Specialized Leasing Inc. Announces Merger With IT OutSource Inc.Business Editors/High-Tech Writers TUCSON, Ariz.--(BUSINESS WIRE)--June 23, 2003 Specialized Leasing Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SPLZ) announced today that it has signed a Letter of Intent with IT OutSource Inc. (ITOS ITOS Improved TIROS Operational Satellite ITOS Improved TIROS Operational System (polar-orbiting US weather satellites) ITOS Integrated Test and Operations System (NASA) ) to acquire 100% of ITOS's outstanding common stock, making it a 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. of SPLZ. "We are excited to be on the ground floor of this tremendous technology opportunity and are looking forward to working with ITOS to provide computer preventive maintenance The routine checking of hardware that is performed by a field engineer on a regularly scheduled basis. See remedial maintenance. preventive maintenance - (PM) To bring down a machine for inspection or test purposes. See provocative maintenance, scratch monkey. and efficiency services to small, medium and large businesses nationwide," said Franklin Scivally, C.E.O. of Specialized. ITOS plans to provide outsource services to companies to increase employee productivity, reduce unscheduled unscheduled Adjective not planned or intended Adj. 1. unscheduled - not scheduled or not on a regular schedule; "an unscheduled meeting"; "the plane made an unscheduled stop at Gander for refueling" downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. and lower the cost of IT ownership. The acquisition of ITOS by Specialized Leasing will give ITOS the ability to lease computer systems, networks and Mobile Computer Service Vehicles. About Specialized Leasing Specialized Leasing Inc. is engaged in the business of leasing computer systems and accessories to professionals, with an emphasis on the real estate, medical and legal industries. The business strategy of Specialized is to support the legal, medical and real estate professional with high quality computer hardware and software to satisfy all of the professional's computing computing - computer needs, including on site maintenance, training and updating of hardware and software, thus taking the burden of selection, repair, upgrading and maintenance away from the professional and his or her staff. For more information on Specialized Leasing's business, visit their Web site at www.specializedleasing.com. About ITOS IT OutSource Inc. specializes in lowering the cost of Information Technology ownership for small, medium and large businesses nationwide. The company's predictive and preventative maintenance technologies increase uptime, increase employee productivity, lowers the chance of hardware failure or data loss thereby allowing business owners a complete IT OutSource solution. ITOS has developed a nationwide wireless network of Mobile Computer Service Vehicles (MCSV's) that can be dispatched on-line with an exclusive "Dispatch-A-Tech" service to offer the first complete onsite computer outsourced, nationwide service. For more information on ITOS, visit their Web site at www.itos.us. This press release contains statements, which may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by 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. Those statements include statements regarding the intent, belief or current expectations of Specialized Leasing Inc. and ITOS, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation Fluctuation A price or interest rate change. of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. |
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