Complete Business Solutions, Inc., Changes Name To Covansys.Business Editors & High-Tech Writers FARMINGTON HILLS Far·ming·ton Hills A city of southeast Michigan, an industrial suburb of Detroit. Population: 81,400. , Mich.--(BUSINESS WIRE)--Feb. 5, 2001 New Name & Ticker Symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors Caps Six-Month Re-engineering Effort To Position Technology Services Company For Growth & Leadership Complete Business Solutions, Inc., (Nasdaq:CBSI CBSI CUNA Brokerage Services, Inc. CBSI Cambodian Buddhist Society, Inc. (Silver Springs, Maryland) CBSI Certified Bridge Safety Inspector CBSI Custom Business Solutions, Inc. ) a global technology services company, today becomes Covansys (Nasdaq:CVNS CVNS Concert Virtual Network Service CVNS Aircraft Carrier Navigation System CVNS Cardiovascular Neurological Services CVNS Continuous-Valued Number System ), capping a six-month re-engineering effort to position the 16-year-old, publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. for growth and leadership in the dynamic, 21st century information technology industry. Covansys Chief Executive Officer Michael Bealmear will officially unveil Covansys as the company's new brand name at a ceremony today at 1:40 p.m. EST at the Nasdaq MarketSite NASDAQ MarketSite (or simply MarketSite) is the physical presence of the NASDAQ stock market. Located in Times Square in New York City, it occupies the bottom of the Condé Nast Building, located at 4 Times Square. (TM) in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The new trading symbol Trading symbol See: Ticker symbol CVNS takes effect today and the company will immediately begin doing business as Covansys. Its formal legal name change is subject to shareholder approval at the company's annual meeting this summer. Covansys is derived from "co" -- together, "advance" -- to move forward, and "system" -- to reflect a disciplined process toward technology services that helps clients achieve greater business success. The company's new tagline will be "Covansys: From The Inside Out(SM)." "We are not the rock stars of our industry, nor do we want to be. We are a serious, mature, global company that does nothing more or less than solve our customers' most complex technological challenges so they can succeed in their business," said Bealmear. "The name Covansys is a symbol of our promise to deliver results from the inside out." Fulfilling a plan Bealmear began to execute when he became 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. in June 2000, the name change to Covansys serves as a symbolic exclamation point for the implementation of a new, comprehensive and focused business model designed to fully leverage the company's range of experience, scope of expertise and scalable delivery model. In 1999, the company cleared $462 million in revenues.(1) It lists approximately 500 clients, including numerous Fortune 1000 companies, such as Ford Motor Company, The Gap, Lands End and UNUMProvident Corporation. It has 5,000 employees at offices worldwide, including extensive facilities in India, where it offers one of the largest, highest quality offshore operations of any U.S.-based technology services provider. Bealmear's re-engineering plan has focused Covansys on establishing leadership in three technology services market spaces -- Web-to-Enterprise Integration (WEI(SM)), industry-specific solutions and strategic outsourcing. Each service area plays to the company's fundamental technological strengths: Its deep and successful experience with both Old World legacy systems and New Economy e-business implementations; its leadership in vertical markets, including public sector and health care; and its unique blend of domestic and offshore resources. Bealmear also has implemented a series of organizational changes designed to spur growth and improve collaboration across the enterprise, including creation of the company's first, large-scale centrally administered sales organization and the recruitment of numerous IT veterans to staff his executive leadership team. "In my 27 years in this industry, I have never worked with a company with these kinds of assets and capabilities," said Bealmear. "We are in the right place at the right time in terms of what companies want from their technology services partner. No glitz glitz Informal n. Ostentatious showiness; flashiness: "a garish barrage of show-biz glitz" Peter G. Davis. tr.v. . No cookie-cutter solutions. Just innovative, problem-solving services that improve efficiency reduce costs and increase revenues." In addition to this afternoon's Nasdaq ceremony, company officials are hosting a 9 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy event at their headquarters in Farmington Hills, Michigan Farmington Hills is the most populous city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is known for it's affluence, excellent schools, great housing stock, luxury homes and a center of business in Oakland County and Metro Detroit. , to unveil a building sign bearing the Covansys name. The company is also embarking on its first national advertising campaign with ads appearing in today's Wall Street Journal. About Covansys Covansys (Nasdaq:CVNS) is a global technology services company specializing in Web-to-Enterprise Integration (WEI(SM)), industry-specific solutions and strategic outsourcing. Since its founding in 1985, Covansys has successfully delivered fast, focused, high-quality yet cost-effective business and technical solutions, building a professional heritage that bridges Old World legacy systems and the New Economy's leading-edge e-business technologies. With one of the largest offshore capabilities of any U.S.-based technology services provider, Covansys is one of the few companies in the world to achieve the SEI's CMM (Capability Maturity Model) A process developed by SEI in 1986 to help improve, over time, the application of an organization's supporting software technologies. (R) Level 5 quality ratings at its offshore development centers in India. Headquartered in Farmington Hills, Michigan, Covansys has 5,000 full-time employees at its domestic and international offices and was named one of the 100 fastest-growing U.S.-based companies by Fortune Magazine in September 2000. Visit our website at: www.covansys.com. (1) $462 million includes revenues from Synova, which was sold in the summer of 2000. |
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