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AFS Technologies Acquires Interactive Management Systems, Inc.

Food & Beverage Technology Leader Enhances Presence in Meat and Seafood Distribution and Processing

3/4/2009
Press Release

March 4, 2009 (Phoenix, AZ) — AFS Technologies, Inc., the leading provider of technology solutions to various trading partners across the food and beverage channel, announced today that it has completed the acquisition of 100% of the assets of Interactive Management Systems, Inc. (IMS). IMS provides enterprise resource planning (ERP), processing and warehouse management systems (WMS) to clients in the meat and seafood industry.

With the IMS acquisition, AFS Technologies now provides more than 800 customers in the food and beverage manufacturing, processing, and distribution segments with a broad solutions-based product portfolio, tailored specifically to unique needs of the channel. This modularly-designed system offers profit-optimizing solutions for Distribution, Sales & Marketing, Financials, Processing, Warehouse Management, Transportation, E-commerce and Database Services, featuring PROFILE®, the industry’s largest database of product information and recipes.

“The acquisition of IMS allows AFS to further enhance its already-powerful presence in the seafood, meat processing and distribution space in the food and beverage channel”, stated Kurien Jacob, Chief Executive Officer of AFS Technologies.

“AFS’ acquisition of IMS represents a very positive step forward for both our customers and our products”, said Merle Von Gruben, President and Chief Executive Officer of IMS. “We have built IMS from the ground up by providing our clients with state-of-the-art products that have steadily evolved and improved over the years. AFS’ unique ability to leverage its world-class product development resources ensures that the pace of product enhancements and upgrades will accelerate in the future, providing IMS customers with a clear roadmap for technology upgrades at less-than-market costs.”

This transaction marks the third major acquisition completed by AFS Technologies over the past seven months. In August 2008, the company acquired IRM Corporation (Dallas, TX) and Motek (Beverly Hills, CA). These recent transactions have complemented AFS’ other acquisitions of Sales Partner Systems (sales automation for distributors), Astra (ERP and processing systems for seafood providers) and DMS (ERP systems for food and beverage distributors), creating unrivaled channel intimacy in the food and beverage space.

About AFS Technologies, Inc. AFS Technologies Inc. is the leading provider of software solutions for the food and beverage industry. The company now serves over 800 customers across North America and the Caribbean with licensed and software-as-a-service (SaaS) solutions designed to reduce costs, increase efficiency, optimize profits, streamline internal processes and assist in regulatory compliance. AFS offers the industry’s only complete end-to-end software suite, utilizing service oriented architecture (SOA) and the Microsoft .NET framework. This unique, modularly-designed system offers solutions for Distribution, Sales & Marketing, Financials, Processing, Warehouse Management, Transportation, and Database Services featuring the industry’s largest database of product information and recipes, the PROFILE® Database. For additional information please visit the company’s website: www.afsi.com.

About Interactive Management Systems, Inc. IMS has been providing creative and comprehensive software solutions for food distributors and processors since 1981. IMS’ Enterprise Resource Planning products focus on providing complete integrated company information from the processing room to customer delivery. All IMS solutions utilize the full spectrum of technology, including wireless data collection, to provide management with current accurate information to make timely and accurate decisions.

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Lincoln Educational Services Corporation Announces the Acquisition of Baran Institute of Technology and Reports Record Year End Enrollment

1/21/2009
News Release

WEST ORANGE, N.J., Jan. 21 /PRNewswire-FirstCall/ — Lincoln Educational Services Corporation (Nasdaq: LINC; “Lincoln”) announced today that it has completed the acquisition of Baran Institute of Technology (“Baran”) for approximately $25.3 million in cash, subject to customary post closing adjustments.

Baran Institute of Technology comprises five distinct schools serving approximately 1,900 students and offers associate and diploma programs in the fields of automotive, skilled trades, health sciences and culinary arts. Lincoln has closed the acquisition of four of the schools – Baran Institute of Technology, Connecticut Culinary Institute, Americare School of Nursing and Engine City Technical Institute, and expects to acquire the fifth school, Clemens College, for an additional $3 million subject to receiving approval from the New England Association of Schools and Colleges (NEASC) at their March meeting. In addition, Lincoln is also acquiring certain assets of Hartford Urban Ventures, LLC and Education Properties, LLC, which provide support services to Baran.

