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Ecologic_0112

Cherry Tree advises Ecologic Analytics on its sale to Landis+Gyr

Landis+Gyr, the leading global provider of integrated energy management products, has completed the transfer of ownership for all of the remaining stock of Ecologic Analytics, bringing Landis+Gyr’s ownership to 100%. The terms of the transaction will not be disclosed.

Ecologic Analytics is a global leader in meter data management (MDM) software, which transforms advanced metering infrastructure data into accurate, timely and actionable information for electric, natural gas and water utilities. The company is the most experienced MDM provider in North America, with more endpoints in service and more meter reads handled annually than anyone in the industry.

“The strategic rationale for acquiring the remaining ownership of Ecologic Analytics is predicated on ensuring that Landis+Gyr has the capability to offer global utilities the software and meter data management products that they need to complete their smart grid offerings,” said Andreas Umbach, CEO of Landis+Gyr, “This investment demonstrates our commitment, and that of our parent company Toshiba, to complementing our product portfolio for the long-term when appropriate opportunities arise.”

Ecologic Analytics has a flexible business model, working with utilities, and if opted for, system integrators to implement software solutions. Ecologic Analytics will continue its operations from Bloomington, MN and the company’s President, Craig Norman, will report to Richard Mora, Landis+Gyr’s EVP for The Americas.

“Now a fully consolidated part of the Landis+Gyr family, our employees, partners and customers will benefit from the strong strategic and financial support of Landis+Gyr of course,” Craig Norman commented, “And with the complete continuity of our operations we look forward to meeting accelerated global growth opportunities without missing a beat.”

About Landis+Gyr
Landis+Gyr is the leading global provider of integrated energy management products tailored to energy company needs and unique in its ability to deliver true end-to-end advanced metering solutions. Today, the Company offers the broadest portfolio of products and services in the electricity metering industry, and is paving the way for the next generation of smart grid. With annualized sales of more than US$1.5 billion, Landis+Gyr operates in 30 countries across five continents, and employs 5,000 people with the sole mission of helping the world manage energy better. For more information about Landis+Gyr, visit https://www.landisgyr.com. (Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

About Ecologic Analytics
Founded in 2000, Ecologic Analytics, LLC is a leading provider of meter data management systems (MDMS) for electric, natural gas and water utilities. The Ecologic MDMS continuously validates more than 500-million meter reads every day for Smart Grid leading utilities, transforming the data consumed from advanced metering infrastructure (AMI)/smart meter endpoints into accurate, timely and actionable information for decision making across the utility. The Ecologic MDMS is a flexible, configurable and highly scalable enterprise software solution that receives data from any AMI/AMR system and/or manual source, supporting the dynamic operational and business processes needed for Smart Grid initiatives. For more information, see www.ecologicanalytics.com.
 (Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

Cherry Tree Wealth Management is an SEC registered investment advisor and fiduciary advisory firm.

DISCLOSURES

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Deluxe_bd_0411

Cherry Tree advises Deluxe Corporation on its acquisition of Banker’s Dashboard

Deluxe Corporation, based in Shoreview, MN acquired Atlanta, Georgia-based Banker’s Dashboard, a software-as-a-service company that provides banks with daily, on-demand access to their total financial picture.

“The acquisition of Banker’s Dashboard reflects a core Deluxe growth strategy — to offer industry-leading programs in customer acquisition, regulatory compliance, profitability as well as checks,” said Tom Morefield, President of Financial Services for Deluxe. “Banker’s Dashboard is the kind of tool that our customers have been looking for.”

Key capabilities of Banker’s Dashboard include financial reporting and analysis, margin management, board reporting, budgeting and forecasting, asset liability management, loan pricing and branch performance ranking.

“Deluxe has decades of experience providing trusted products and services to community banks and credit unions of all sizes, making the company an ideal match for Banker’s Dashboard,” says Chris Bledsoe, CEO and co-founder of Bankers Dashboard. “We are excited about becoming part of the Deluxe family and helping their customers manage net interest margins more effectively in an environment where every basis point is critical.”

