Banyan Enters Into Letter of Intent to Purchase Showcase Technologies LLC; Announces New DoubleCase President and COO.

COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Aug. 19, 1999--

Banyan Corporation (OTC BB:BANYE) announces that it has entered into a Letter of Intent to purchase all of the assets of Showcase Technologies LLC.

Under the terms of the Letter of Intent, this acquisition will close on or before Sept. 30, 1999.

Over the past two years, Showcase Technologies has developed an extensive line of carrying cases for computers, personal digital assistants ("PDAs") and cameras.

Their product lineup includes a hard-sided carrying case featuring the patent-pending Smart-Track Adjustable Compartment System, a patented Smart Strap Shoulder Strap featuring the Comfort-Stretch System, a series of hard-sided rolling cases, a line of leather and imitation leather soft-sided carrying cases, a backpack for educational markets, a series of camera cases, an aluminum case that competes directly with Zero Haliburton, and a series of premium/promotional products that includes matching leather cases and jackets. Additionally, Philips Electronics purchases a specially made case from Showcase Technologies for resell with their Nino PDA.

For more information on the Showcase Technologies' product line, visit their Internet site at www.showcasetech.com.

In conjunction with this agreement, Banyan also announces that Alan Hillsberg, the founder of Showcase Technologies, will assume the positions of president and chief operating officer at Banyan's wholly owned subsidiary, DoubleCase Corporation, upon the closing of this transaction.

Hillsberg has overseen the development and established the manufacturing contacts for the current Showcase Technologies' product line, and has a solid knowledge and understanding of the marketing requirements of the computer and camera carrying case business.

Cameron Yost, Banyan's president and chief executive officer, stated, "We are extremely excited by these new developments. We now have a solution for every conceivable carrying case need -- whether it requires a hard-sided case, a soft-sided bag, a rolling case, or the high-end promotional market ... and complements both the recently announced products being acquired from Patriot Group and our own hard-sided DoubleCase product line.

"With these developments we now have a very broad and diverse product offering that appeals to both corporate and consumer customers, as well as direct and retail marketing channels. We will introduce all of these new products at this year's Fall Comdex computer show and will be aggressively marketing to the retail channels afterwards," added Yost.

Banyan Corporation is a publicly traded holding company focused on investing in and building a network of operating subsidiaries engaged in designing, manufacturing and marketing products and services aimed at the personal computer market, the notebook segment in particular which is also the fastest growing segment of the personal computer industry, and Internet e-commerce.

Banyan currently sells a line of hard-sided protective carrying cases for notebook computers under the DoubleCase brand name and controls 26% of Anything Internet Corporation. 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, several of the largest U.S. computer retailers, 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, planned 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.