300TH BANK ORDERS SUMMIT.NET
Check Image System Provider Reports Contract Milestone
JEFFERSON CITY, Mo. - (August 1, 2007) - Summit Financial Solutions, Inc. (OTCQX: CSVI) today announced that it has booked contracts from the 300th bank for the Summit.NET Check 21-based Image Platform. This number does not include banks that have licensed individual Summit.NET modules such as Branch Capture or Remote Deposit from Summit and its reseller/partners.
Summit also announced strong results for the first half of 2007, with a 30% increase in the number of contracts over the same period last year. A significant percentage of the new orders are to replace older check image solutions that are reaching their fourth and fifth year installation anniversaries.
According to Ron Thill, President of Summit, “Since becoming a part of Computer Services, Inc. (CSI) in January, Summit’s new sales have increased substantially. Being a part of CSI has played a big part in the increase in orders as banks continue to look to solid, long-term players as technology partners. As an example, during the same week that we booked the 300th contract, three more banks also entered contracts, followed by an additional four banks the next week. We are very pleased with the excellent results for the first half of the year, and we are projecting continued strong growth for the rest of 2007 and beyond.”
Thill continued, “To stay ahead of the expanded support requirements that accompany growth, Summit is implementing aggressive expansion in our support department. Our goal is to have an infrastructure that continues to stay well ahead of the support requirements of our growing user base.”
Summit.NET was the first image system to be 100% developed using Microsoft’s advanced .NET architecture. This advantage, plus the positioning of Summit.NET as the “Open Alternative to Host-Based Image Systems,” has been extremely well received by banks looking for an “open” solution that also can be integrated into their host system.
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All statements except historical statements contained herein constitute “forward-looking statements.” These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside of Summit's or CSI’s control, which may cause actual results to differ materially from such statements. Such risks and uncertainties include, but are not limited to, economic, competitive, technological and governmental factors affecting operations, markets, services, products, prices and other factors. Neither Summit nor CSI is responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.