About Deluxe Corporation
Deluxe Corporation, through our industry-leading businesses and brands, helps small businesses and financial institutions better operate, protect and grow their businesses. The Company uses direct marketing, a North American sales force, financial institution referrals, independent distributors and the internet to provide a wide range of customized products and services: personalized printed items (checks, forms, business cards, stationery, greeting cards and labels), promotional products and merchandising materials, web hosting and other web services, fraud prevention and marketing services, financial institution customer loyalty and retention programs and business networking services. The Company also sells personalized checks, accessories, stored value gift cards and other services directly to consumers. For more information about Deluxe, visit www.deluxe.com(Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

Cherry Tree Wealth Management is an SEC registered investment advisor and fiduciary advisory firm.

DISCLOSURES

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Dolan_hostopia_0608

Cherry Tree advises Deluxe Corporation in its Acquisition of Hostopia.com

Acquisition Provides Web-Hosting Capabilities for Small Businesses

Deluxe Corporation (NYSE: DLX) and Hostopia.com Inc. (TSX: H) have entered into a definitive agreement for Deluxe to acquire Hostopia, a leading provider of web services that enable small and medium-sized businesses to establish and maintain an Internet presence. Deluxe will acquire Hostopia in an all-cash transaction that values Hostopia at approximately C$124 million. Under terms of the Merger Agreement, Deluxe will pay C$10.55 in cash for each outstanding Hostopia common share. Subject to a final accounting allocation of the purchase price, the acquisition is not expected to have a significant impact to Deluxe’s earnings and operating cash flow for fiscal 2008.

“We are very excited with the prospect of providing Hostopia’s industry-leading, private-label web services to our small business customers and collectively growing our product and service offerings as we move forward together,” said Lee Schram, Chief Executive Officer of Deluxe. “Hostopia has grown top line revenue in excess of 20 percent in each of the last three years. While we have substantial knowledge and expertise in selling to the small business market, we believe that Hostopia’s ability to attract new customers and provide additional services to that market will increase the power of our offerings. This acquisition is in line with our long-term strategy of broadening the products and services we offer to small businesses to manage, promote and grow their businesses. We also believe that the transaction will offer significant value to our shareholders as we continue to introduce growing products and services with recurring revenue streams.”

Colin Campbell, Chief Executive Officer of Hostopia, said, “After careful consideration, the Hostopia Board of Directors has unanimously approved this transaction with Deluxe. We believe the transaction delivers outstanding value to the Hostopia stockholders. Deluxe and Hostopia have many similarities, including a desire to help small businesses grow and promote their businesses. Our customers will benefit from augmented product and service offerings which include small business logo design, print-on-demand services and e-mail marketing, all of which have demonstrated demand from small businesses. In addition, Deluxe brings access to new channels for Hostopia including direct mail to small businesses and sales through financial institutions. We look forward to providing web-hosting capabilities to small businesses as a significant component of the services that Deluxe offers to those businesses.”

The transaction, which has been unanimously approved by the Boards of Directors of both companies, is structured as a merger under applicable law. It will require the approval of Hostopia stockholders holding a majority of the outstanding Hostopia common shares at a special meeting to be called to consider the transaction. Hostopia stockholders holding in aggregate approximately 35% of the issued and outstanding shares of Hostopia common stock have agreed to vote their Hostopia common shares in favor of the transaction as long as the merger agreement is in effect, pursuant to a voting agreement with Deluxe. The transaction is also subject to certain other customary closing conditions. The transaction is expected to close in the third quarter of 2008.

About Deluxe Corporation
Deluxe Corporation, through its industry-leading businesses and brands, helps financial institutions and small businesses better manage, promote, and grow their businesses. Deluxe uses direct marketing, distributors, and a North American sales force to provide a wide range of customized products and services: personalized printed items (checks, forms, business cards, stationery, greeting cards, labels, and retail packaging supplies), promotional products and merchandising materials, fraud prevention services, and customer retention programs. Deluxe also sells personalized checks and accessories directly to consumers. For more information about Deluxe Corporation, visit www.deluxe.com(Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

About Hostopia.com Inc.
Hostopia.com Inc. is a leading provider of web services that enable small and medium-sized businesses to establish and maintain an Internet presence. Hostopia’s customers are communication services providers, including telecommunication carriers, cable companies, internet service providers, domain registrars, and web hosting service providers. Hostopia’s customers purchase its web services on a wholesale basis and resell these services under their own brands to small and medium-sized businesses. Hostopia provides customers with the technology, infrastructure, and support services to enable them to offer web services, while saving them research and development as well as capital and operating costs typically associated with the design, development, and delivery of web services.


