Cytiva Announces Tax Screening Partnership with
Walton Management Services
Strategic partnership enables SonicRecruit clients to save thousands in tax credits
VANCOUVER, BC – September 22, 2006 – Cytiva Software Inc. (CRX:TSX-V), a leading provider of mid-market talent acquisition solutions, and Walton Management Services, Inc. (WMS), a leading business financial incentives services firm, providing incentives screening services, announced today the availability of a strategic relationship allowing SonicRecruit clients to take advantage of the Work Opportunity Tax Credit (WOTC) and Welfare to Work (WtW) tax credit programs and capital expenditure, workforce, and location-based incentive programs
The announcement further strengthens Cytiva’s SonicEntree hourly hiring system by providing an integrated method of identifying new hires that qualify for special tax credits from the state and federal governments. Now, as part of the application process, SonicRecruit can track applicant information that is used to screen for WOTC and WtW eligibility and automatically provide that information to WMS to quickly identify applicants who may qualify for the credit. Under the WOTC and WtW programs, employers receive between $2,400 and $8,500 in tax credits per eligible employee (welfare, food stamp, rehabilitation recipients, etc. are eligible).
“Identifying WOTC eligible employees is a huge task for large companies, and a large percentage of potential credits simply go unclaimed” said Jason Moreau, CEO of Cytiva. “This new relationship allows SonicRecruit’s hourly clients to quickly and easily claim this and other credits, saving them thousands, even hundreds of thousands of dollars annually.”
Cytiva’s SonicEntree represents a strong hourly hiring solution for the hospitality, manufacturing and retail industries where the potential for WOTC credits is highest.
“It is our distinct pleasure to join industry leader Cytiva to offer the full range of employee-related services,” said Walton Management Services CEO Fred Stiftel. “Our integration with the SonicRecruit and SonicEntree products enables Walton to combine our outstanding talent and specialized expertise in the financial incentive industry with the appropriate application of applicant tracking technologies to maximize savings and reduce operational and employment-related costs for our clients.”
With the Walton Management Services agreement, SonicRecruit’s stable of integrated third party services represents one of the most complete offerings in the industry for mid-sized organizations. WOTC eligibility screening joins the SonicRecruit menu as one of many resources available to SonicRecruit clients, including background checking, pre-employment assessment, resume processing, EEOC compliance services, and candidate sourcing.
ABOUT WALTON MANAGEMENT SERVICES
Walton Management Services, Inc. (WMS) is in the business of business incentives and has been since 1981. Founded by CEO Fred Stiftel, WMS is headquartered in New Jersey, with offices in Maryland, Florida, and California. WMS fills a highly specialized corporate niche, providing the program administration, systems processing, and consulting services companies need to maximize their profit enhancement opportunities through participation in incentive programs. WMS administers hiring, location-based, training and workforce upgrade, capital investment, and industry-specific incentives that together improve the financial positions of their clients. Their service enables clients to use the web, traditional forms, and specialists in any combination to boost the performance of their financial incentive portfolio. Clients’ established business processes remain intact, they experience no conversion requirements, and their employees perceive no disruption as WMS works behind the scenes with our clients’ identified IT team and existing HRIS and ATS solutions.
ABOUT CYTIVA SOFTWARE INC.
Cytiva Software Inc. (CRX:TSX.V) provides innovative on-demand talent management software and services to mid-sized and Fortune 500 companies. Its flagship talent acquisition product, SonicRecruit, allows corporations to screen applicants, automate recruiting departments, customize corporate career sites and hire great people. This premier applicant tracking system improves recruiting effectiveness, speeding up the hiring process and reducing cost per hire. For more information, visit www.sonicrecruit.com.
CONTACT:
Ian Alexander
mediarelations@sonicrecruit.com
510-984-1986
The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Forward-looking Statements: This news release contains forward-looking statements related to the future financial condition and results of operations of Cytiva. These statements are based on current expectations and estimates about the human resources markets in which Cytiva operates and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Some of the factors which could cause results or events to differ materially from current expectations include but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; and success in implementing productivity initiatives. Some of these factors are largely beyond the control of Cytiva. Should any factor impact Cytiva in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by Cytiva will be realized or, even if substantially realized, that they will have the expected consequences for Cytiva. Readers should not place undue reliance on any forward-looking statements. Further, Cytiva disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence. |
