State Board Report

July 2011

On June 16, 2011, a Pennsylvania-based private equity group, along with management investors Mark Setash and Jeff Blake, acquired all the outstanding common stock of NASBA’s 100 percent owned subsidiary, Professional Credential Services. PCS was established in 1999 in order to allow NASBA to service Boards of Accountancy in states which required service vendors to administer multi-board contracts (i.e., non-accounting boards and agencies) and to provide additional resources for NASBA to provide non-profit mission activities to the Boards of Accountancy. As part of the transaction, NASBA received a 20 percent preferred equity interest in PCS Holding Company, LLC, which now owns all of PCS’ outstanding common stock.

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