Forward-Looking Statements
Certain statements contained in this release may be deemed to be forward-looking statements under certain securities laws, including the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities legislation, and Deluxe Corporation and Hostopia.com Inc. intend that such forward-looking statements be subject to the safe-harbor created thereby. These forward-looking statements include, but are not limited to, statements with respect to the acquisition of Hostopia by Deluxe and statements concerning Deluxe’s and Hostopia’s, or their management’s, current intentions, expectations, beliefs, projections or predictions about future results or events. Forward-looking statements are typically identified by words such as “believe,” “expect,” “forecast,” “anticipate,” “intend,” “estimate,” “plan” and “project” and similar expressions of future or conditional verbs such as “will,” “may,” “should,” “could,” or “would.” By their very nature, forward-looking statements require Deluxe and Hostopia to make assumptions and are subject to inherent risks and uncertainties that are difficult to predict and are generally beyond the control of Deluxe and Hostopia, which give rise to the possibility that certain predictions, forecasts, projections, expectations and other forward-looking information, including statements about the acquisition of Hostopia by Deluxe, will not be achieved. Deluxe and Hostopia caution readers not to place undue reliance on these statements as a number of important factors could cause actual results or events to differ materially and adversely from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in, or implied or projected by, the forward-looking statements. These factors include, but are not limited to, the following: the possibility that the acquisition of Hostopia by Deluxe does not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all; the risks and uncertainties associated with Deluxe’s ability to complete the acquisition of Hostopia and to integrate Hostopia with Deluxe successfully; the ability to retain key personnel; the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond Deluxe’s and Hostopia’s control; developments in the demand for the combined companies’ products and services; relationships with major customers and suppliers; unanticipated delays, costs and expenses inherent in the development and marketing of new products and services, including new e-commerce, customer loyalty and business services, and the failure of such new products and services to deliver the expected revenues and other financial targets; the impact of governmental laws and regulations; and competitive factors. Readers are cautioned that the foregoing list of important factors is not exhaustive. Additional information concerning these and other factors that could cause actual results and events to differ from Deluxe’s and Hostopia’s current expectations are contained in Deluxe’s and Hostopia’s public filings with the Securities and Exchange Commission, including but not limited to the factors discussed under “Risk Factors” in Deluxe Corporation’s Form 10-Q for the period ended March 31, 2008 and Hostopia’s Form 10-Q for the period ended December 31, 2007 (each as updated by subsequent filings with the Securities and Exchange Commission).

Except as required by law, Deluxe and Hostopia assume no obligation to update the forward-looking statements contained in this release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

SOURCE Deluxe Corporation

Cherry Tree Wealth Management is an SEC registered investment advisor and fiduciary advisory firm.

DISCLOSURES

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Xata_tg_1209

Cherry Tree provided a fairness opinion to Xata Corporation’s Board of Directors as part of this transaction

Funding and Subsequent Acquisition Further Widens XATA’s Footprint in the Industry

XATA Corporation (Nasdaq: XATA), today announced it has received $30 million in funding from Technology Crossover Ventures (TCV) and Trident Capital, and that it has purchased Ontario Canada-based Turnpike Global Technologies (Turnpike) for $20 million in cash and stock.

TCV is one of the largest venture capital firms focused solely on information technology, with more than $7.7 billion under management. Its investment in XATA will facilitate the acquisition of Turnpike and provide added capital to accelerate XATA’s growth, eliminate debt and strengthen its balance sheet. Trident Capital–a longtime XATA investor–is also participating in the new investment.

“XATA Corporation is a strategic portfolio company that brings strong technology and management leadership and exemplifies the tremendous growth potential in the transportation management market,” said Woody Marshall, TCV general partner. “We are pleased to invest in the company and we look forward to working with the XATA team to further accelerate its expansion.”

