BC-based Revelstoke Credit Union Selects Open Solutions' Core Data Processing Technology.Advanced technology positions credit union for growth GLASTONBURY, Conn. -- Revelstoke, BC, Canada-based Revelstoke Credit Union has selected Open Solutions Inc.'s[R] (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : OPEN) enterprise-wide data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a platform, The Complete Credit Union Solution[R], to help facilitate its growth and expansion objectives. Open Solutions is a provider of integrated enabling technologies for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and other international markets. Revelstoke Credit Union is a full-service financial institution that serves 5,000 members in Canada and has (CAD) $102 million in assets under administration. The credit union offers a full range of products and services to its members, including commercial lending, wealth management, and insurance services through its insurance subsidiary. Located on the Columbia River Columbia River River, southwestern Canada and northwestern U.S. Rising in the Canadian Rockies, it flows through Washington state, entering the Pacific Ocean at Astoria, Ore.; it has a total length of 1,240 mi (2,000 km). , between the Monashee and Selkirk mountain ranges, the community of Revelstoke is poised for growth and expansion through significant development of its diverse industry base. "Community Partner" Revelstoke Credit Union is preparing for this growth by broadening its range of service offerings and putting in place the resources and infrastructure to support them. This includes the migration of the credit union's core data processing from its legacy system to Open Solutions' relational platform. "Our credit union has been providing financial services to the community for more than 50 years, and we have a significant market presence in the area," said Jay Strong, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. to Revelstoke Credit Union. "Today's financial services marketplace does not allow for any complacency. To remain competitive, we must continue to be responsive to our members' demands for new products, convenient access channels and excellent personal service - and we look to our technology partner, Open Solutions Canada, to provide the platform and products to support these strategies. Open Solutions Canada understands the competitive pressures we face and has been working closely with our credit union to accommodate our needs. We look forward to continuing our business relationship with Open Solutions Canada in the same 'spirit of partnership'." Open Solutions Canada President Blair Goulet, said, "Open Solutions Canada strives to be a technology partner to its clients, rather than simply just another vendor. We recognize that the financial services landscape in Canada is undergoing significant change - in particular, the credit union industry - and we believe our solutions will help credit unions to meet these challenges and seize the opportunities that these changes will bring. We are pleased that Revelstoke Credit Union has elected to continue its relationship with Open Solutions Canada and will take advantage of our industry-focused products and services as it prepares for its future expansion." "Open Solutions' vision is to revolutionize the financial services industry worldwide through the provision of innovative technology, products and services," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "We believe our solutions have the flexibility to address the needs of community-based organizations such as Revelstoke Credit Union and help them achieve their business goals. Community-based financial institutions have long been an important focus for our company and it is our belief that they play a key role in the economic and social well-being of the communities they serve. We are pleased Open Solutions Canada has been selected by Revelstoke Credit Union as it continues to make a positive difference for their members as well as the community of Revelstoke." About Open Solutions Inc. Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. Oracle relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. , with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting Making a Web site available on the Internet. Many ISPs host a few personal Web pages for an individual at no additional cost above the monthly service fee, but the address is subordinate to the ISP; for example, www.friendlyisp.com/pat_smith. and design, and payment and loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service. For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser
Danziger Goldwasser (German: Gold water of Danzig by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Web site at www.opensolutions.com. Open Solutions Inc.[R] and The Complete Credit Union[R] are registered trademarks of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright [c] 2006 Open Solutions Inc. All rights reserved. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, if we fail to adapt our products and services to changes in technology or in the marketplace, we could lose existing clients and be unable to attract new business. Factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the three months ended Sept. 30, 2006, as filed with the Securities and Exchange Commission. Editors Note: The correct usage of the company name, Open Solutions Inc., is either referring to it as Open Solutions Inc. or Open Solutions. Open Solutions no longer uses the acronym of OSI (1) (Open System Interconnection) An ISO standard for worldwide communications that defines a framework for implementing protocols in seven layers. Control is passed from one layer to the next, starting at the application layer in one station, proceeding to the to refer to the company. |
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