“Baran uniquely fits our strategy of expanding our geographic presence, strengthening our core program offerings and adding opportunities for higher degrees,” said Dave Carney, Chairman and CEO of Lincoln. “The immediate benefits include a state of the art destination automotive and skilled trades campus with a strong New England presence; a growing diesel school in New Jersey that will benefit from our 60 year brand awareness in the New York City metropolitan area; a leading culinary school with outstanding facilities and a growing high school sales force; and an expanded presence in Florida with the addition of Americare’s nursing program. As we implement our marketing and sales processes and invest more resources for advertising, we expect to achieve meaningful operating leverage resulting in strong margin expansion. Finally, assuming that a substantial change application is approved in March by NEASC, we will acquire Clemens College which will be our second regionally accredited institution and will provide the platform for higher end hospitality degree programs.”

These acquisitions are being accounted for in accordance with Statement of Financial Accounting Standards Statement No. 141(R), Business Combinations (“SFAS No. 141”), which is effective for calendar year companies on January 1, 2009. Among other things, SFAS No. 141 requires the additional use of fair value measurements, both as of the acquisition date and in post combination periods and requires that acquisition costs be expensed as incurred. In connection with these acquisitions Lincoln will be taking a charge of approximately $0.02 per share in the fourth quarter of 2008 and for the year ended December 31, 2008 and $0.01 per share in the first quarter of 2009 to account for the expenses related to the acquisition.

We expect these acquisitions, including Clemens, will add approximately $50 million to revenues in 2009, to be dilutive, but not to have a significant impact on 2009 earnings. We expect these acquisitions to be accretive to earnings in 2010.

We are updating our previously issued guidance for the year ended December 31, 2008 to reflect the impact of this acquisition on our 2008 results. In spite of the $0.02 per share charge we are taking in the fourth quarter of 2008, we expect that our earnings per share for the year will meet or exceed our previously issued guidance of $0.69 to $0.71. The strong results we experienced in the fourth quarter of 2008 were fueled by a 17.1% increase in student starts in 2008 over the prior year. Finally, on a same school basis, we expect that 2008 year-end enrollment will exceed the prior year by approximately 17% resulting in us beginning 2009 with approximately 3,100 more students than we had at the beginning of 2008, excluding acquisitions.

We look forward to providing further updates on both of our acquisitions, our results for 2008 and our 2009 guidance in early March of 2009.

About Lincoln Educational Services Corporation Lincoln Educational Services Corporation is a leading and diversified for-profit provider of career-oriented post-secondary education. Lincoln offers recent high school graduates and working adults degree and diploma programs in five areas of study: automotive technology, health sciences, skilled trades, business and information technology and hospitality services. Lincoln has provided the workforce with skilled technicians since its inception in 1946. Lincoln currently operates 36 campuses in 17 states under six brands: Lincoln Technical Institute, Lincoln College of Technology, Nashville Auto-Diesel College, Southwestern College, Euphoria Institute of Beauty Arts and Sciences and Briarwood College. Lincoln had a combined average enrollment of approximately 20,665 students for the quarter ended September 30, 2008.

About Baran Institute of Technology (Baran) Baran is comprised of Baran Institute of Technology (“BIT”), Connecticut Culinary Institute (“CCI”), Clemens College (“Clemens”), Americare School of Nursing and Engine City Technical Institute. Baran has a total of 811 dorm beds in two facilities (Hartford and Suffield, Connecticut), which serve BIT, CCI and Clemens students.

Baran Institute of Technology

BIT is in East Windsor, Connecticut which is 12 miles north of Hartford. BIT offers diploma programs in automotive, diesel, collision repair, motorcycle, HVAC, electrical and welding. This campus serves approximately 850 students of which 75% come from New England and the remainder come from over a dozen other states. BIT is accredited by ACCSCT.

