ROCHESTER, N.Y., April 21, 2004 (PRIMEZONE) -- Communication Synergy Technologies, Inc. (ComSynTech) (Pink Sheets:CSYT), a business solutions company, announced today that its CDV 1000 Document Vault can help close performance gaps that will be faced by many public companies complying with the new record keeping and disclosure requirements of the Sarbanes-Oxley Act of 2002.
ComSynTech, a software development company and independent software vendor for Eastman Kodak (NYSE:EK), developed the CDV 1000 Document Vault to meet the growing need for affordable and efficient document preservation and retrieval business processes worldwide.
The CDV 1000 Document Vault, so named because of its unique ability to digitize and preserve for storage and retrieval all forms of documents, is a scalable electronic filing device that captures, manages and annotates any document, in any format, for digital preservation and retrieval.
Not withstanding, the demands of Sarbanes-Oxley to track and record all aspects of corporate governance, certification disclosures, internal controls, financial statements, as well as executive reporting are important aspects that must be accommodated in today's business world to comply with Sarbanes-Oxley. The CDV 1000 is perfectly suited to help record, archive and preserve information according to the guidelines put forth in the legislation.
According to Gene Wolfe, Chief Technical Officer for ComSynTech, "An adaptive value growth concept was used in the design and development of the software platforms inherent in the CDV 1000. We used it so that information from such diverse business sectors as government, the legal profession, law enforcement, healthcare, insurance, finance and sales could be managed by one device irrespective of the hardware and software used to generate the original document driven information. "
Public Accounting Oversight Groups is a segment that ComSynTech sees as a market with significant potential since it consists of companies that account for a vast majority of the documentation storage needs in the US. A major benefit of the CDV 1000 for use in this market is the fact that it delivers assurances that the documents cannot be modified and are easily retrieved through powerful search engines.
According to "Sarbanes-Oxley:The Pain Ahead" by Robert Kugel 3/30/04, "Some auditors believe that 10%-20% of companies covered by the Act will fail to comply fully in the first year". (www.ventanaresearch.com). ComSynTech's CDV 1000 is poised to address the needs of these companies in their search for cost effective compliance methods and as the compliance requirements are tightened in the future.
Michael Perrotta, Chief Operating Officer for ComSynTech states, "The CDV 1000 offers an extremely affordable way to preserve and archive critical documents called for by Sarbanes-Oxley with previously, unheard of benefit of being able to faithfully and easily retrieve them without fear that their originating hardware or software is obsolete."
One of the Document Vault's features that make it especially appealing to companies faced with document storage is its ability to work with any operating system to preserve documents for up to 500 years and retrieve those documents without regard to the software and hardware that originated them. The system's unique ability to eliminate the problems posed by the rapid obsolescence of software and hardware used to create the documents further increases its appeal as a timely, affordable and scalable solution for corporations worldwide.
Perrotta goes on to state, "The volume of paper documents being generated worldwide currently exceeds 450 billion and is growing at a rate of 30% per year in 2002. Sarbanes-Oxley will compound this growth and we are ready to help address it."
Rob Robbins, Document Management Business Development Director for ComSynTech, sees the numbers of businesses requiring the preservation and archiving processes available with the CDV 1000 as being virtually limitless. According to Robbins, "If you are a publicly traded company you are required to record, store and retrieve information to comply with record keeping and disclosure requirements of Sarbanes-Oxley. It is vital that these records not be alterable nor lost while being easily retrieved and stored. Our CDV 1000 Document Vault does this now."
About ComSynTech
Communication Synergy Technologies Inc. develops and markets document creation, management and preservation systems for medicine, industry, legal, finance and government. Its MedSynTech subsidiary markets report preparation and productivity solutions for the medical diagnostic imaging market. The medical specialties information and practice management solutions industry is a $4.8 billion dollar market, with radiology accounting for $2 billion of that total.
ComSynTech's Document Vault addresses the content and document management services market, forecast by IDC Research to grow to $24 billion by 2006.
The eflash(tm) product provides the ability to create and deliver documents from anywhere at anytime from any type of voice input device.
Overall, ComSynTech's products provide efficiency, flexibility and improved quality by automating the creation, capture, management, distribution, archiving, preservation and retrieval of voice and word documents across multiple markets. ComSynTech products and development platforms integrate with and complement existing technologies, accelerating time-to-implementation.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of ComSynTech to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in ComSynTech's reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and ComSynTech assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products, inability to deliver products when ordered, inability of potential customers to pay for ordered products, and political and economic risks inherent in international trade.