Chexar Networks, Inc. to Open Two Risk Management Data Centers in Cordele, Georgia Employing 500 People

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Offered more than $11 million in local, state and federal incentives to locate facilities in Georgia.

Chexar Networks, Inc. (“CHEXAR®”), a leading provider of financial risk management solutions, announced today along with Governor Nathan Deal that it is expanding its Georgia operations and opening a risk management center in Cordele in Crisp County. The move was made possible by more than $11 million in cash, tax and other incentives. Over the next 5 years, Chexar will add 500 new jobs at the Cordele facilities, and invest $1.9 million. Chexar has existing data center operations in Atlanta, Duluth and Roswell, Ga.

Chexar provides technology and solutions to enable banks, prepaid providers, and other clients to serve the nation’s under-banked population now estimated to be more than 88 million people. The gating factor for these consumers is their need to change all types of checks into cash or “good funds” before they can acquire other services such as paying bills, sending money, topping off prepaid cell phones, and loading prepaid debit cards. Chexar’s new Cordele data centers will eventually replace the company’s existing Atlanta (Perimeter) operation, and support its rapid growth.

“We are fortunate because our growth is accelerating in spite of economic headwinds and we are able to provide much needed jobs to well deserving citizens”, commented Chexar founder and CEO Drew W. Edwards. “In addition to our technology and databases, our human capital is what makes Chexar’s solutions best in class. With the help of the resources and talent that State Bank & Trust, the State of Georgia and Crisp County officials have brought to the table, we are excited to improve the lives of not only our employees but millions of underserved consumers across the nation. Equally as important, we are excited to build out the capacity we need to handle a rapidly escalating pipeline of business from key players across the nation.”

Chexar will ultimately locate in two 18,000-square-foot existing facilities in Cordele, and expects to be operational with the first by January 2012. The centers house risk management specialists and the supporting infrastructure and enable Chexar to manage the risk of converting any type of check into guaranteed “good funds” for clients that include banks ranging in size from $100 Million to $130 Billion in Assets.

“State Bank and our executives have a long history with Chexar and its executives. We couldn’t be more pleased to have been able to usher them into middle Georgia where we are certain they will have a significant and positive impact on our citizens and the economy,” said J. Dan Speight, State Bank & Trust’s Vice-Chairman “We think this is what community banking is all about and we are fortunate to have the scale and resources required to help partner with growing companies like Chexar.”

About Chexar

CHEXAR® is the national leader for technology and solutions to enable clients to cash, deposit or load any check with immediate funds availability. Chexar’s solutions provide clients with the ability to truly serve the nation’s under-banked population now estimated to be almost 100 million people. The gating factor for these consumers is their need to change all types of checks into cash or value before they can acquire other services including bill pay, money transfers, or prepaid cards.

Chexar’s solutions enable any business to convert ANY type and ANY size of check to cash or to immediate credit onto Prepaid Cards or as fee-based deposits into bank accounts. The company’s one-of-a-kind solutions combine multiple national databases, rules engines, and proprietary technology with redundant 24/7 risk management centers to achieve the industry’s highest automated and overall approval rates on any check. Chexar’s solutions are deployed across multiple platforms including turnkey point of sale solutions, assisted and self-service kiosk solutions, and full XML integrations. For more information, please visit http://www.chexar.com.

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Chez Echeverri
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