Connecticut Culinary Institute (CCI)

CCI has campuses in Hartford and Suffield, Connecticut and offers diploma programs in culinary arts, baking and pastry and Italian culinary arts. CCI has approximately 650 students of which approximately 80% come from New England and the remainder mainly come from six other states. CCI is accredited by ACCSCT and the American Culinary Federation Foundation, Inc.

Clemens College

Clemens College shares a facility in Suffield with CCI and offers associate degrees in Hospitality Management to approximately 75 students from across the US and abroad. Clemens College is regionally accredited by NEASC.

Americare School of Nursing

Americare has two facilities in Florida: Fern Park, which is outside of Orlando, and St. Petersburg. Americare offers an associate degree in Surgical Technology and diplomas in dental assisting, medical coding and billing, medical assisting, practical nursing and patient care technician. Americare serves approximately 250 students and is accredited by ABHES. Engine City Technical Institute

Engine City is located in South Plainfield, New Jersey and has approximately 125 students. Engine City offers a diploma program in diesel engine repair.

Statements in this press release regarding Lincoln’s business which are not historical facts may be “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in Lincoln’s Form 10-K for the year ended December 31, 2007. All forward-looking statements are qualified in their entirety by this cautionary statement, and Lincoln undertakes no obligation to revise or update this news release to reflect events or circumstances after the date hereof.

SOURCE Lincoln Educational Services Corporation

CONTACT: Brad Edwards of Brainerd Communicators, +1-212-986-6667, for Lincoln Educational Services Corporation (LINC)

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AFS Technologies Acquires Motek Information Systems, Inc.

Food & Beverage Technology Leader Enhances Portfolio with Powerful WMS Offering

8/29/2008
Press Release

August 29, 2008 (Phoenix, AZ) — AFS Technologies, Inc., the leading provider of technology solutions to the food and beverage channel, announced today that it has completed the acquisition of 100% of the shares of Motek Information Systems, Inc., the provider of Priya®, the award-winning Warehouse Management System (WMS) used by a number of the food and beverage industry’s leading manufacturing and distribution companies.

With the Motek acquisition, AFS Technologies now provides more than 750 customers in the food and beverage manufacturing, processing, and distribution segments with a broad solutions portfolio tailored specifically to the unique needs of the channel. This modularly-designed system offers solutions for Distribution, Sales & Marketing, Financials, Processing, Warehouse Management, Transportation, E-commerce and Database Services featuring the industry’s largest database of product information and recipes, the PROFILE® Database.

“The acquisition of Motek allows AFS to further enhance its already-powerful presence in the Warehouse Management and 3PL System space in the food and beverage channel,” stated Kurien Jacob, Chief Executive Officer of AFS Technologies. “The additional functionality available within the Priya® system ensures that AFS will continue to offer its customers the most comprehensive, ‘best-of-breed’ WMS solution available in the F&B industry.”

“AFS’s acquisition of Motek helps us overcome the main objection we get during our sales process– that we are too small. With the leadership position that AFS has in the food and beverage segment, this will no longer be a constraint,” said Ann Price, President and Chief Executive Officer of Motek. “We have built Motek from the ground up by providing our clients with state-of-the-art WMS products that have steadily evolved and improved over the years. AFS’s ability to leverage its resources ensures that the pace of penetration in this segment will accelerate. Our existing customers will benefit from the increased resources available for development and technology upgrades.”

“All of us at AFS are committed to continuing to provide our customers in the food and beverage channel with the most complete portfolio of state-of-the-art technology solutions available, all tailored to address the specific needs of our customers involved in the food and beverage supply chain,” added Walter Barandiaran, Chairman of AFS Technologies. “The Motek acquisition underscores that commitment to product leadership and innovation, especially in the WMS space.”

