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09/28/2004  

Sterling Testing Systems, Inc. Completes Acquisition of Assets from Automated Information Services, Inc.


September 28, 2004

Employment Screening Industry Leader Adds Mortgage Credit Report Services for Banks, Mortgage Lenders and Brokers

Sterling Testing Systems, Inc., the employment screening services company, announced today thtat it has acquired the primary assets and customers of Automated Information Services, Inc. (AIS), a reseller of mortgage credit reports. In addition, the company has formed a subsidiary, Sterling Credit Screening, Inc., to market mortgage credit reporting products to banks, credit unions, mortgage lenders, and mortgage brokers. Terms of the acquisition were not disclosed.

Sterling Testing Systems, founded in 1975 by CEO William M. Greenblatt, is headquartered in New York. AIS has been in operation since its establishment in 1995 by Eric Balcich, Michael Verdisco, and Jean Blaine. Both firms are privately held. AIS' customer service and operations staff will join Sterling Credit Screening in New York.

"We are excited to be entering a new market through this acquisition and providing a new channel of products to our financial service customers. Sterling Testing Systems will combine its 29-year history of focused customer service and product development with AIS' expertise in mortgage credit products," said William M. Greenblatt, CEO of Sterling Testing Systems, Inc. "Through this combination we will be able to provide their current client base with the highest quality client service, rapid introduction of new products, and enhancement of existing products, while offering single-provider access to our industry-leading employment screening services."

"This is a great opportunity for both companies as well as our clients. We look forward to bringing our expertise and clientele to Sterling Credit Screening and to becoming part of such a well-known, growing, and successful organization," said Valich. "The resources that will be devoted to product development and operations will enable this business to scale quickly and provide our customers with a vast array of mortgage credit reporting and employment screening products."

About Automated Information Services:

AIS provides comprehensibe credit reporting and related services to the mortgage banking industry. Services include single, double, and tri-merged mortgage credit reports, rapid re-score and correction resolutions, and flood determinations. AIS' website can be viewed at www.automatedinfo.com.

About Sterling Testing Systems:

Sterling Testing Systems is one of the nation's leading providers of outsourced pre-employment screening and background checking services. The company's large and diverse clientele includes many of the largest operating companies from the Banking, Distribution, Energy, Healthcare, Insurance, Legal, Manufacturing, Retail, Technology and not-for-profit industries in the United States. Sterling Testing Systems' broad range of services, product offerings, and searches includes Criminal History Records, Social Security Traces, Consumer Credit Reports, Prior Employment Verifications and References, Education Verification, Department of Motor Vehicle Records, Professional License Verification, Sexual Offender Database Records, Drug Tesing, and Online Employment Applications. Its services are facilitated through its leading online order and delivery system, Web Direct, and are used primarily by Corporate Human Resource, Loss Prevention, Security, and Risk Management Departments. The company is privately held and headquartered in New York. Sterling Testing Systems' website can be viewed at www.sterlingtesting.com or call (800) 899-2272.

About Sterling Credit Screening:

Sterling Credit Screening is a wholly owned subsidiary of Sterling Testing Systems, providing mortgage credit reports, flood determinations, and rapid corrections and rescore products to banks, credit unions, mortgage lenders, and mortgage brokers. The company also offers Tenant Screening services to landlords and property management companies.

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