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Canadian-Based Community Savings Selects Open Solutions Relational Core Processing Suite; Commitment to Canadian Market Cited as Key in Decision Process.


GLASTONBURY, Conn. -- Open Solutions Inc. (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), a provider of integrated enabling technologies for community financial institutions, announced that Community Savings, based in Red Deer, Alberta Red Deer is a city in central Alberta, Canada. It is located near the midpoint of the Calgary-Edmonton Corridor, and is Alberta's third most populous city - after Calgary and Edmonton. , Canada, is the first credit union in Canada to select Open Solutions' The Complete Credit Union Solution(R) to address its core 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  needs. Open Solutions entered the Canadian market approximately six months ago with its acquisition of Datawest Solutions Inc.

Open Solutions SVP SVP S'il Vous PlaƮt (French: Please)
SVP Senior Vice President
SVP Schweizerische Volkspartei (Swiss People~s Party)
SVP Society of Vertebrate Paleontology
SVP Social Venture Partners
SVP St Vincent de Paul
 and Chief Operations Officer Andrew Bennett Andrew Francis Bennett (born March 1939) is a British politician, and was member of Parliament for Denton and Reddish until he retired in 2005. He is a member of the Labour Party.

A teacher, Bennett was elected to Oldham Borough Council in 1964, and served on it until 1974.
 said, "Canadian financial institutions are very progressive and sophisticated in their banking needs. Community Savings marks the first of what we hope is a long list of Canadian financial institutions that see the benefits of migrating to the Open Solutions' open architecture. We recognize the Canadian market has different regulations and business practices. Open Solutions has not just modified an existing product. It has designed a powerful integrated system to meet Canadian banking needs."

Though not a Datawest client, Community Savings, with more than 110,000 members, assets of C$1.8 billion and 29 locations, has operated in a service bureau environment for eight years. When the bureau began a review of its core system direction, Community Savings undertook similar steps.

Nelson Tkatch, vice president, Information Services See Information Systems. , said, "Our driving force was to position ourselves for success in a very competitive marketplace. Open Solutions was chosen for its commitment to the Canadian market, advanced open architecture, accessibility of data for enhanced member service delivery and ability to provide a wide variety of functionally integrated modules. It is consistent with our vision of a highly integrated, digitally based, paperless processing environment that we can operate in-house."

Along with The Complete Credit Union Solution(R), Community Savings will also implement Open Solutions' CRM/business intelligence, electronic image/item processing, voice response, safe deposit box A safe deposit box (sometimes incorrectly called a safety deposit box) is a type of safe usually located in groups inside a bank vault or in the back of a bank or post office. , asset collection management, ATM products and multi-channel management products.

Open Solutions Chairman and 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.  Louis Hernandez, Jr., said, "We're excited by the opportunity to work with Community Savings to deliver a relational core data processing solution and complementary integrated product offerings that will serve them for years to come. Now that Community Savings has taken the lead on migrating to The Complete Credit Union Solution, we hope that other financial institutions in Canada will take a close look at Open Solutions' complete financial product suite and join Community Savings in upgrading their technology platform to allow for further growth and expansion."

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 Oracle(R) 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, electronic image/item processing, Check 21, interactive voice response 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 is designed to allow banks, thrifts and credit unions 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
:This article is about the alcoholic beverage. For the computer scientist, see Shafi Goldwasser. For the Israeli soldier, see Ehud 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' Internet site at www.opensolutions.com. Open Solutions Inc.(R) and The Complete Credit Union Solution (R) are registered trademarks of Open Solutions Inc.

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 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' Annual Report on Form 10-K Form 10-K

A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.


Form 10-K

See 10-K.
 for the year ended Dec. 31, 2004, as filed with the Securities and Exchange Commission on March 16, 2005.

Editor's note: For more information on Community Savings please visit the Web site at www.communitysavings.ca.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Apr 26, 2005
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