About AFS Technologies, Inc. AFS Technologies Inc. is the leading provider of software solutions for the food and beverage industry. The company serves over 750 customers across North America and the Caribbean with solutions designed to reduce costs, increase efficiency, increase sales and margins, streamline internal processes and assist in regulatory compliances. AFS offers the industries only complete end-to-end software suite utilizing service oriented architecture (SOA) and the Microsoft .NET framework. This unique modularly designed system offers solutions for Distribution, Sales & Marketing, Financials, Processing, Warehouse Management, Transportation, and Database Services featuring the industry’s largest database of product information and recipes, the PROFILE® Database. For additional information please visit our website: www.afsi.com.

About Motek Information Systems, Inc. Since 1989, Motek has been developing cutting-edge Supply Chain Execution software solutions to help businesses streamline their warehousing and distribution operations. The company’s innovative use of intelligent hand-held radio frequency mobile computers in a true client/server architecture takes mobile computing and warehouse management to a new level of performance. This mobile client approach makes Priya®, the award-winning Warehouse Management System (WMS), a truly scalable solution. Priya® is a highly-configurable WMS solution uniquely designed to allow users to accommodate changes in their business processes or changing customer requirements.

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Cargo Airport Services USA expands operations at IAH International Airport

5/15/2008
Press Release

Jamaica, New York – May 15, 2008 — Cargo Airport Services USA, LLC (“CAS”) is pleased to announce that Cathay Pacific has awarded CAS the cargo handling contract at George Bush Intercontinental Airport (IAH). Cathay Pacific will be the sixth freighter carrier customer at IAH where CAS is the largest cargo handler. CAS is celebrating their tenth year anniversary at IAH providing cargo handling services for 16 airline customers.

This is a new destination for Cathay Pacific commencing service between Hong Kong and Houston on September 01, 2008 operating B747/400 freighter aircraft with three weekly flights.

Neal Moran, CEO of CAS, commented that “We are excited about this new business and the future opportunity to partner with Cathay Pacific in other CAS gateway locations. Cathay Pacific is a World Class Pacific Rim operator and we look forward to contributing to their success in the Houston market with our industry proven record as a quality cargo handler”.

In 2007, CAS acquired Genesis Aircraft Support based in Houston, Texas and the Cargo Zone Group of Companies based in Montreal, Canada, with operations in Toronto and Montreal. With the addition of Seattle in 2007, CAS will have operations at 14 cargo facilities throughout the US and Canada, with a leading cargo handling position in most of the markets it serves.

Cargo Airport Services USA is based at JFK International Airport and provides ramp, international cargo handling and facilities management services to over 50 carriers and freight forwarders in eight Gateway Cities. CAS expansion plans include other international gateways throughout North America in 2008. For more information regarding CAS contact Phil Jensen, Director of Sales and Marketing, at (917) 842-3579 or pjensen@casusa.com or visit our website at: www.casusa.com

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Cargo Airport Services USA Announces that Neal A. Moran has Joined as Chief Executive Officer

12/20/2007
CAS Press Release

December 20, 2007 – Jamaica, New York — Cargo Airport Services USA, (“CAS”) announced today that Neal A. Moran has joined the Company, effective immediately, as Chief Executive Officer. Mr. Moran will report to Carl A. Smitelli, founder and C.E.O. Emeritus of Cargo Airport Services USA, LLC.

Mr. Moran joins CAS from DHL Express where he was the Director for DHL’s International Operations at John F. Kennedy International Airport in Jamaica, New York. In this position, Mr. Moran was responsible for all cargo processing and ground handling operations, full brokerage services and US Federal regulatory compliance. New York is one of the most strategic gateways in DHL’s global network, being the central processing facility for all inbound and outbound cargo to Europe, Africa and the Middle East. Previously at DHL, Mr. Moran served as the Regional Director for the Midwest region where he was responsible for 1,200 employees at over 50 locations. Prior to joining DHL in 1993, Mr. Moran spent 15 years in a number of increasingly senior positions with UPS in the metro New York area and Greenwich, Connecticut.

