CP&S Enhances Capital Position to Execute Growth Plans; Additional Capital Funding Will Fuel the Company's Aggressive Growth and Market Penetration Strategies.

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Sept. 23, 2002

CP&S, Inc., announced today that it has secured substantial new equity financing from existing investors and new partners to continue its profitable growth and market penetration plans. Concurrently the Company is announcing its new commercial banking relationship with Union Planters Corporation, a $32 billion regional bank holding company.

"This new banking relationship along with a significant equity infusion from Palm Beach Capital and follow-on participation by existing investors will allow our profitable growth and acquisition strategies to continue," said Richard Parkes, President and CEO of CP&S. "We have the confidence, operating performance, core infrastructure capabilities, and now the improved capital base to expand our outsourced service spare procurement programs even further, while targeting a broader base of institutional clients."

"CP&S is a company with strong leadership and the right products and services, aimed at the right markets at the right time," remarked Nathan Ward of Palm Beach Capital. "They offer an innovative blending of financial capabilities and IT procurement programs that are compelling for services providers and equipment manufacturers that are looking to minimize owned inventory. Couple this with the Company's asset and portfolio management services directed toward banks and leasing companies, and its clear that CP&S is an organization well positioned for growth in these challenging economic times."

CP&S, Inc., is a leading provider of inventory performance and asset management services for computer manufacturers, OEMs, VARs and services providers, technology leasing companies, and Fortune 2000 companies that manage large IT equipment installations. Founded as both a financial services organization and a low cost provider of service parts, the Company's financial and computer systems expertise lead to innovative new services combining the two distinct disciplines. Today CP&S addresses the entire array of IT aftermarket products and services, including new and used equipment distribution, parts distribution and support, services integration, asset management and EPA-compliant disposal, through its Capital, Technology Remarketing and IT Asset Management divisions.

Palm Beach Capital Partners, LLC, is a Florida-based investment and merchant banking firm focused on rapidly growing middle market companies. The Company's equity investments typically range from $1 million to $10 million on enterprise values of up to $100 million, where the partners can assist in the ongoing value creation process.

Union Planters Corporation, a multi-state bank holding company headquartered in Memphis, Tennessee, operates 762 banking offices in Alabama, Arkansas, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Tennessee and Texas. At June 30, 2002, Union Planters had consolidated total assets of $32.4 billion and ranked 24th on the FDIC's most recent list of the largest bank holding companies based in the United States.