Certified Services, Inc. Announces Filing of Counterclaim Against CNA.Business Editors FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Nov. 7, 2003 Certified Services, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSRV CSRV Civil Service Rifle Volunteers (British) CSRV Coates Spherical Rotary Valves ) (the "Company" or "CSRV") a leading provider of professional employer organization A professional employer organization (PEO) provides outsourcing of payroll, workers' compensation, human resources and employee benefits administration. It does this by hiring a client company’s employees, thus becoming their employer of record. (PEO) services, announced today that the Company's primary operating subsidiary, The Cura CURA Community-University Research Alliance CURA Centre Universitaire de Recherche en Astrologie CURA Cambridge University Rifle Association Group, Inc. ("Cura") has filed an answer and counterclaim against Continental Casualty Company ("CNA (Certified NetWare Administrator) See Novell certification. ") in their current legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Southern District of Florida. Cura's answer denies the allegations set forth within CNA's complaint and denies that CNA is entitled to the relief it demands therein. CNA's complaint, and the majority of Cura's counterclaims, relate to the period during which CNA provided workers' compensation coverage to Cura's clients. Cura's workers' compensation policy with CNA expired on June 30, 2003. The counterclaims allege that by falsely inflating claims reserves and collateral requirements and mismanaging claims and claims payments on behalf of Cura, CNA breached the terms of the workers' compensation insurance policy and the fiduciary duties owed to Cura. The counterclaims further allege misrepresentations and unfair and deceptive trade practices on the part of CNA and that CNA impermissibly im·per·mis·si·ble adj. Not permitted; not permissible: impermissible behavior. im attempted to draw down upon Cura's collateral reserves, neglected its administration of claims and failed to provide required information to state agencies and insurance certificates to Cura and its clients. Danny L. Pixler CSRV's President 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. stated, "The filing of our counterclaim against CNA is an important event for our Company and its subsidiaries. With the counterclaim filed, our company can move forward in demonstrating to our clients, partners and shareholders that the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. initiated by CNA should not hinder our business or the services we provide." CSRV is a Fort Lauderdale based holding company now entering its third year of operation. It currently provides, through its wholly owned subsidiaries The Cura Group, Inc. and American HR Holdings, Inc., a broad range of human resource services for small and medium size businesses including payroll and benefits administration, employee record keeping and regulatory compliance, health and workers' compensation insurance programs, and worksite safety management. The company serves approximately 1,900 clients, with approximately 50,000 worksite employees from its five service centers located in Florida, New Jersey and Texas. The news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive and other factors, including among other things, the size or timing of customer contracts, new or increased competition, changes in market demand and seasonality of purchases of the Company's product and services. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors that could materially affect the company and its operations are included in certain forms the company files with the U.S. Securities and Exchange Commission. |
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