Profit Recovery Systems—News

November, 2003

Profit Recovery Systems approved as an “Endorsed Business Partner” of the Ohio Bankers League.

Press Release—Cleveland, Ohio, November 17, 2003

Profit Recovery Systems, Inc., a Cleveland based contingency fee audit firm that specializes in audits of client company’s Telecommunications and Accounts Payable, has been approved as an Endorsed Business Partner of the Ohio Bankers League.

The Ohio Bankers League (OBL), an organization formed as a result of the merger of the Ohio Bankers Association and the Ohio League of Financial Institutions, serves over three hundred member banks across Ohio. The OBL links banks, bankers and industry experts by pooling their intellectual and capital resources. The OBL’s subsidiary, Financial Institutions Services Company (FISCo), is the Ohio banking industry’s buying cooperative for financial products and services. It leverages the collective purchasing power of member institutions through its’ Endorsed Business Partners program. Endorsed Partners are put through a rigorous due diligence process to ensure their products and services will increase quality and reduce costs for member institutions.

Profit Recovery Systems, Inc. (PRS) was founded to provide clients with the benefits of guaranteed increases in profitability and cash flow through the audit and review of historical Accounts Payable transactions and Telecommunications invoices and contracts.

PRS’ audits are performed on a contingency fee basis; they share in a percentage of the savings or credits resulting from their expertise and efforts. If PRS does not reduce costs or recover credits, they are not compensated. The PRS methodology is virtually non-intrusive, and 99% of the project work is completed out of the client’s office. Historical results from performing telecom audits over the past thirteen years are the basis for estimating savings of 10 - 30%, regardless of who the carriers are, or what the annual telecom spending is. Accounts Payable audit results vary and are more industry and disbursement dollars oriented.

For further information, please contact Jay Simon, Vice President, Profit Recovery Systems, at 216-691-6598, or via email to jay.simon@profitrecoverysystems.com.

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October, 2003

Profit Recovery Systems forms a strategic alliance with Investigative & Forensic Accounting Services, LLC.

Press Release—Cleveland, Ohio, October 6, 2003

Cleveland, OH—In an effort to increase the depth of our overpayment recovery services, PRS is pleased to announce the formation of a “Strategic Alliance” with Investigative & Forensic Accounting Services (IFAS). IFAS specializes in the detection and prevention of white-collar crime, occupational fraud and abuse. IFAS examiners are Certified Public Accountants (CPA) and Certified Fraud Auditors (CFE) with over 30 years of combined experience in providing forensic accounting services.

As the business community reacts to continuing corporate scandals, proactive partnering with Certified Fraud Examiners, whether they are internal to an organization or members of an independent forensic accounting firm, has emerged as a “best practice” in the fight against fraud.

The IFAS track record in identifying, quantifying, and documenting illicit activities through the delivery of their recovery-focused examinations supplement the Profit Recovery Systems “contingency based” overpayment recovery services by providing a broad range of fraud detection services in conjunction with PRS' review. For more information on IFAS, please visit their web site at www.ifas.cc

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April, 2003

Jim Fenker joins our Accounts Payable Review team.

Press Release—Cleveland, Ohio, April 7, 2003

Cleveland, OH—PRS is pleased to announce the hiring of Mr. Jim Fenker as an Accounts Payable Audit Specialist. Jim’s professional experience includes 19 years with Nestlé USA, Inc., an $8 billion dollar U.S. holding company for the world’s largest diversified food company. Jim brings an extensive range of both international and domestic audit experience to the organization as a result of his diverse industry background (e.g., manufacturing, sales/service, distribution, television commercial production and distribution, financial institutions, hospitality, and retail operations). We would like to take this opportunity to welcome Jim to our organization.

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July, 2001

Jay Simon joins our client service team.

Press Release—Cleveland, Ohio, July 2, 2001

Cleveland, OH—Mr. Jay Simon, formerly with Jefferson Wells International, has joined Profit Recovery Systems as Vice President – Northeast Ohio Client Service. He is a Certified Fraud Examiner (CFE) and a Certified Financial Services Auditor (CFSA). Jay’s professional experience includes ten years as the Audit Director for Brush Wellman. Jay is currently President of the Northeast Ohio chapter of The Institute of Internal Auditors. Jay’s responsibilities include the development of successful client relationships within the Northeast Ohio region. We would like to take this opportunity to welcome Jay to our organization.

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