Accounting Management Solutions Establishes Life Sciences/Technology Practice; Names James R. Fitzgerald to Lead New Unit.

WESTBOROUGH, Mass. -- Accounting Management Solutions (AMS), New England's leading provider of outsourced accounting, financial management, and recruiting services, today announced the formation of a life sciences/technology practice to meet rapidly growing demand in this emerging business sector.

At the same time, the company announced the appointment of James R. Fitzgerald, Jr., a finance professional with more than 20 years of experience as a senior executive in high technology, life sciences/biotechnology, and service companies, to lead the new business unit.

"While we've always worked with life science and technology companies, significantly increased demand for our services in this area has led us to formally establish a practice that will allow us to better serve the life science and technology clients by providing an experienced cadre of professionals experienced in these sectors," said AMS President James P. Bourdon. "Jim Fitzgerald, who has enjoyed a successful career as a CFO and business leader, will play a critical role in helping us build our business and support our clients."

For the second consecutive year, AMS annual revenues are expected to more than double in 2005, Bourdon said.

Commenting on the needs of early stage and emerging biotech and technology companies, Fitzgerald noted that many often have not matured or developed the scale to justify a full-time controller or CFO, but can benefit significantly from the expertise and perspective that a senior financial manager can offer.

"The AMS model -- providing experienced permanent part-time controllers or CFOs early on and providing a sophisticated resource they otherwise might not be able to afford -- matches well with the needs of young technology and life sciences companies," Fitzgerald said.

A CPA with public accounting experience, Fitzgerald has handled the full range of financial management responsibilities, including mergers and acquisitions, private and public financings, including IPOs and venture capital investments, and SEC and investor relations.

Prior to joining AMS, Fitzgerald most recently was senior vice president and CFO of Rhode-Island based Nephros Therapeutics, Inc., a private biotechnology company developing human cell bio-replacement systems.

Earlier, Fitzgerald served as CFO for ArQule, Inc., a chemistry focused drug discovery company, where he was responsible for managing the company's initial public offering. He has also been a finance and operations executive with other biotechnology and drug delivery companies.

Fitzgerald, who earned his bachelor's degree and an MBA from Northeastern University, is licensed as a CPA in Massachusetts, and is a member of Financial Executives International.

About AMS

Accounting Management Solutions, Inc. (www.amsolutions.net) is the leading provider of outsourced accounting, financial management, and recruiting services to public, private, and non-profit organizations throughout New England. Services include interim and part-time accounting and financial management professionals, Sarbanes-Oxley compliance support, and financing consulting and recruiting services.

Headquartered in Westborough, Mass., AMS has offices in Boston, Providence, Rhode Island, and Glastonbury, Conn.

NOTE TO EDITORS: JPEG PHOTO OF JAMES FITZGERALD AVAILABLE