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 April 7, 2004

 
Corporation Service Company® (CSC) Acquires Griffin Corporate Services

Griffin to Operate as Part of Entity Services Group, an Affiliate of Corporation Service Company

April 1, 2004, Wilmington, Delaware - Corporation Service Company® (CSC), the largest US-owned provider of entity formation, registered agent, director/officer/trustee, corporate governance and compliance, entity management and intellectual property services, and Wachovia Corporation (NYSE:WB), one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, today announced the acquisition of Griffin Corporate Services from Wachovia. Griffin Corporate Services, formerly a Wachovia subsidiary providing nexus and domicile services, will operate as part of CSC's affiliate, Entity Services Group, LLC, the largest independent provider of domicile and nexus services (everything involved in operating) for holding companies or special purpose entities.

Bruce Winn, President and CEO of CSC, said, "We think this acquisition only serves to strengthen our leadership in the area of specialty formations and services to special purpose entities, for which CSCSM and Entity Services Group are already well known. The combination of two well-established providers in this industry will allow Griffin's customers to continue to utilize services at the same level of quality and in the same way that they always have, and will give CSC and Entity Services Group customers an added dimension in service."

Entity Services Group works with companies that have established special purpose entities in Nevada and Delaware in order to better manage their income producing assets. This is accomplished by improving procedures for allocating the cost of capital to members of the corporate group, refining and adhering to investment policies, focusing on the management of intellectual property, providing tax management strategies and focusing on the issues unique to the underlying assets owned by these entities.

Corporation Service Company is a privately held company with more than 100 years of experience in providing registered agent, compliance and governance, corporate transactional, Uniform Commercial Code, entity management, litigation management, and specialty formation services to corporations and their law firms, and financial and accounting institutions. CSC works hand in hand with its affiliate, Entity Services Group, in providing formation, nexus, trustee and director/officer services for special purpose entities (SPEs) such as Passive Investment Companies (PICs), Bankruptcy Remote Corporations or LLCs, Single Member LLCs, Grantor Trusts, and Delaware Business Trusts, to name a few.



Contact:
CSC: Ahmad Corbitt
Phone: (800) 927-9800
E-mail: acorbitt@cscinfo.com
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