CheckFree Names Tacio Carvalho Executive Vice President and General Manager of CheckFree Investment Services.Business Editors ATLANTA--(BUSINESS WIRE)--Jan. 8, 2001 CheckFree Corporation (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 : CKFR CKFR Checkfree Corporation (stock abbreviation, AMEX) ) today announced it has named Tacio Carvalho, an executive with more than 20 years of experience in the investment management industry, as executive vice president and general manager of CheckFree Investment Services. Headquartered in Jersey City, New Jersey, CheckFree Investment Services is the premier provider of remote processing services used by professional money managers and financial advisors for the automation of investment management, trading, portfolio performance and reporting requirements. Carvalho, 53, most recently was Managing Director for Thomson Financial Thomson Financial A major provider of information, analytical tools, and consulting services to the financial community. The firm, a division of Thomson Corporation, is best known to investors for its First Call segment, which publishes consensus earnings Media Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . His career includes more than 15 years of experience managing banking, trading and treasury information technology systems, as well as 12 years of general management experience in the financial industry, eight of which were spent with Reuters. Carvalho's extensive international experience includes various positions based in Brazil, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Australia. He has served as general manager for Reuters' Australia and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. operations and for all of Reuters' Latin America businesses. Carvalho also has served as vice president of Chase Manhattan's Global Trading & Treasury Services Treasury services is a function of an investment bank which provides transaction, investment and information services for chief financial officers, treasurers. Treasury services concentrates and invests client money, and provides trade finance and logistics solutions as well as , and has held several information technology positions with Chase Manhattan Brazil's banking business, where he began his career. Carvalho will report to Frank Polashock, president of CheckFree Investment Services, until June 30, 2001, when Polashock is set to retire. Upon Polashock's retirement, Carvalho will be responsible for the strategic direction and daily operations of the division, and will report directly to Pete Sinisgalli, CheckFree president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "We are extremely pleased to have the opportunity to enhance the depth of our management team with someone who has the investment industry experience and global expertise that Tacio brings," said Sinisgalli. "As we expand this division strategically, Tacio's broad base of industry relationships and global perspective will contribute significantly to our ability to meet our objectives. I am highly confident that he and Frank will work well together over the next six months to ensure a smooth transition of leadership for both our customers and our employees," he said. "Frank Polashock is an excellent business leader, as evidenced by the greater than 25 percent growth in revenues and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. CheckFree Investment Services has achieved during his tenure," Sinisgalli continued. "His leadership also has been instrumental in our ability to achieve an important milestone of more than one million portfolios under management, up from about 350,000 when Frank joined CheckFree. Everyone at CheckFree thanks him for his contributions, and wishes him well on his retirement," he added. About CheckFree Investment Services Headquartered in Jersey City (NJ), CheckFree Investment Services is the premier provider of remote processing services used by professional money managers and financial advisors for the automation of investment management, trading, portfolio performance and reporting requirements. Its staff of more than 300 professionals, provide a broad range of investment management services to thousands of financial institutions nationwide. Clients of CheckFree Investment Services manage over one million portfolios totaling more than half a trillion dollars in assets, through the company's CheckFree APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. and CheckFree APL WRAP systems. Other software systems from CheckFree Investment Services include the investment manager data base M-Search, M-Watch for performance reporting and evaluation, M-Vest, an institutional asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. optimizer and M-Plan, a breakthrough system from CheckFree Investment Services for integrating retirement, capital needs, tax, education and estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the . For more information, visit CheckFree Investment Services at www.checkfree.com. About CheckFree CheckFree (www.checkfree.com) is the leading provider of financial electronic commerce services and products. Founded in 1981, CheckFree launched the first fully integrated electronic billing Electronic billing is the electronic delivery and presentation of financial statements, bills, invoices, and related information sent by a company to its customers. Electronic billing is also referred to as the following:
Certain of the Company's statements in this press release are not purely historical, and as such 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. These include statements regarding management's intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission, including 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 June 30, 2000 (filed September 26, 2000). One or more of these factors have affected, and could in the future affect, the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements. |
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