Mr. Smitelli stated that “Neal’s more than thirty years of experience working with DHL and UPS, and the close attention to detail required to meet their strenuous time and quality requirements will be a tremendous asset to our Company. Neal will build upon our operations team, which we believe is the best in the cargo industry, and will work with our organization to expand CAS’ presence throughout the North American cargo market. His in-depth operational experience, leadership skills and commitment to customer service will insure our continued success well into the future. We are pleased he is joining CAS.” Mr. Duffy, President of CAS, added that “Neal’s operational expertise and extensive customer relationships will further distinguish CAS in the cargo industry, and ensure that CAS continues to provide the best service to our customers as well as help facilitate our entry into new markets.”

Cargo Airport Services USA is a full service cargo handling company based at John F. Kennedy International Airport in Jamaica, New York. CAS provides a full range of cargo handling services such as ramp services, warehouse handling of import and export cargo, traffic handling, snow removal, and push back services for international and domestic cargo carriers. CAS is the largest U.S. based cargo handler in North America, with operations at the international airports in New York, Houston, Newark, Washington Dulles, San Antonio, Alliance-Ft. Worth, Seattle, Toronto and Montreal, Canada. CAS services more than 60 international and domestic carriers from 15 facilities with three additional locations scheduled to come on line in 2008.

For additional informational regarding CAS contact Phil Jensen, Director of Sales and Marketing, at 718 656-1533 or pjensen@casusa.com.

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AFS Technologies, Inc. Completes the Acquisition of Sales Partner Systems

Closes on a $5.2 million Equity and Mezzanine financing led by Ticonderoga Capital and Merion Investment Partners, LP

9/28/2007

PHOENIX – September 28, 2007 – AFS Technologies, Inc. (“AFS”), the leading provider of enterprise software solutions to the Food & Beverage industries, announced today that it has completed the acquisition, for cash and stock, of Sales Partner Systems (“SPS”), a Daytona Beach, FL-based provider of sales force automation (SFA) software and database management services.

SPS is the industry approved manager of PROFILE®, a comprehensive database of product information for the food industry. It contains valuable marketing and specification information on a vast array of products. The information in PROFILE® includes serving suggestions, nutritional information, ingredient statements, packaging & storage information, and preparation & cooking instructions. This information is collected directly from manufacturers and placed in the PROFILE® database. SPS’s software applications, sold on a subscription basis, facilitate the exchange of PROFILE® product information among Manufacturers, Distributors, Operators and other software companies.

AFS now serves over 500 customers, employs over 120 professionals, and is headquartered in Phoenix-AZ, with offices in Milford-CT, Weston-FL, Daytona Beach-FL, and Bangalore, India.

AFS also announced today that it had closed a $5.2 million financing comprised of $3.7 million in equity capital led by Ticonderoga Capital, a Wellesley, MA-based private equity firm, and an additional $1.5 million in mezzanine debt provided by Merion Investment Partners, LP who has been providing capital to AFS for its last three acquisitions, over the past 18 months. The Argentum Group (“Argentum”), a New York-based private equity firm and AFS’s largest shareholder, played an integral role in facilitating these transactions.

Kurien Jacob, AFS’s CEO commented, “SPS was the pioneer in sales force automation in the food industry and has been the leader in this segment for some time. We are delighted to have partnered with the management of SPS to continue the growth of AFS. As the exclusive source for the PROFILE® Database, SPS is in a unique strategic position in the foodservice segment, which has substantial potential for growth.” Mr. Jacob added, “With the acquisition of SPS, AFS has now assembled the industry’s most comprehensive family of product offerings, including Distribution, Food Processing, Financial Solutions, Sales Applications, RF & Voice-based Warehouse Management, and Transportation software.”

“We’re very enthusiastic about becoming a part of the AFS organization” said Joseph Bendix, CEO of SPS. AFS has excellent products built on a state-of-the-art SOA technology platform. Their extensive development expertise, utilizing the Microsoft .NET framework, will enable us to continue to provide our customers with innovative products at a much faster pace than we could have done on our own. In addition, our manufacturing customers will benefit from AFS’s customer base of over 400 distribution companies, who will now have access to their PROFILE® product information. These combined distribution customers reach virtually every foodservice operator in the United States, providing greater value to our manufacturing and distribution customers,” Mr. Bendix added.

