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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report (Date of earliest event reported)
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November 1, 1999
PRIVATE BUSINESS, INC.
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(Exact name of registrant as specified in its charter)
Tennessee 000-25959 62-1453841
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(State or other jurisdiction of (Commission File (Employer
incorporation) Number) Identification Number)
9010 Overlook Boulevard, Brentwood, Tennessee 37027
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(Address of principal executive offices)
(615) 221-8400
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(Registrant's telephone number, including area code:)
Not applicable
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(Former name or former address,
if changed since last report)
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ITEM 5. OTHER EVENTS.
For the purpose of informing the market, the Registrant announces the
hiring of Kevin M. McNamara as Chief Executive Officer of the Registrant. A
press release dated November 1, 1999 relating to the hiring is attached to this
Report.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PRIVATE BUSINESS, INC.
By: /s/ William B. King
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William B. King
Chairman of the Board
Date: November 1, 1999
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EXHIBIT INDEX
Exhibit No. Page
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99.1 Press Release dated November 1, 1999
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FOR IMMEDIATE RELEASE Contact: Dina Biesman
- --------------------- Private Business, Inc.
615-376-6774
KEVIN M. MCNAMARA JOINS PRIVATE BUSINESS
AS CHIEF EXECUTIVE OFFICER
JERRY L. COVER TO REMAIN AS PRESIDENT
NASHVILLE, TENNESSEE (NOVEMBER 1, 1999) - Private Business, Inc.
(Nasdaq/NM:PBIZ) today announced that Kevin M. McNamara has joined the Company
as Chief Executive Officer and as a director. It was also announced that Jerry
L. Cover, formerly President and Chief Executive Officer, will remain with the
Company as President.
McNamara formerly was Senior Vice President, Chief Financial Officer,
and a director of ENVOY Corporation, a leading publicly traded provider of
health care electronic data interchange and transaction processing services with
over 1,000 employees and approximately 20 offices throughout the United States.
ENVOY was sold in December 1998 to Quintiles Transnational Corp.(Nasdaq:QTRN).
Prior to joining ENVOY, McNamara was President of NaBANCO Merchant Services
Corporation, responsible for all sales, service and operating aspects of this
division of one of the world's then-largest merchant credit card processors.
McNamara holds a B.S. in accounting from Virginia Commonwealth University and an
MBA from the University of Richmond. He is also a Certified Public Accountant.
Commenting on the announcement, William B. King, Chairman of Private
Business, Inc., said, "We are delighted to have a person with Kevin's skills
join our Company. Kevin's public company experience, financial and accounting
background and knowledge of the financial services and transaction processing
industries make him a very strong addition to our management team. We are also
pleased that Jerry will continue as President."
The Company plans to report earnings for the third quarter of 1999 as
scheduled on November 4, 1999; and the earnings are expected to be in line with
the previously announced revised expectations.
Private Business, Inc., based in Brentwood, Tennessee, is the nation's
leading provider of technology-driven solutions that help banks manage accounts
receivable financing for small businesses. The company's principal product,
Business Manager(R), is based on software, marketing services, and online
electronic transaction processing offered through a nationwide client network of
banks, providing cash flow to thousands of small businesses across the U.S. by
enabling them to sell their receivables to the bank.
This release contains several "forward-looking statements" concerning Private
Business, Inc.'s operations, prospects, strategies and financial condition,
including its future economic performance, intent, plans and objectives, and the
likelihood of success in developing and expanding its business. These statements
are based upon a number of assumptions and estimates which are subject to
significant uncertainties, many of which are beyond Private Business, Inc.'s
control. Words such as "may," "would," "could," "will," "expect," "anticipate,"
"believe," "intend," "plan," and "estimate" are meant to identify such
forward-looking statements. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors that could
cause actual results to differ materially are discussed in Private Business,
Inc.'s filings with the Securities and Exchange Commission, including its
registration statement on Form S-1 (No. 333-75013) as declared effective on May
26, 1999, and include, among other factors, the timely development and market
acceptance of products and technologies and competitive market conditions.
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