Certified Services Inc. Announces Extension of Credit Line.Business Editors NEW YORK--(BUSINESS WIRE)--June 13, 2003 Certified Services, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSRV CSRV Civil Service Rifle Volunteers (British) CSRV Coates Spherical Rotary Valves ), 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 that its wholly-owned subsidiary, The Cura CURA Community-University Research Alliance CURA Centre Universitaire de Recherche en Astrologie CURA Cambridge University Rifle Association Group, Inc. ("Cura") has renewed and increased its Line of Credit Agreement with Wachovia Bank, N.A. The Line of Credit, which was scheduled to expire on May 20, 2003, was renewed through December 31, 2003 and increased in amount from $2,129,000 to $2,500,000. "Wachovia Bank has been Cura's principal depository institution Depository institution A financial institution that obtains its funds mainly through deposits from the public. This includes commercial banks, savings and loan associations, savings banks and credit unions. since its formation in 1997," stated Dan L. Pixler, 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. of CSRV. "CSRV is delighted to work with a bank of Wachovia's stature as we progress through our strategic growth plans." CSRV is a New York based holding company now entering its third year of operation. It currently serves an estimated 824 clients with 32,000 worksite employees in 29 states. Through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. The Cura Group, Inc., CSRV provides 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. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B 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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