NKBS Newtek Business Services

NEW YORK, June 28 /PRNewswire-FirstCall/ -- Newtek Business Services, Inc. (NASDAQ:NKBS) (http://www.newtekbusinessservices.com/), a provider of business services and financial products to the small business market, announced today that it had hired three key employees to be added to its accounting and finance team all reporting to CFO Michael Holden. Robert Abramowski, James Werner, and Victor Karim will supplement the accounting and finance department. Newtek has also recently announced that it will file its March 31, 2006 10-Q on or before July 14 and its June 30, 2006 10-Q, in a timely fashion, on or before August 14. The new employees' backgrounds and biographies are as follows: James M. Werner, CPA, joins Newtek Business Services after recently working at Securities Industry Automation Corporation ("SIAC"). As a Senior Manager of Accounting Services, Mr. Werner wrote, prepared and edited the annual audited Statement of Income, Balance Sheets, and New York Stock Exchange Filings. Mr. Werner also served as a Corporate Controller for WE Media, Inc., a Legal Entity Controller for J.P. Morgan Securities, and a Senior Accountant for Ernst & Young, LLP and Deloitte & Touche, LLP. Robert J. Abramowski, CPA, has over twenty years of experience in both public and private accounting functions and has served in multiple senior positions. Most recently, Mr. Abramowski was an Executive Vice President of Team Health, Inc. which is the largest U.S. provider of outsourced physician staffing and administrative services to hospitals and military treatment facilities. The company, by virtue of its publicly traded debt, has SEC reporting obligations. Throughout his career, Mr. Abramowski has been responsible for Sarbanes-Oxley compliance and reporting, as well as preparing financial reports and analysis for internal operational performance measurement. Mr. Abramowski has also performed the role of CFO of a publicly traded company. Victor Karim joins Newtek Business Services as an Assistant Controller specializing in the Insurance Industry. Mr. Karim was an Officer and Supervisor for XL Global Services where he assisted in the preparation of Management Discussion & Analysis schedules included in the XL Capital Ltd annual 10K and quarterly 10Q, as well as the preparation of quarterly and annual financials for five Property and Casualty Insurance companies. Mr. Karim was also a Senior Associate for PricewaterhouseCoopers LLP in their Assurance and Business Advisory department. Mr. Karim assisted his clients in developing internal controls documentation in preparation for implementing Sarbanes-Oxley. Michael Holden, CFO of Newtek Business Services said, "We are very pleased to have recently made these three quality hires to increase the quality and depth of our accounting and finance department. The additions will increase our ability to meet the needs of our growing businesses by significantly improving our technical capability." About Newtek Business Services, Inc. Newtek Business Services, Inc. is a direct distributor of business services and financial products to the small to medium-sized business market. According to the SBA, there are over 23 million small businesses in the United States which in total represent 99.7% of all employers, generate 60 - 80 percent of all new jobs annually and generate more than 50% of non-farm GDP. Since 1999, Newtek has helped these business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses. Newtek focuses on providing its 60,000 customers with access to financial, management and technological resources that enable them to better grow and compete in today's marketplace. Newtek's products and services include: * Newtek Small Business Finance: U.S. government-guaranteed small business lending services; * Newtek Merchant Solutions: electronic merchant payment processing solutions; * Newtek Insurance Agency: commercial and personal insurance; * Newtek Web Hosting: domain registration, hosting, web design and development; * Newtek Data Storage Services: data backup, archival and retrieval services; * Newtek Financial Information Systems: outsourced digital bookkeeping; and * Newtek Tax Services: tax filing, preparation and advisory services. Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward- looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions which could cause Newtek's actual results to differ from management's current expectations are contained in Newtek's filings with the Securities and Exchange Commission and available through http://www.sec.gov/. Contacts: Newtek Business Services Barry Sloane Chairman of the Board & CEO 212-356-9500 DATASOURCE: Newtek Business Services, Inc. CONTACT: Barry Sloane, Chairman of the Board & CEO of Newtek Business Services, +1-212-356-9500, Web site: http://www.newtekbusinessservices.com/

Copyright