For Immediate Release: October 20, 2005
Press Contact: Mike Misoyianis, 678-781-7200, Ext. 234
Corporate Contact: Rich Gavagan, 214-752-3444 Email: email@example.com
Deal greatly enhances company's position in document-imaging industry
Dallas, Oct. 20, 2005: Community Banking Systems (CBS), a leading check and document imaging software development company and a provider of image-based solutions for U.S. independent banks, announced today that it has purchased a license to utilize technology patented by DataTreasury Corporation. This technology is covered by U.S. Patent Nos. 5,910,988 and 6,032,137, which were issued to DataTreasury in 1999 and 2000 for image capture, centralized processing and electronic storage of document and check information, and it is the subject of a series of high-profile patent-infringement lawsuits DataTreasury has filed against a number of banks and financial-services companies.
"At CBS, our primary goal is to ensure our customer base is provided the most advanced products and services possible," said E.L. Shockey, chief executive officer of CBS. "Licensing DataTreasury's patents facilitates the present and future technological growth of our company, while protecting customers from concerns regarding these patents."
CBS was founded by Sean Pennock and Jeremy Cockrill, formerly with Advanced Financial Solutions and, later, Wausau Financial Systems. "In our past experience, we found that lower-tier financial institutions were being ignored by the industry, and that's why we founded CBS," said Mr. Cockrill, chief software officer of CBS. "Now we're changing the rules and leveling the playing field."
Keith DeLucia, chief executive officer of DataTreasury, said, "CBS is a pioneer in community banking technology and document image processing, and access to DataTreasury's technology will give this company an even greater edge over its competition. We're honored to add them to our growing list of licensees." Other licensees of DataTreasury" patented technology include banking giant JPMorgan Chase & Co., check-processing software provider NetDeposit, Inc., and RDM Corporation, one of the world's largest manufacturers of point-of-sale check-image repositories.
About Community Banking Systems (CBS) Dallas-based CBS (www.combanksys.com) employs the most advanced back office imaging technology built solely and specifically for community banks. With a unique combination of technology and process improvement expertise, CBS helps banks improve their customer service and reduce costs by streamlining their imaging operations. Commitment to the independent bank is reflected in the quality of customer care, the industry experience of the CBS team, the design of Community Banking Systems software products and the implementation of CBS services.
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