Barbara Waal Chosen to Lead Axiohm Transaction Solutions, Inc.

Business Editors

ITHACA, N.Y.--(BUSINESS WIRE)--April 26, 2001

Axiohm Transaction Solutions, Inc. Board of Directors announced April 17 that it has elected Barbara Waal CEO and President of Axiohm.

Ms. Waal was also elected a Director of Axiohm. Marc Pfefferle, Director of Axiohm and former CEO said Waal was chosen for her breadth of experience in general management, strategic and business planning, marketing and product development. "She has exceptional ability to move Axiohm forward as a profitable and successful company. I am very excited about Axiohm's future prospects under her leadership," Pfefferle said.

A former senior executive at Xerox Corporation, Waal will lead Axiohm, one of the largest manufacturers of transaction printers in the world today. Axiohm is recognized as a global leader in the design, manufacture, and marketing of print heads and mechanisms, and transaction and specialty printers. The company also is an industry leader in the design and production of Magstripe(c) and smartcard readers and writers as well as barcode printers. Axiohm has a heritage of leadership and innovation including numerous industry firsts.

Waal brings to Axiohm a proven track record of developing and implementing strategic, global, marketing driven business plans. Waal stated, "Axiohm has an extremely talented work force as well as an excellent history of innovation. I'm excited about the prospects these qualities present as we shift Axiohm into overdrive and further develop our world-class reputation. I see tremendous potential in our operating divisions, market segments, and product lines, that when unleashed, will add significant value to both our business and that of our customers'."

Waal joins Axiohm from Xerox, where she most recently served as vice president of the Color Production Products Organization. The DocuColor 2000 product line introduced by Waal in June 2000 grew color production market share by 44% in the first six months.

Prior to that, Waal was vice president and general manager of several Xerox business units including Scanning and Capture Services, the Office Printing Business and Workgroup Document Services. During her tenure, Waal developed and marketed more than ten commercially profitable product lines ranging from software applications and multifunction devices to scanners and printers for both the desktop and office markets.

One of Waal's first appointments is Stuart Groom, who will be joining Axiohm as Senior Vice President and Chief Financial Officer on April 30, 2001. Groom has significant experience in international finance, business operations and financial controls. He comes to Axiohm from FerrousExchange Inc. where he was responsible for financial, legal, and operational aspects of the company.

Waal has a Bachelor of Science in Electrical Engineering from the Massachusetts Institute of Technology. She will be based at Axiohm's headquarters in Ithaca New York.