College Foundation Inc. Taps C-bridge to Design and Develop Major New Online Loan Services.

Business/Technology Editors

BOSTON--(BUSINESS WIRE)--June 28, 2001

Project to Further Streamline CFI Business Processes and Provide

Significant Self-Service Enhancements to End Users

C-bridge (NASDAQ: CBIS), a leading provider of platform-based Enterprise Commerce Management solutions, today announced it has been selected by College Foundation Inc. (CFI), a not-for-profit organization offering students and their families financial assistance for higher education, to deliver Phase II of CFI's financial aid portal. The second phase of the project will further streamline CFI's business processes and enhance the loan application process for students and parents.

C-bridge was engaged by CFI to design, develop and deploy Phase I of this project earlier this year. (See news release: "C-bridge Selected by College Foundation Inc. to Boost Offerings of Loan Issuance Organization," issued May 17, 2001). C-bridge leveraged its expertise in the financial services sector to enhance CFI's online financial aid services through the development of an online loan application process and the centralization of multiple websites into one new college funding portal, www.CFNC.org. Phase 1 simplified the user's experience substantially, making it easier and faster to select and apply for financial aid. Following the deployment of its new portal, CFI will be able to expand its loan offerings and thereby capitalize on new business opportunities.

In this second phase, C-bridge is building upon its earlier work, adding strategic functionality to the web interface and loan-processing portal, as well as new features, which will offer critical life event services to prepare students for college in other ways. The project will result in a portal that is designed to service a family's complete "life cycle" for planning for, applying to, and paying for college - from the time parents are ready to save for their child's education to the time a student must make informed decisions about college and financial aid. The new workflows created by C-bridge maximize CFI's return on investment by leveraging their existing mainframe processes. Additionally, the project will further streamline business processes for CFI by replacing manual functions with digitized solutions.

"We selected C-bridge because of its ability to deliver Phase I on time and under budget," said Gwen Davis, president of CFI. "C-bridge has already created new value for us. The completion of Phase II will position us to further expand our client base and contribute to our central mission of making a college education possible for every North Carolina student."

CFI is one of a growing number of financial services organizations relying on C-bridge's deep industry knowledge and technology solutions to enhance services to their customers while reducing the costs of these services. C-bridge's customer roster in the financial services sector includes Central Carolina Bank, Thomson Financial, GMAC and The Economical Insurance Group.

"We take a great deal of pride in maintaining a repeat business rate of over 80%, quarter to quarter, so it was really gratifying when CFI selected us for Phase II of the online loan portal," said Joe Bellini, C-bridge chairman and CEO. "We look forward to applying our industry expertise to create a rich user experience and further value for CFI."

C-bridge's engagement with CFI began in March 2001. The first phase of the project was completed in approximately 16 weeks. The second phase of the project is expected to be completed by December 2001.

Enterprise Commerce Management

Enterprise Commerce Management (ECM) is a model for corporations seeking to build their next generation business systems. A term coined by AMR Research, ECM extends beyond ERP to a corporation's trading partners. The model includes the entire value chain, from suppliers to channel partners to customers, and is enabled by business process applications, services, and the Internet to support commerce throughout the value chain. C-bridge has the ability to engage in strategic business consulting, diagnostic services and deep vertical industry expertise, and combines that with an award-winning XML platform and tools and a proven track record in successfully delivering enterprise customers high return business solutions.

About College Foundation Inc

College Foundation Inc. (CFI) is a not-for-profit organization that has been specializing in the administration of student financial assistance since 1955. CFI is the central loan originator and servicer for education loans made under North Carolina's Federal Family Education Loan (FFEL) program. FFEL program loans include Federal Stafford Loans (subsidized and unsubsidized), Federal PLUS Loans (to parents), and Federal Consolidation Loans. The North Carolina State Education Assistance Authority (N.C. SEAA), the State Employees' Credit Union, and other investors provide capital to fund student and parent loans. The unique partnership between funding organizations and CFI provides consolidated support for the student loan program, benefiting all participants in North Carolina's FFEL program. In most other states, financial institutions make these loans directly to the borrower, but different servicing agencies often service and collect the loans. In North Carolina, CFI makes, services, and collects the loans--providing one central agency for the administration of the student loan program. N.C. SEAA serves as the guarantor for all loans made under North Carolina's program. CFI also administers North Carolina's EXTRA Education Loan Program, several grant programs, and North Carolina's College Savings Program.

About C-bridge

C-bridge(R) (NASDAQ: CBIS) provides high return, industry-specific Enterprise Commerce Management (ECM) Solutions delivered on a platform-based architecture. We combine strategic business consulting, diagnostic services and deep vertical industry expertise with award-winning XML technology to deliver business solutions to our clients.

Headquartered in Boston, Massachusetts, C-bridge is distinguished by its commitment to education as a driver of better decisions, a catalyst for change and a facilitator for successful implementation of strategy. C-bridge works continuously to ensure the success of its clients by providing mentoring, knowledge transfer and executive education to thousands of industry leaders per year. More information about C-bridge can be found at www.c-bridge.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This release contains information about future expectations, plans, and prospects of C-bridge's management that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, the profitability of the Company's contracts, the Company's ability to retain existing clients and attract new clients, the Company's ability to hire, train, and retain qualified employees, the Company's ability to continue to develop effective sales and marketing capabilities, the Company's ability to keep pace with the Internet's rapid technological changes, evolving industry standards and changing client requirements, worldwide business use of the Internet, the growth in the number of web access devices per user, the occurrence of any failure of the Internet, the continued improvement of security on the Internet, general economic and industry conditions, as well as other factors reflected in the Company's filings with the Securities and Exchange Commission from time to time, including the Company's Annual Report on Form 10-K for the year ended December 31, 2000.

C-bridge is a trademark of C-bridge Internet Solutions, Inc. All other trademarks are the property of their respective companies.

EDITORS' NOTE: This and other information about C-bridge is available on the company Web site (www.c-bridge.com).