Purchasing Turnpike, a PDA-based fleet operations solutions provider, will allow XATA to continue its growth strategy by expanding XATA’s addressable market to include small and medium-size fleets in North America and key vertical markets, such as Less Than Truckload (LTL) and beverage, where Turnpike’s product functionality meets specific customer needs. With the acquisition, XATA has more than 100,000 systems deployed with over 1,400 customers across North America. The acquisition will also expand XATA’s product portfolio and expertise in the PDA market and distribution through channel partners, such as Sprint and AT&T.

“TCV has a strong reputation and history of success,” said Jay Coughlan, president and CEO of XATA. “Our alignment with TCV and the acquisition of Turnpike are clear indicators of our intention to aggressively move forward as a leading provider of Fleet Performance Management solutions. This alignment also reinforces our strategy of continuing to consolidate the market through strategic acquisitions. With the Turnpike acquisition, we significantly expand the markets we service, more easily expand our hardware flexibility to PDAs and better fulfill our mission of serving the market overall.”

“This is an exciting milestone for our company. XATA is a recognized leader of fleet optimization solutions and the perfect company for us to scale our growth,” said Brendan Staub, president and chief executive officer of Turnpike. “Jointly, we can go to market with solutions ranging from self-explanatory products to totally integrated systems that will create exciting growth opportunities for our customers and our employees.”

Under the acquisition, Turnpike will operate as a division of XATA, with Turnpike’s divisional management reporting to the XATA executive team. Turnpike’s fleet operation applications, such as its end-to-end fuel tax process, are a perfect complement to XATA’s XATANET Fleet Performance Management solution.

About TCV
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of growth capital to technology companies, providing funds to later-stage private and public companies. With $7.7 billion in capital under management, TCV has made growth equity and recapitalization investments in over 170 companies leading to 45 initial public offerings and more than 30 strategic sales or mergers. Representative investments include Altiris, eHarmony, Expedia, Fandango, Liquidnet, Netflix, RealNetworks, Redback Networks, Solect Technology, TechTarget, Travelport, Webroot, and Zillow. TCV has 11 partners and is headquartered in Palo Alto, California. For more information about TCV, visit www.tcv.com. (Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

About Trident Capital
Trident Capital is a venture capital and private equity firm founded in 1993 by industry veterans. Since then, the firm has grown to more than 20 investment professionals with $1.5 billion under management invested in more than 150 companies. The firm’s active investment approach has helped dozens of companies, such as MapQuest and iRobot, to realize successful exits. Trident specializes in business services, information services and software, including technology-leveraged outsourcing and processing for healthcare and insurance, marketing and sales, and enterprise software for security, communications and mobility.

Trident’s partners have over 100 years of collective operating experience, and bring extensive industry knowledge and contacts to entrepreneurs and their teams to help them achieve the level of success they deserve. Dedicated to building businesses with strong infrastructures and putting them on the path to profitability, Trident works with innovative businesses to help them maximize their growth potential.

About Turnpike Global Technologies
Based in Toronto, ON, Turnpike Global Technologies provides simple solutions to the transportation industry that result in immediate cost savings. Turnpike has been recognized as the first company in North America to fully automate, from end-to-end, the fuel and mileage tax process required by the International Fuel Tax Agreement (IFTA). It’s RouteTracker, a fleet management device, connects directly to the engine diagnostic port of medium and heavy duty trucks to collect and report on operational statistics, GPS position and automate compliance information. RouteTracker interacts with various handheld devices using Bluetooth as a wireless in-cab communication medium. The information collected by RouteTracker is made available to the end-user via web-based reporting. RouteTracker installation takes an average of only 10 minutes per truck.

About XATA
XATA (NASDAQ:XATA) is the expert in optimizing fleet operations by reducing costs and ensuring regulatory compliance for the trucking industry. Our on-demand software and services help companies manage fleet operations, enhance driver safety and deliver a higher level of customer satisfaction. Offered through a fee-based subscription service, XATA affordably oversees every truck in an organization’s fleet. XATA provides expert services to develop the business processes required to deliver the profitability, safety and service levels demanded by today’s competitive transportation environments.

Based in Minneapolis, Minnesota, XATA revolutionized the trucking industry by being the first to introduce electronic driver logs and exception-based management reporting with automatic fleet information updates, giving our customers access to vehicle data, anywhere, anytime.

Cautionary note regarding forward-looking statements.

