Cartridges Are Us Sees Immediate Value In Fidesic's Electronic Invoicing and Processing Solution.

Business/Technology Editors

BELLEVUE, Wash.--(BUSINESS WIRE)--May 28, 2002

Company Estimated to Save More Than 150% in Year One;

Cover IT Costs in Four Months

Fidesic(TM), a premier provider of Electronic Invoicing and Payments (EIP) solutions, announced today its newest customer, Cartridges Are Us, a leading national business-to-business ink jet distributor. The company implemented Fidesic's eInvoice module for Microsoft Great Plains Dynamics 6.0 and was able to use its new electronic invoicing system immediately. In just a few weeks, Cartridges Are Us has seen a rapid return on its investment, projecting a payback period of four months on its IT investment and 150 percent ROI in one year.

Many companies spend more than 20 hours a week managing their monthly invoicing and payments process. Cartridges Are Us was no exception, as their front-office staff devoted more than two hours each day to chasing outstanding invoices and printing, stuffing and mailing paper invoices to its customers. With an initial investment of under $5,000 and just two days for installation, testing and training of the front office staff, Cartridges Are Us became an e-biller and reduced the time and resources spent on accounting and administration immediately. Now the four person, front-office team spends less than two minutes each day on client invoicing.

"Our investment in Fidesic has reaped the fastest ROI for any technology purchase we have made," said Dominic Iocco, CFO and General Manager at Cartridges Are Us. "The biggest benefit so far is time savings. We're using the extra hours we have each week to tackle projects we've been putting off, like starting a customer newsletter and ramping up our media relations and marketing programs."

"We are pleased that Cartridges Are Us selected Fidesic's solution. As companies strive to grow their businesses, how they manage and handle their finances can help or hinder the rate of their growth. Cash flow is a major element for growth," said Naseem Tuffaha, CEO of Fidesic. "For Cartridges Are Us, the automation of invoices and payments is creating a measurable ROI as well as a tangible competitive advantage for the growth of the company. With financials in check, Cartridges Are Us can focus on more strategic initiatives and place more resources against them."

In addition to streamlining the process of printing and mailing paper invoices, the company also had a collection challenge. Prior to implementing Fidesic's EIP solution, the company never knew when a payment was expected or not. Now, the company receives an email whenever a payment is due that tells them the date and the amount that will be deposited in the company bank account. This enables Cartridges Are Us to plan the company's outgoing payments more effectively. With this added information, Cartridges Are Us can ship orders sooner, which makes its customers happier. Additionally, the company is analyzing its cash flow to make better business decisions and investments to grow the business.

"It's very risky extending credit to some of our smaller customers," added Mr. Iocco. "We had to find a way to make an educated decision about which orders we turn down. We're constantly operating our factory at capacity, so if we have to turn away business, we don't want to turn away someone who will pay us for someone who won't."

About Fidesic Corporation

Fidesic is the premier provider of electronic invoicing and payment solutions for midmarket businesses. The company's electronic invoicing and payment (EIP) solutions enhance the performance of the financial supply chain by automating the paper-based invoicing and payment process, delivering cost-savings and improved cash flow. Fidesic's EIP solutions can be easily integrated with existing accounting solutions, enabling companies to leverage their current IT investments, while realizing ROI from streamlined accounts receivable and accounts payable processes. Fidesic's EIP solution received the "Best of the Web" distinction from the Online Banking Report, May 2001. The company is privately held and funded by Voyager Capital, Northwest Venture Associates and other Seattle-based venture capital firms. For further information, please visit www.fidesic.com.