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Dealipedia - Vertical Computer Systems Inc Enters Bankruptcy

Vertical Computer Systems Inc Closes

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Bankrupt Company: Vertical Computer Systems Inc View Profile Add Homepage Google Search
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Date:
Announced: Jun 23, 2009

Notes:

This transaction has nothing to do with bankruptcy.

Vertical Computer Systems did not file for bankruptcy on the date of this transaction nor has it done so after the date of this transaction (through the date of this update-- April 11, 2012).

The transaction was for the purchase Priority Time Systems, Inc., a time and attendance software company.

Deal Links:
VCSY Press Announcement
Banking Representation:
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PRESS RELEASE - Vertical Computer Systems Inc Enters Bankruptcy

Vertical Computer Systems Inc. Purchases Priority Time Systems, Inc.

Richardson, TX, June 23, 2009 (PRNewswire)– Vertical Computer Systems Inc (OTCBB: VCSY)(www.vcsy.com) is pleased to announce it has purchased Priority Time Systems, Inc. (Priority Time Systems) from Mark Arredondo and retained Mr. Arredondo as its President. Under the terms of the stock purchase agreement, VCSY purchased a 90% interest in Priority Time Systems from Mr. Arredondo. Priority Time Systems is currently finalizing its time and attendance software which will be coupled with a competitive time clock. Once completed, Priority Time Systems’ product will be a comprehensive time and attendance application that will compete with the leading competitors in the field.

Mark Arredondo is an industry veteran in employer services, with a particular expertise in payroll and time-management. Mr. Arredondo began his career in Las Vegas with ADP, a payroll and human resource provider, and worked his way up to Regional Sales Manager, the top position in the office, where he managed 12 sales reps. He and his team in Las Vegas quickly became one of the top-producing sales offices in the country.

Later, he became a Vice President of Sales and an equity partner with Compu-Cash Systems (Compu-Cash), a Kronos reseller, and sold time and labor products to such companies as The Venetian, Wynn Las Vegas, Station Casinos, The Palms, Hard Rock, and Caesar’s among many others. Mr. Arredondo later sold his ownership stake in Compu-Cash.

“We believe there is a great synergy between the two companies and their respective products. Priority Time Systems’ time and attendance product can be fully integrated with emPath®, the payroll and human resources product of NOW Solutions, VCSY’s wholly owned subsidiary, to meet the needs of its clients. Initially, NOW Solutions will focus on its healthcare and governmental clients and VCSY will also sell the Priority Time Systems product separately,” stated Richard Wade, President and CEO of Vertical Computer Systems, Inc. “We are confident that Mark Arredondo, who was a top performer for ADP as well as Kronos, can provide the expertise to successfully launch a time and attendance product utilizing the newest web-based technology.”

“I am extremely pleased to join the VCSY family and to have the opportunity to finalize the completion of the time and attendance product I have been developing to capitalize on what I perceive to be a significant weakness of existing market leaders“ added Mark Arredondo, President of Priority Time Systems, Inc. “I am confident that we will be able to greatly enhance the value of the company’s HR and payroll software with our time and attendance application.”

Forward looking statements disclosure: This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the Company's expectations or beliefs concerning future events. When used in this release, the words "expects," "plans," "anticipates," “indicates,” “believes,” “forecast,” “guidance,” “outlook,” "may," "will," "should," “seeks,” “targets” and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals are forward-looking statements. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.

About Vertical Computer Systems, Inc.

Vertical Computer Systems, Inc. (OTCBB: VCSY) is a provider of administrative software, Internet core technologies, and derivative software application products through its distribution network. VCSY's main administrative software product is emPath®, which is developed and distributed by NOW Solutions, Inc., the Company's wholly-owned subsidiary. EmPath® is a payroll and human resources software application, which consists of a fully secure web based HRMS suite as well as a Software-as-a-Service (SaaS) solution. VCSY's primary Internet core technologies include SiteFlash™, ResponseFlash™, NewsFlash™, and the Emily XML Scripting Language, which can be used to build web services. Information on VCSY and its products can be obtained on the World Wide Web at www.vcsy.com.

Contact:
Vertical Computer Systems, Inc.
(817) 348-8717
email: PRinfo@vcsy.com

SOURCE: Vertical Computer Systems, Inc.

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Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/dealiped/public_html/deal_view_bankruptcy.php on line 599
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This version submitted by anonymous lawyer

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