Towne Services, Inc. Announces Proposed Merger with Private Business, Inc

Towne Services, Inc. (Nasdaq/NM:TWNE) today announced the execution of a garner of intent to engage in a strategic merger with Private Business, Inc., (Nasdaq:PBIZ). Based in Brentwood, Tennessee, Private Business is a leading provider of technology-driven solutions that help banks manage accounts receivable financing for small businesses. The companys software-based solution, Business Manager(R), automates the management of accounts receivable financing for a network of over 1,100 community banks throughout the nation The letter of intent provides that Townes shareholders would own approximately 36% of the surviving corporations capital stock following consummation of the merger. Final legal injury of the proposed achievement will be disclosed upon the signing of a definitive agreement, which is judge by March 31, 2001. The merger is government issue to customary closing conditions, including approval by the shareholders of both companies, and is expected to close in the first half of 2001. Commenting on the transaction, Lynn Boggs, chairwoman and chief executive officer of Towne Services, commented, We are genuinely randy to have the opportunity to join forces with Private Business in the merger of the two leading companies in the electronic transaction processing industry.

We retrieve there are a bout of significant financial and operating synergies that will be at present realized with the combination of two companies who bring different, but very complementary strengths to the merger. Private Business has an outstanding sales conclusion with an enviable record of profitable sales to a across the nation network of community banks and thousands of small businesses across the United States. We believe that with our proprietary electronic gateway that links banks, businesses and consumers, we will this instant have a greater opportunity to enhance our merchandise coverage by leveraging the strength of their sales weapons platform with our proven technology. Additionally, with over $12.4 million in cash... If you want to maturate a full essay, order it on our website: Orderessay

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