Banyan Announces Appointment of New Directors, President and CEO.

Business Editors & Technology Writers

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--May 7, 2001

Banyan Corporation (NQB Pinks:BANY) announces that the Board of Directors have appointed Cory H. Gelmon as a Director and President of Banyan and Michael J. Gelmon as a Director and Chief Executive Officer of the Company, effective immediately.

The Gelmons are both lawyers by profession, but have been involved in various businesses, including the creation and operation of Domino's Pizza of Canada Ltd., the Domino's Master Franchise in Canada; Instant Vision, Inc., a high-tech optical company based in Houston, Texas, with operations in Phoenix, Arizona, as well as Proteus Capital Corp., a mutual fund specializing in the Foreign Exchange market. Their responsibilities will be to rationalize the existing Company businesses, as well as to move the Company ahead with new ventures. Initially, they will develop the "Chiropractic USA" concept which will create and consolidate Chiropractic Clinics across North America utilizing both corporate and franchised strategies. The Gelmon's bring unique skills to the Company as franchise specialists, with Cory Gelmon having been the Chief Operating Officer and General Counsel of Domino's Pizza of Canada, Ltd., a franchised system with over 200 stores and system-wide sales of approximately $60,000,000. Michael Gelmon was the head of real estate and acquisitions at Domino's Canada, which was an integral part in the expansion of the business.

Cory Gelmon commented: "We have excellent plans for the development of various new concepts for Banyan, which will supplement the existing core businesses of the Company. We are anxious to get started and will be doing so immediately." Michael Gelmon stated: "We believe the new concepts we will introduce to Banyan will be the first step in creating significant shareholder value. We are excited in pursuing various new concepts which we believe will be great opportunities for the Company."

Mr. Lawrence Stanley, outgoing President and CEO stated, "I am very pleased that we have been able to reach agreements with the Gelmons as they bring excellent business track records to the Company, as well as exciting plans for the future." Mr. Stanley will remain as a member of the Board.

Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in various innovative businesses, including the development of branded Chiropractic clinics throughout North America; designing, manufacturing and marketing products and services aimed at the personal computer market, and Internet e-commerce services. Banyan sells a line of hard-sided protective carrying cases for notebook computers under the DoubleCase brand name and provides e-commerce services, primarily the design of Internet sites for commercial customers through its subsidiary TopListing.com. Banyan's products are currently available through distribution from Ingram Micro and sold through a wide variety of Internet e-commerce storefronts, computer mail-order catalogs, Value Added Resellers (VARs), a number of overseas vendors, and to the U.S. government.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Banyan Corporation) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the high-technology industry, plans for future expansion, various business development activities, planed capital expenditures, future funding sources, anticipated sales growth and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of Banyan Corporation. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws, and market competition factors. For a description of additional risks and uncertainties, please refer to Banyan's filings with the Securities and Exchange Commission.