DriverShield Corp. announced that its name has officially been changed to Accessity Corp. Also, the Company’s stock will begin trading under its new ticker symbol, ACTY.
The new corporate name, approved by shareholders at the Company’s 2002 Annual Meeting in December, reflects the Company’s decision to diversify its business, lessening its traditional dependence on automotive related businesses.
“We believe the Accessity name, which has no automotive or any other specific connotations, is more appropriate for a company whose principal future growth will be derived from businesses outside the auto services sector,” said Barry Siegel, Chairman and CEO.
In keeping with the Company’s plan to diversify, on Jan. 21, 2003 the Company announced a Memorandum of Understanding to acquire Presidion Solutions Inc., headquartered in Troy, Michigan, a fast-growing, privately held national leader in the Professional Employer Organization (PEO) industry. PEOs provide human resources, regulatory compliance and employee benefits management services to small and medium-sized businesses, giving them the advantages of economies of scale. Presidion, which has 3,500 clients and some 50,000 worksite employees, is profitable and has revenues in excess of $750 million.
DriverShield, now in its 20th year, began as a nationwide claims management company for self-insured corporate and municipal auto fleets, handling such services as collision repair, subrogation and salvage disposal. The fleet business unit was sold in February 2002 to PHH Arval, a subsidiary of Cendant Corp.
The Company will continue to operate its profitable Auto Discounts and Services (ADS) business, which provides, among other things, auto repair and maintenance service programs to consumers through financial institutions and membership organizations.
The Company began its diversification effort in late 2002 with the launch of Sentaur, a business that provides medical subrogation services to hospitals and other health care providers.
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