NEW YORK, Sept. 27 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
outsourcing solutions for the financial services sector, today announced that
it has filed its Form 10-K for its fiscal year ended June 30, 2004. The
filing had been delayed while a special committee of the BISYS Board of
Directors, together with independent counsel, investigated issues raised by a
current employee in its Fund Services business, particularly in connection
with the documentation process in the Company's preparation for a SAS 70
review.
Bob Casale, the Company's chairman of the board of directors and a member
of the special committee, stated, "The special committee has completed its
investigation, and is pleased with the responsiveness and cooperation we
received from the company, its employees, and all other parties involved."
Russ Fradin, the Company's president and chief executive officer, added,
"We are happy to report that the investigation has been completed and that we
have now filed our 10-K. To address the issues identified in the
investigation and any concerns with the outstanding SAS 70 report related to
our Fund Services business, we asked PricewaterhouseCoopers LLP, the service
auditor of the SAS 70 report, to re-perform the procedures necessary to
reissue the report. We appreciate their responsiveness, and expect the SAS 70
report to be re-issued later this week."
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
CONTACT:
Daniel Briggs, Vice President Finance &
Investor Relations, 212-907-6134
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