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eLayaway Acquisition Sets Stage for Continued Growth and Expansion(February 16, 2012)
TALLAHASSEE, FL -- (Marketwire) -- 02/16/12 -- eLayaway, Inc. (OTCQB: ELAY) (OTCBB: ELAY) announced today its acquisition of Centralized Strategic Placements, Inc. (CSP); a company whose technology supports member-based shopping exchanges that serve the 14 million Federal Government employees, retail partners, distributors and manufacturers. The two companies have elected to operate autonomously while strategically utilizing their combined resources and technology to increase IT development efficiencies, expand their marketing initiatives and decrease overall costs for both companies. The strong cultural and technological fit between the two organizations and their shared vision for growth will greatly enhance each Company's current product offerings and its ability to serve growing markets.
"The acquisition of CSP was an instrumental step towards building the foundations needed to support future growth for eLayaway's many brands," stated Sergio Pinon, CEO of eLayaway, Inc. and a veteran of the USAF, "Our goal was to eliminate operational redundancies, reduce costs and foster technological synergy. Overall, we have greatly enhanced platform efficiency while expanding our application's capabilities."
In late 2011, the two companies joined forces to bring eLayaway's automated layaway payment solution to CSP's Exchange Shopping Program (CSPEX) in 2012. The CSPEX network is the leading marketplace solution for member-based organizations. Members of the CSPEX network include Federal employees from various government agencies including the Department of Homeland Security (DHS), Environmental Protection Agency (EPA), Federal Bureau of Investigation (FBI) and many more. Active and retired U.S. military and their dependents access the CSPEX network through the Army & Air Force Exchange Service (AAFES).
"This is a decisive move that accelerates our strategy and positions everyone to win by offering even greater value to our customers and partners," said Richard St. Cyr, CEO of CSP. "In addition to the clear strategic benefits of combining two highly complementary organizations and product lines, this combination firmly puts both organizations into a leadership role in the e-commerce market."
Additionally, CSPEX assists non-profit and corporate employee-benefit programs in offering their members an immediate and measurable advantage through online enterprise donations and member-based benefit solutions.
"CSP is historically a profitable company which will immediately have a positive effect on the financials of eLayaway and the projections for the potential of the combined efforts should provide a continued positive growth," stated Bruce Harmon, CFO of eLayaway, Inc.
About eLayaway, Inc.
Founded in 2005, eLayaway, Inc., is the parent company of DivvyTech, Inc., the technology and brand management company behind brands such as eLayaway.com and eLayawaySPORTS.com. DivvyTech's technology empowers retailers and payment platforms with an automated micro-payments system designed to support layaway, leasing, micro-lending and layaway/credit hybrid programs. The Company also owns and operates eLayawayTRAVEL.com and NuvidaPaymentPlan.com. Press summary, logos and screenshots available for download at: eLayaway.com/press.
About Centralized Strategic Placements, Inc. (csp-gov.com)
CSP provides e-commerce and integration services to businesses that sell products directly to consumers in the United States and internationally. The company operates in three segments: E-Commerce Products, Private Marketplace Solutions and Agency Services. The E-Commerce Products segment delivers customized solutions to clients through an e-commerce platform and also offers technical, web and e-commerce development services, sales channel data syndication services and third-party payment processing. The Private Marketplace Solutions segment provides member-based organizations with a fully-branded online marketplace that offers members millions of products at contract prices and drives revenue back to partner organizations. Agency Services include marketing products or store brands within the ExchangeShopping network (http://www.exchangeshopping.com). CSP was founded in 2003 and maintains offices in Lancaster, PA and Washington, DC.
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," "expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
For more information, please visit www.eLayaway.com.
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