Secured Marine Trust Launches Online Business Application to Manage Yacht Transactions; New Standards Created to Expedite and Facilitate Yacht Sales.

Business Editors

NEW HAVEN, Conn.--(BUSINESS WIRE)--Oct. 29, 2003

Secured Marine Trust (SMT), www.securedmarinetrust.com, a marine financial services company, is revolutionizing the way yacht and boat sales are facilitated and administered with a new online business application that accurately and securely expedites the entire transaction process. Created for yacht brokers and boat dealers, marine manufacturers, marine lenders, floor plan providers, and insurance agents, the comprehensive electronic document and data management tool provides a full range of services that will streamline the entire process, resulting in real-time labor and cost savings and increased profits. Subscribers to the Secured Marine Trust system operate within a completely secure environment where the privacy of their data is assured as it efficiently flows to support each detail toward the closing of a sale.

"The marine transaction process can be quite fragmented and highly repetitive, resulting in increased labor costs," said Secured Marine Trust CEO Jeff Turner. "Our application is the first of its kind in the marine industry and will provide a unifying technology conduit for all who are making essential contributions to the closing of a yacht transaction. Brokers, marine lenders and manufacturers will be able to interact more efficiently through our online application, which will result in greater customer satisfaction and increased profits."

Efficiency, Accuracy, and Security

For each of the constituents in the marine transaction process, SMT's new technology will greatly enhance efficiency and reduce costs by eliminating repetitive processes that can cause data errors and delays. The proprietary security system imbedded in the SMT application ensures the privacy of all transactional data.

-- Yacht brokers and new boat dealers will experience a new

efficiency in all aspects of the boat sale process, reducing

the cost per transaction and improving margins on each sale.

-- Marine lenders will benefit from a new standard of efficiency

and security in marine loan initiation, preparation and

closing.

-- Manufacturers will see real-time data for all new and used

boats sold through the SMT system, supporting customer

tracking, management of warranty issues and expenses, and

providing a tool for their dealers to automate sales and these

related details.

-- Floor plan providers can access accurate, up-to-the-minute

dealer inventory data, reducing the time and cost of required

physical inventory inspection.

Streamlining and Safeguarding the Entire Marine Transaction Process

SMT customers will also be introduced to a new standard for vessel documentation and loan processing. As part its service, SMT will provide:

-- Secure Funds(SM) bonded escrow services to manage initial

deposits through possible post sale disputes with an

independent process for loan disbursement and pay-off.

-- A Countdown to Closing(SM) feature, which provides 24/7 access

to the real time status of important milestones for each

transaction, including financing, documentation, surveys, and

insurance. At any point during the transaction, all parties

will be able to review the progress of the marine transaction

via the Internet.

-- Secure Docs(SM), an industry standard title holding service

that guarantees accountability in holding title related

documents such as Builders Certificates, Manufacturers

Statement of Origin ("MSO"), Bills of Sale, Ship's Mortgages,

and Marine Security Agreements for proper disposition of a

marine transaction.

-- Vessel Track(SM), providing unique search functionality of the

US Coast Guard database of documented vessels and other state

registration databases to facilitate the efficient and

accurate preparation of documents.

-- Closing Coordinators who will be following each transaction

through the system and provide any required administrative

support throughout the process.

-- Additional services include Warranty Triggers(SM), Loan Close

Trigger(SM), New Loan Trigger, Coast Guard documentation and

state registration services.

About Secured Marine Trust

Secured Marine Trust is headquartered at 205 Church Street in New Haven, Connecticut. For more information, visit http://www.securedmarinetrust.com or call [phone].