Conversion Services International, Inc.
100 Eagle Rock Avenue o East Hanover, NJ 07936
973.560.9400 o www.csiwhq.com
CONVERSION SERVICES INTERNATIONAL SHARES TO BEGIN TRADING ON
THE AMERICAN STOCK EXCHANGE TODAY, SEPTEMBER 21, 2005;
COMPANY COMPLETES 1-FOR-15 REVERSE SPLIT
EAST HANOVER, N.J., September 21, 2005 - Conversion Services International, Inc.
(AMEX: CVN; "CSI"), 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, announced that its
common stock will begin trading on the American Stock Exchange effective today,
September 21, 2005 under the symbol `CVN.'
Additionally, CSI completed a 1-for-15 reverse stock split of the Company's
common stock, effective after the close of business yesterday, September 20,
2005. As a result of the reverse split, the total number of common shares
outstanding was reduced from approximately 811 million to approximately 54
million. In addition, the total number of authorized shares of common stock was
reduced from 1 billion to 85 million.
Scott Newman, CSI's President, Chief Executive Officer and Chairman, commented,
"We are delighted to begin trading on the AMEX, and see it as an important
milestone in the Company's development. This listing makes our stock eligible
for investment by a broader range of funds, and should afford greater visibility
for CSI."
Stockholders entitled to fractional shares resulting from the stock dividend
will receive one extra post-split share. After effectiveness of the reverse
stock split, CSI's transfer agent will notify the Company's stockholders and
request that they surrender their certificates representing shares of pre-split
common stock to the transfer agent so that certificates representing the
appropriate number of shares of post-split common stock may be issued in
exchange.
About Conversion Services International, Inc.
Conversion Services International, Inc. (CSI) is a leading 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 current customers include ADP, Cendant, Coach, Goldman Sachs,
Liberty Mutual, Merck, Morgan Stanley, Pfizer, and Verizon Wireless. 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. These statements are based upon the current beliefs and
expectations of CSI's management and are subject to significant risks and
uncertainties, including the ability of CSI to be in compliance will all
applicable American Stock Exchange listing standards on the date it begins
trading on the American Stock Exchange, continued listing requirements, and
those detailed in CSI's filings with the Securities and Exchange Commission.
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 the CSI's control). CSI undertakes no obligation to update publicly
any forward-looking statements.
Contact:
Mitchell Peipert -or- Investor Relations Counsel
Vice President and Chief Financial Officer The Equity Group Inc.
Conversion Services International, Inc. Lauren Barbera, 212-836-9610
973-560-9400 x 2088 LBarbera@equityny.com
mpeipert@csiwhq.com