Accruit Appoints Dale Hengesbach as CFO; Denver-based Business Attracts Top Executive to Lead Financial Operation and Prepare Company for Rapid Growth.

Business Editors

DENVER--(BUSINESS WIRE)--May 28, 2003

Accruit, LLC, a leading financial service provider, announced the hiring of Dale A. Hengesbach as Chief Financial Officer, bringing more than 15 years of diversified financial operations and analysis experience to the company.

In addition to his fiscal responsibilities, he will play an integral role in strategic planning as the management team prepares the company for rapid growth.

"The combination of Dale's credentials, along with his extensive background in corporate finance and strategic planning, makes him a great addition to the Accruit team," said Todd Fisher, President and CEO, Accruit. "With the continued momentum of our flagship product, Accruit's Exchange Manger(TM), we're ready to leverage the breadth of experience that Dale brings to the table."

Prior to joining Accruit, Hengesbach was employed in numerous capacities at Amoco Corporation, including several years within the company's Treasurer's Department. During this time, he developed significant expertise in the areas of business development and analysis, corporate finance, financial management and control, and strategic planning. He continued to provide financial leadership for Amoco's successor company, BP plc, most recently working in the area of commercial negotiations. Earlier in his career, Hengesbach worked for Ernst & Whinney (now Ernst & Young), where he earned his CPA license and supervised staff accountant teams in the planning, coordination, and execution of audit engagements.

Hengesbach, a native of Michigan, whose travels have taken him throughout Europe and Australia, earned his undergraduate degree from Albion College in Economics-and-Management and Computational Mathematics in 1983. In 1988, he received his MBA from Harvard Business School.

About Accruit, LLC

Accruit, LLC, headquartered in Denver, was co-founded in 2000 by Todd Fisher and Brent Abrahm. Accruit remains the only company in existence that provides web-enabled integrated qualified intermediary services to facilitate the management of like-kind exchanges for both personal and real property. The company's flagship software application, Accruit's Exchange Manager(TM), fully automates the like-kind exchange process -- from transaction and cash management, to the complete asset and tax depreciation accounting required for these transactions. With Accruit's Exchange Manager(TM), clients realize significantly increased cash flow each year while dramatically reducing the resources required for tracking and reporting like-kind exchanges to the I.R.S. For more information, call 720/963-5001 or visit www.accruit.com.