This announcement includes forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Such statements are based on current expectations, and actual results may differ materially. The forward-looking statements in this announcement are subject to a number of risks and uncertainties including, but not limited to, the possibility of continuing operating losses, the ability to adapt to rapid technological change, cost and difficulties we may face in integrating the businesses of XATA and GeoLogic Solutions, dependence on positioning systems and communication networks owned and controlled by others, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products, the ability to fund future research and development activities, the ability to establish and maintain strategic partner relationships, and the other factors discussed under “Risk Factors” in Part IA, Item 1 of our Annual Report on Form 10-K for the fiscal year ended September 30, 2008 (as updated in our subsequent reports filed with the SEC). These reports are available under the “Investors” section of our Web site at www.xata.com and through the SEC Web site at www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.

SOURCE XATA

Cherry Tree Wealth Management is an SEC registered investment advisor and fiduciary advisory firm.

DISCLOSURES

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Hostopia_del_0709

Cherry Tree advises Deluxe Corporation in its acquisition of the shared website hosting business of aplus.net

Two Acquisitions to Expand Small Business Web Services Customer Base

Deluxe Corporation (NYSE: DLX) announced two moves by its Hostopia unit to help expand Deluxe’s Web services customer base – a definitive agreement to purchase certain of the shared web services customer assets of Aplus.net and the completed purchase of the search engine marketing (SEM) firm MerchEngines.

Upon closing, the Aplus.net transaction will bring more than 80,000 small business subscribers of shared Web hosting, hosted e-commerce stores, managed e-mail services, domains and a variety of Web site management applications to the Deluxe customer base.

“Within weeks of closing, Aplus.net’s shared hosting customers will see a service upgrade offering numerous new and enhanced web services including: mobile messaging, logo design, social networking for business, ecommerce, website design, email marketing, and other promotional materials that help small businesses get and keep customers,” said Colin Campbell, president of Hostopia.

“This is a very beneficial and strategic transaction for both sides and, most importantly, we feel that Aplus.net’s shared hosting customers will be in excellent hands with Deluxe,” said Tyler Newton, Chairman of Aplus.net and partner at Catalyst Investors, majority stakeholder of Aplus.net. “This sale allows us to focus on growing and expanding our mid-to-large enterprise-managed hosting service offering in our core managed and dedicated server business.”

MerchEngines’ SEM solutions help small businesses acquire new customers by generating visitors to their websites. This acquisition adds new and more robust SEM capabilities to the Hostopia portfolio of services.

“Many small business owners want to grow online, they just don’t have the expertise to do it themselves,” said Campbell. “By adding MerchEngines’ SEM expertise, Hostopia now offers our partners and customers a complete, easy-to-use and cost-effective Web solution–one that levels the playing field for small business owners by providing SEM services that historically have been only available to larger companies or enterprise advertisers.”

The Aplus.net transaction is expected to close by the end of July while the MerchEngines transaction closed on July 8, 2009. The Company will pay approximately $30 million for these companies in the third quarter and expects they will contribute approximately $7 million of revenue and nearly flat earnings per share in the last half of 2009 after recording transaction and customer migration expenses.

The Company also reported today that it now expects diluted earnings per share for the quarter ended June 30, 2009 to range from $0.52 to $0.54, up from the previous outlook of $0.41 to $0.49. Adjusted earnings per share for the same quarter is expected to range from $0.54 to $0.56, up from the previous outlook of $0.43 to $0.51 and revenue for the quarter will be approximately $332 million. A favorable product mix and lower spending, plus a lower effective tax rate each contributed to the favorable results.

The Company previously announced that it will report its second quarter 2009 results on Thursday, July 23, 2009 prior to market open. On the same day, the Company will hold an open-access conference call at 11:00 a.m. EDT (10:00 CDT).

