NEW YORK, Sept. 13 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
outsourcing solutions for the financial services sector, today announced that
there will be a delay in the filing of its Form 10-K for its fiscal year ended
June 30, 2004. The Company reported that as it was preparing to file its
Annual Report on Form 10-K by the September 13, 2004 due date, a current
employee of its Fund Services business raised certain issues, particularly in
connection with the documentation process in the Company's preparation for a
SAS 70 review. The Company advised the Board of Directors of this
development, and the Board formed a special committee of independent directors
to conduct an independent investigation.
Russ Fradin, the Company's president and chief executive officer stated,
"The Company takes issues of these types very seriously. By bringing this
development to the attention of our Board of Directors, we are following
recommended and appropriate corporate governance procedures. The special
committee has engaged independent counsel to assist in the investigation and
the Company has reported the matter to the SEC. The Company is fully
cooperating in the investigation and is making every effort to file its Form
10-K on or before September 28, 2004, the end of the filing extension period."
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $750 billion in
assets under administration. BISYS' largest group also provides retirement
services to more than 18,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive information through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance Services group, BISYS is
the nation's largest independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, long-term care, disability, and annuity products. BISYS is also the
nation's second largest independent wholesale distributor of commercial
property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with approximately
350 certification and continuing education training courses, and a
sophisticated suite of products and services that automates the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. Additional
information is available at http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting The BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'s periodic filings with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Daniel Briggs, Vice President Finance &
Investor Relations of The BISYS Group, Inc., +1-212-907-6134
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