“We look forward to supporting the continuing growth of AFS,” said Craig Jones, Managing Partner of Ticonderoga Capital. “We believe the company has an excellent management team and the best enterprise software solution for the markets it serves.”

Walter Barandiaran, Chairman of AFS and a Managing Partner of The Argentum Group concluded, “We are very pleased that Tyler Wick of Ticonderoga and Joe Bendix of SPS have joined AFS’s Board of Directors. They both share the vision of continuing to build AFS into the premier software solutions provider to the food and beverage industries. Today’s acquisition of SPS, following the acquisition of Astra in May 2007 and DMS in April 2006, firmly places AFS in such a leadership position.”

Madison Park Group, a New York-based investment banking firm, advised AFS Technologies, Inc. in the acquisition of SPS.

About AFS Technologies Inc. AFS Technologies, Inc. is the leading provider of food and beverage enterprise software solutions. The company serves over 500 customers across North America and the Caribbean with software designed to reduce costs, increase efficiency, streamline internal processes and assist in regulatory compliances. 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) built on the Microsoft .NET framework. Solutions available include Distribution, Financials, Food Processing, Sales & Marketing, RF & Voice-based Warehouse Management, Transportation, and Database Services featuring the industry’s largest database of product information and recipes, the PROFILE® Database. For additional information Click Here.

About Ticonderoga Capital Ticonderoga invests in later stage business process outsourcing, healthcare business services and software as a service (SaaS) firms. It focuses upon companies with sustained revenue and proven gross margins. Ticonderoga seeks growth businesses, which have achieved a balance between sustainable growth and expense control. Its capital is typically used to accelerate revenue growth, make acquisitions, or provide liquidity to founders and existing shareholders. Ticonderoga is often the lead and first institutional investor, but also participates as a member of larger syndicates with other respected investment groups. Furthermore, Ticonderoga is often a minority investor thus it views its relationship with management crucial to its success. Therefore, its objective is to create long-term partnerships with exceptional management teams who are building growth businesses and require Ticonderoga’s experience, knowledge, contacts and capital to maximize their success. For more information Click Here.

About Merion Investment Partners LP 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. For more information 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 environmental services, outsourced/business services, healthcare services, 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.

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AFS Technologies, Inc. Completes the Acquisition of Astra Information Systems, Inc.

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

5/9/2007
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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AFS Technologies, Inc. Completes the Acquisition of Distribution Management Systems, Inc.

AFS Closes a $5.0 Million Financing with Merion Investment Partners, L.P.

4/3/2006
AFS News Release

PHOENIX, AZ – April 3, 2006 – AFS Technologies, Inc. (“AFS”), a leading provider of software solutions to the food industry, announced today that it had completed the acquisition of Distribution Management Systems, Inc. (“DMS”), a Milford, CT-based provider of software solutions to the food and beverage industries, for cash and stock. With the acquisition, AFS now serves over 230 customers, will employ over 100 professionals, and will be headquartered in Phoenix, with an east coast office in Milford, CT and a development facility in Bangalore, India.

AFS also announced today that it had closed a $5.0 million financing, comprised of mezzanine and equity capital, provided by Merion Investment Partners, L.P., a King of Prussia, PA-based mezzanine capital firm. A portion of the proceeds was used to facilitate the acquisition of DMS, and the remaining will be used for working capital purposes and possible further acquisitions. The Argentum Group (“Argentum”), a New York-based private equity firm, and AFS’s majority shareholder, played an integral role in facilitating these transactions.

“I am very pleased with the acquisition of DMS as both companies complement each other well, in that AFS brings a substantial capital investment in the development of its .NET framework and DMS’s management brings deep domain expertise in market segments that are new to AFS. Thus, DMS’s customers will be offered broader product offerings on a leading edge technology platform, and more process oriented product development and customer support, ensuring high quality deployments,” said Kurien Jacob, AFS’s CEO. “AFS now offers to the food and beverage industries the only solution that provides a complete suite of fully integrated software applications, utilizing a database independent design and a Service Oriented Architecture (SOA),” Jacob added.