About Deluxe Corporation
Deluxe Corporation, through our industry-leading businesses and brands, helps small businesses and financial institutions better operate, protect and grow their businesses. The Company uses direct marketing, a North American sales force, financial institution referrals, independent distributors and the internet to provide a wide range of customized products and services: personalized printed items (checks, forms, business cards, stationery, greeting cards and labels), promotional products and merchandising materials, web hosting and other web services, fraud prevention and marketing services, financial institution customer loyalty and retention programs and business networking services. The Company also sells personalized checks, accessories, stored value gift cards and other services directly to consumers. For more information about Deluxe, visit www.deluxe.com(Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

About Aplus.net and Catalyst Investors
One of the industry’s longest-running Web hosting and Internet services providers, Aplus.net specializes in helping small businesses build an online customer base with a comprehensive range of services that includes web design, shared hosting, online marketing, eCommerce, domain name registration, managed services and more. Following the sale, Aplus.net will continue to focus on growing and expanding its mid-to-large enterprise-managed hosting services. The growth private equity firm Catalyst Investors is a majority stakeholder in Aplus.net. Catalyst employs a rigorous research focus to identify investment opportunities in companies that exhibit strong revenue and margin growth. For more information about Aplus.net, visit www.aplus.net(Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

About MerchEngines 
MerchEngines.com is a Software as a Service (SaaS) solution that provides ad agencies, traditional media companies, online publishers, and local aggregators a hosted and fully managed search marketing solution. MerchEngines integrates traffic generation solutions with conversion technologies, such as call tracking/call recording and lead capture/lead management solutions, into one easy-to-use private label-able dashboard. There are three ways to get involved with MerchEngines: become a reseller partner and offer customized, private label, online advertising solutions to your advertisers; license MerchEngines’ technology and let MerchEngines manage your client’s online ad campaigns for you; or license MerchEngines’ technology and manage your advertising campaigns using an integrated end-to-end traffic generation and post click marketing platform. For additional information, visitwww.merchengines.com(Cherry Tree does not maintain, endorse, or make any representations as to the content accuracy or quality of this website.)

SOURCE Deluxe Corporation


Forward-Looking Statements
Certain statements contained in this release may be deemed to be forward-looking statements under certain securities laws, including the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities legislation, and Deluxe Corporation and Hostopia.com Inc. intend that such forward-looking statements be subject to the safe-harbor created thereby. These forward-looking statements include, but are not limited to, statements with respect to the acquisition of Hostopia by Deluxe and statements concerning Deluxe’s and Hostopia’s, or their management’s, current intentions, expectations, beliefs, projections or predictions about future results or events. Forward-looking statements are typically identified by words such as “believe,” “expect,” “forecast,” “anticipate,” “intend,” “estimate,” “plan” and “project” and similar expressions of future or conditional verbs such as “will,” “may,” “should,” “could,” or “would.” By their very nature, forward-looking statements require Deluxe and Hostopia to make assumptions and are subject to inherent risks and uncertainties that are difficult to predict and are generally beyond the control of Deluxe and Hostopia, which give rise to the possibility that certain predictions, forecasts, projections, expectations and other forward-looking information, including statements about the acquisition of Hostopia by Deluxe, will not be achieved. Deluxe and Hostopia caution readers not to place undue reliance on these statements as a number of important factors could cause actual results or events to differ materially and adversely from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in, or implied or projected by, the forward-looking statements. These factors include, but are not limited to, the following: the possibility that the acquisition of Hostopia by Deluxe does not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all; the risks and uncertainties associated with Deluxe’s ability to complete the acquisition of Hostopia and to integrate Hostopia with Deluxe successfully; the ability to retain key personnel; the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond Deluxe’s and Hostopia’s control; developments in the demand for the combined companies’ products and services; relationships with major customers and suppliers; unanticipated delays, costs and expenses inherent in the development and marketing of new products and services, including new e-commerce, customer loyalty and business services, and the failure of such new products and services to deliver the expected revenues and other financial targets; the impact of governmental laws and regulations; and competitive factors. Readers are cautioned that the foregoing list of important factors is not exhaustive. Additional information concerning these and other factors that could cause actual results and events to differ from Deluxe’s and Hostopia’s current expectations are contained in Deluxe’s and Hostopia’s public filings with the Securities and Exchange Commission, including but not limited to the factors discussed under “Risk Factors” in Deluxe Corporation’s Form 10-Q for the period ended March 31, 2008 and Hostopia’s Form 10-Q for the period ended December 31, 2007 (each as updated by subsequent filings with the Securities and Exchange Commission).

Except as required by law, Deluxe and Hostopia assume no obligation to update the forward-looking statements contained in this release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Cherry Tree Wealth Management is an SEC registered investment advisor and fiduciary advisory firm.

DISCLOSURES