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Acquisition Positions AFS as the Leading Software Supplier to the Seafood Industry

AFS News Release

PHOENIX – May 9, 2007 – AFS Technologies, Inc. (“AFS”), the leading provider of food and beverage enterprise software solutions, announced today that it has completed the acquisition of Astra Information Systems, Inc (“Astra”), a Weston, FL-based provider of software solutions to distributors, processors and importers, primarily in the Seafood industry. With this acquisition, AFS now serves over 300 customers, and will be headquartered in Phoenix-AZ, with offices in Milford-CT, Weston-FL, and Bangalore, India. AFS offers the food and beverage industries the only software solution that provides a complete suite of fully-integrated software applications, utilizing a database independent design, and a Service Oriented Architecture (SOA).

AFS also announced today that it has closed a mezzanine debt financing, provided by Merion Investment Partners, L.P., a King of Prussia, PA-based mezzanine capital firm (“Merion”), to fund the acquisition of Astra.

“I am very pleased with the acquisition of Astra. Both companies complement each other well. AFS has made a substantial capital investment in the development of its .NET framework and Astra’s management – Abe Nezvadovitz and Lee Kadin, who will play an integral role at AFS, bring deep domain expertise in the seafood industry. As a result, Astra’s customers will be offered broader product offerings on a leading edge technology platform, and more process-oriented product development and customer support, thus ensuring high quality software implementations and deployments,” said Kurien Jacob, CEO of AFS. “

“Merion is excited to continue to support the growth of AFS,” said William Means, Managing Partner of Merion Investment Partners, L.P. “We believe the company has an excellent management team and the best enterprise software solution for the food and beverage industries.”

“Our vision is to build AFS into the premier software solutions provider to the food and beverage industries. The acquisition of Astra in May 2007, following the acquisition of DMS in April 2006, adds additional scale to position AFS firmly on that path,” said Walter Barandiaran, Chairman of AFS, and a Managing Partner of The Argentum Group.

About AFS Technologies, Inc. AFS Technologies, Inc. is the leading provider of food and beverage enterprise software solutions. The company serves over 300 customers across North America and the Caribbean with software designed to reduce costs, increase efficiency, streamline internal processes and assist in regulatory compliances. Solutions available include complete distribution and financials, vendor rebate tracking, warehouse management, web order management, supply chain management, eCommerce, business intelligence, processing, and mobile sales & delivery products. For more information Click Here.

About Astra Information Systems, Inc. Headquartered in South Florida, Astra Information Systems has provided software solutions to fish and seafood importers, processors and distributors for over 24 years. Astra serves over 60 customers and is considered the leading software provider to the seafood industry. For more information Click Here.

About Merion Investment Partners, L.P. Merion is the largest independent mezzanine fund headquartered in Pennsylvania and is focused on transactions ranging from $3 – $10 million to support organic growth, acquisitions, buyouts and generational transfer of ownership. Merion can function as a one-stop shop to support smaller equity funds to round out their capital raise by providing both equity and debt or as a coupon only provider to larger funds in support of buyouts or acquisitions. Merion also seeks to work directly with entrepreneurs to support their acquisition strategies as well as provide them with liquidity to diversify concentrated wealth in their companies. To visit us on the web Click Here.

About The Argentum Group The Argentum Group is a New York-based private equity firm that provides capital to growing businesses in the lower middle market, and supports expansion growth, buyouts, and recapitalizations. Argentum emphasizes the concept of “partnership investing” – backing strong management teams with proven track records and then working closely to create value together. Argentum invests $3 to $10 million in profitable companies with revenues of $5 to $50 million; and targets industries in the areas of outsourced services, healthcare, and information technology. Argentum serves as general partner of investment partnerships with over $400 million of capital under management. Since raising its first fund in 1990, Argentum has invested in over 60 companies across a broad range of industries. For more information,Click Here to visit us on the web.

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