain registration, hosting
and storage;
-- Newtek Financial Information Systems: outsourced
digital bookkeeping;
and
-- Newtek Tax Services: tax filing, preparation and
advisory services.
The statements in this release may contain forward looking
statements relating to such matters as anticipated future
business strategies and financial performance, anticipated
future number of customers, business prospects, legislative
developments and similar matters. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor
for forward-looking statements. In order to comply with
the terms of the safe harbor, Newtek Business Services,
Inc. notes that a variety of factors could cause its
actual results to differ materially from the anticipated
results expressed in the Company's forward looking statements
such as intensified competition and/or operating problems
and their impact on revenues and profit margins or additional
factors as described in Newtek Business Services' 2004
annual report on Form 10-K.
Contacts:
Newtek Business Services
Barry Sloane
Chairman of the Board & CEO
212-356-9500
bsloane@newtekbusinessservices.com
Dave Gentry
Aurelius Consulting Group, Inc.
407-644-4256
dave@aurcg.com
SOURCE Newtek Business Services, Inc.
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