ePIT Powers Launch of Internet Trading in Agrifood Products; AgEx.com Launch Inaugurates ePIT's Exchange and B2B Technology for $2 Billion Almond Industry.

Business Editors/Agriculture &Internet Writers

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 4, 2000

ePIT, Inc., a leading provider of Internet-based electronic exchange technology for regulated and unregulated markets and business-to-business exchanges, scored a significant client-service win this week when it powered the launch of AgEx.com.

The AgEx launch represents ePIT's initial venture in delivering Internet-driven, B2B exchange technology for the buying and selling of commodities.

As reported in the February 2 edition of the Wall Street Journal, AgEx.com went live this week, establishing a virtual trading floor for the nation's $2 billion almond industry. As a result, for the cost of an AgEx membership fee, anyone from anywhere in the world can buy or sell the commodity -- seven days a week.

Moreover, EPIT's technology architecture and tech team support will enable AgEx.com to quickly and systematically create virtual trading floors for a variety of nuts, dried fruit, juice concentrate and, eventually, produce.

&uot;We at ePIT are extremely excited about working with the AgEx management team in helping AgEx.com achieve its full business potential,&uot; said ePIT Co-founder and President Rich Friesen. &uot;Our reliability, scalability, speed to market and flexibility will enable AgEx to quickly expand its exchange services -- both in terms of volume and the richness of the client experience.&uot;

&uot;ePIT's electronic exchange facility marries the best features of electronic trading -- open access, speed, efficiency and accuracy -- with the immediacy and direct trader-to-trader interaction that AgEx requires,&uot; said Brian Tormey, president of AgEx.

ePIT's exchange technology architecture was developed in the past year to meet the needs of the world's largest exchanges, which serve hyperactive, multilateral markets (e.g., the New York Stock Exchange). In the case of AgEx.com, however, ePIT was asked to adapt its technology to satisfy the requirements of a market in which buyers and sellers bilaterally negotiate the terms of a given transaction -- and to have a prototype ready in just two weeks.

&uot;It speaks greatly to ePIT's responsiveness and flexibility that their team was able to deliver a tightly focused, Internet-based trading technology so quickly,&uot; said Tormey. &uot;ePIT provided us a powerful tool to that enables our membership base to expand their respective businesses. More important, ePIT's technology makes it quickly and easily possible for AgEx to extend its membership base into other Agrifood markets.&uot;

According to the Wall Street Journal, less than 48 hours after AgEx.com's almond-trading floor opened for business, traders had executed two transactions for a combined 86,000 pounds of nuts worth $113,590.

&uot;We think the differentiating factor for ePIT lies not just in our ability to get our clients to market quickly, but in the tangible results our

technology enables them to realize,&uot; said ePIT Co-founder and Senior Vice President of Strategic Planning &Development Peter Hart.

Incorporated in 1998, EPIT, Inc., is a San Francisco-based Internet exchange service company providing scalable, robust and secure Internet exchange services that support a wide range of business-to-business net markets, regulated securities and futures exchanges. ePIT provides total exchange services solutions. Additional information about ePIT can be found on its Web site at www.epit.com.