CP&S Inc., the Leading Provider of Innovative Asset Management and Inventory Performance Services Announces the Three-Year Renewal of Its FlexPlan Agreement with BancTec CNS.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 19, 2004

Extended Relationship Ensures BancTec Will Continue Its Tradition of Cutting-Edge Service Performance without the Burden of Owning Spare

Parts Inventories 

CP&S, Inc., today announces the renewal of its lucrative spare parts agreement with industry-leading computer and network services provider BancTec, Inc. Under the arrangement, CP&S will continue to provide warranty and non-warranty parts and related services on an ongoing basis, assuming financial responsibility for inventory ownership, logistics services and on time shipping to specified locations.

"We're very pleased to have earned this contract extension with a computer services provider as well known and trusted as BancTec," said Nolan Klier, CP&S account executive. "Their impressive client list and service level performance make them one of our most demanding clients and we're proud to be meeting and exceeding their high expectations one order at a time."

"Since entering into the first FlexPlan(R) agreement with CP&S, we've enjoyed substantial asset reductions without sacrificing quality technical support performance standards for our customers," added Mark Spire, senior vice president and general manager of BancTec's Computer and Network Services division. "The promise of significant capital expense reduction, along with labor, facilities, and overhead savings is what attracted us to CP&S in the first place. They continue to prove themselves, and the financial and operational impact is significant enough that we would have a difficult time going back to an inventory ownership model for parts sparing and deployment."

BancTec Computer and Network Services (CNS), a division of BancTec, Inc., provides contract technical and support services for desktop computers, laptops, printers, peripherals, LANS/WANS and Intel and RISC-based servers throughout North America and Europe. CNS has more than 1,400 qualified field technicians operating from over 320 service centers responding to over two million service calls in homes, businesses, campus environments, government agencies, utility companies and medical and educational facilities each year.

CP&S, Inc., is a leading provider of inventory performance and asset management services for computer manufacturers, OEMs, VARs and services providers, technology leasing companies, and Fortune 2000 companies that manage large IT equipment installations. Founded as both a financial services organization and a low cost provider of service parts, the company's financial and computer systems expertise lead to innovative new services combining the two distinct disciplines. The Company addresses the entire array of IT aftermarket products and services, including new and used equipment distribution, parts distribution and support, services integration, asset management and EPA-compliant disposal, through its Capital, Technology Remarketing and IT Asset Management divisions.