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Conversion Services International Retires $1.3 Million of Debt; CEO and COO to Retire Debt into Common Stock
EAST HANOVER, N.J. (August 23, 2006) - Conversion Services International, Inc. (AMEX: CVN), a premier professional services firm focused on delivering the value in business intelligence, data warehousing and data management solutions to Global 2000 organizations and other businesses, today announced the retirement of approximately $1.3 million of debt. Pursuant to a unanimous resolution of the independent members of the Board of Directors, certain loans made to the Company by Scott Newman, CSI's president, chief executive officer and chairman, and Glenn Peipert, executive vice president, chief operating officer and director, have been converted into shares of common stock of the Company.
Per the Board resolution, the shares of common stock received were based on a conversion price of $0.63, or the closing market price of the Company's common stock on the American Stock Exchange on the date of conversion (August 23, 2006). Newman received 1,079,033 shares of restricted common stock, and Peipert received 974,122 shares of restricted common stock.
According to Newman, "As president and co-founder of CSI, I am involved daily with the strategy to develop our company into a world-class provider of business intelligence and data warehouse solutions. I believe we have a tremendous potential for growth, and retiring this debt is beneficial to the Company's financial condition and its continued growth."
Peipert added, "As we continue to provide world-class services to our current clients, attract new clients, and provide enhanced benefits to the employees who make our organization strong, this reinvestment in our growth and success is a tangible recognition and commitment to a financially strong organization."
About Conversion Services International, Inc.
A Note on Forward-Looking Statements
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