Woodbury, NY— July 19, 2007— CardWorks subsidiary, Cardholder Management Services, LLC (CMS), the leading third-party bankcard servicer, announced today that it has changed its name to CardWorks Servicing. The new name more accurately reflects the Company’s position and reputation as a premier provider of turnkey services and support to bankcard issuers and acquirers in the United States and Canada.
CardWorks Servicing, previously CMS, delivers customized outsourced solutions, including customer service, risk management, loss mitigation, accounting/finance support, and portfolio management that enable issuers and acquirers to successfully meet the challenges of today’s increasingly competitive bankcard environment with high-quality servicing, improved operating efficiencies and increased profit potential.
“We have an excellent reputation and a leadership position within the card servicing industry, and the re-branding of CMS as CardWorks Servicing is a logical extension of our corporate identity and our core competencies,” said Don Berman, Chairman and Chief Executive Officer of CardWorks. “At present, CardWorks Servicing provides exceptional service to more than four million accounts and numerous financial institutions and we are continuing to grow and expand our offerings.”
CardWorks Servicing has a proven track record of servicing both prime and non-prime accounts. The Company’s services are transparent to cardholders and merchants – and specifications are driven by each individual organization’s needs. CardWorks Servicing is focused on providing best-in-class technology, service and experienced professional resources to its diverse client base.
Mr. Berman continued: “We are always seeking to provide the most innovative servicing solutions to meet the specific needs and challenges of our clients’ portfolios. Moving forward, we may seek to leverage our servicing expertise to other asset categories as opportunities arise.”
The name change is already in effect and does not reflect a change in ownership or management. The Company’s address and phone number also will remain the same.
About CardWorks
CardWorks, Inc. is the parent company of CardWorks Servicing and Merrick Bank. CardWorks Servicing continues to experience exceptional growth as the premier third-party servicer of credit cards, and Merrick Bank is recognized as a premier issuer of non-prime credit cards. Cardworks has operating facilities in Pittsburgh, PA, Salt Lake City, UT and Woodbury, NY.
CardWorks Servicing, previously CMS, was founded in 1987 to provide servicing, operational support and portfolio management to credit card issuers. CardWorks Servicing is now a nationally recognized, leading servicer of credit cards, national debit cards, pre-funded cards and other unique card products and is the largest privately held servicer of MasterCard®/Visa® cards. As a subsidiary of CardWorks, Inc., CardWorks Servicing, LLC provides third-party customer service, collections, risk management, and portfolio management.
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Contacts:
The Abernathy MacGregor Group
Kenny Juarez Eliza Johnson
212-371-5999 212-371-5999
edj@abmac.com edj@abmac.com