“Merion is excited to have the opportunity to support the growth of AFS,” said William Means, Managing Partner, 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 a company that will become the premier software solutions provider to the food and beverage industries; and the acquisition of DMS clearly provides the scale needed, and will position AFS firmly on that path,” said Walter Barandiaran, Chairman of AFS and a Managing Partner of Argentum.

About AFS Technologies, Inc. AFS Technologies, Inc. is a leading provider of fully-integrated, end-to-end business software solutions engineered exclusively for the food and beverage industries. The company serves over 230 customers across North America and the Caribbean with innovative, comprehensive and user-friendly solutions 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, please contact AFS Technologies via email at info@afsi.com, by phone at (602) 522-8282 or visit us on the web at www.afsi.com

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. Visit us on the web at www.merionpartners.com.

About The Argentum Group The Argentum Group is a New York-based private equity firm that provides expansion capital to rapidly growing small and mid-sized businesses with market leading potential. Argentum targets those industries experiencing rapid growth or undergoing fundamental change in the areas of outsourced services, healthcare, and technology. Argentum serves as general partner of investment partnerships with over $400 million of capital under management. Since its founding in 1988, Argentum has invested in over 100 companies across a broad range of industries. For more information, please visit: www.argentumgroup.com

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Sikorsky Completes Keystone Acquisition

Stratford, Conn. (15 December 2005)

12/15/2005
Sikorsky Press Release

Sikorsky Aircraft Corporation today announced that it has completed the acquisition of Keystone Ranger Holdings, Inc., which specializes in full-service engineering, completion and technical support for commercial helicopters, and air medical flight operations. Sikorsky is a subsidiary of United Technologies Corporation. (NYSE:UTX).

Keystone, which had been privately owned, will be renamed Keystone Helicopter Holdings, Inc., and is now a wholly owned subsidiary of Sikorsky. It will continue to operate under the brand names of its subsidiaries, Keystone Helicopter Corporation and Composite Technology U.S.A., Inc. (CTI).

Keystone Helicopter specializes in full-service engineering, completion and technical support for commercial helicopters, and air medical flight operations. The firm operates a large technical services depot and completion center in Coatesville, Penn., and operates a large fleet of turbine helicopters in numerous locations across several eastern states, primarily in the air medical mission.

CTI is headquartered in Grand Prairie, Texas, with substantial rotor blade and composite structures overhaul capabilities there and at branch locations in Canada, Brazil, the U.K., and Singapore.

Keystone has done completion work on Sikorsky S-76 and S-92 helicopters for a broad range of missions including VIP, offshore oil, EMS, and multi-mission utility. In addition to Sikorsky, Keystone is and will continue to be factory-authorized by Bell, Eurocopter, and MD Helicopters, and will continue to service and complete Agusta products. The company is also an authorized dealer for virtually every major avionics manufacturer.

Sikorsky, based in Stratford, Conn., is a world leader in rotorcraft design, manufacturing and service. The company’s 2004 revenues totaled $2.5 billion.

Sikorsky is a subsidiary of United Technologies Corporation of Hartford, Conn., which provides a broad range of high-technology products and support services to the aerospace and building systems industries. Sikorsky helicopters occupy a prominent international position in the intermediate to heavy range of 11,700 lb. (5,300 kg.) to 73,500 lb. (33,000 kg.) gross weight. The company’s helicopters are used by all branches of the United States armed forces, along with military services and commercial operators in more than 40 nations.

For link to Sikorsky Press Release Click Here

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Sikorsky to Acquire Keystone Helicopter

Extends Helicopter Completion & Customization Capabilities and Expands Technical Support Services

11/1/2005
Sikorsky Press Release

Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYSE: UTX), today announced an agreement to acquire Keystone Ranger Holdings, Inc., a privately owned U.S. company. Keystone specializes in full-service engineering, completion and technical support for commercial helicopters, and air medical flight operations. The finalization of the transaction is subject to the approval of the U.S. government and other regulatory authorities, as well as certain other conditions. For full text click here.