Ecount News & Press Releases

Ecount Announces $11 Million Financing Round

Philadelphia - February 12, 2001 - Ecount, the industry-leading provider of electronic payment solutions, stored value cards, and virtual accounts, today announced the first close on an $11 million round of financing. Cross Atlantic Capital Partners led the investment with participation by NewSpring Ventures and Masthead Venture Partners.

Ecount facilitates payments of any type: person-to-person; person-to-business; business-to-person; and business-to-business. With an extensive product line of front-end applications, Ecount delivers turnkey offerings to financial institutions, marketing organizations, affinity groups, web communities, and leading businesses in key industry segments. To date, Ecount has provided its electronic payment solutions to more than 270 businesses, including 21 of the Fortune 100.

"We are at the forefront of the payments industry," said Matt Gillin, CEO & president of Ecount. "This round of financing reflects the significance of our achievements to date, and more importantly, a reflection on our strategic plans for future growth."

The infusion of capital will enable Ecount to advance the company infrastructure and aggressively support the development of additional product offerings powered by their proprietary payment platform.

"Ecount is a tremendous addition to our portfolio," said Glenn Rieger, president of Cross Atlantic Capital Partners. "They have all the right ingredients to continue their success - a leading technology platform, and a top-flight management team. Now they have the financial resources needed to capitalize on an immense market opportunity. We're excited about the proven capabilities of their payment platform and products, and believe this financing will fortify their industry-leading position."

"Financial institutions, as well as other businesses, are looking to provide their customers with greater functionality, both online and offline, while also seeking ways to drive customer acquisition, spend, and retention," stated Board member Jim McCormick, founder and president of global financial services consulting firm First Manhattan Consulting Group. "Ecount enables companies to achieve these goals with outsourced payment products that are best of class."

In addition, Ecount announced that Dick Corl, co-founder of Princeton eCom, an electronic bill presentment and payment leader, has joined Ecount's Board of Directors. "The market is increasingly moving from paper to electronic-based delivery of payments," Corl commented. "Ecount's suite of products and turnkey offerings enable businesses large and small to take advantage of this significant change."

About Ecount
Ecount develops and supports "next generation" stored value cards, virtual accounts, and electronic payment solutions. Through their proprietary payments platform, the company delivers complete turnkey offerings to financial institutions, marketing organizations, affinity groups, web communities, and leading businesses in other key industry segments. To date, more than 270 companies, including 21 of the Fortune 100, have utilized one of Ecount's e-payment solutions. Formed in 1997 as C/Base, Inc., Ecount is based in Conshohocken, PA.

About Cross Atlantic Capital Partners
Cross Atlantic Capital Partners (XACP) is a venture capital management firm operating several venture funds, including the Cross Atlantic Technology Fund (XATF) and The Co-Investment 2000 Fund (CI 2000). XACP is uniquely qualified to penetrate venture markets and promote the growth of its portfolio companies due to its "Cross Atlantic Network" of advisors, strategic relationships, geographic presence, and experienced professionals. XATF, with offices in the United States, Ireland, and England, targets investments in innovative technology companies in all three countries. For more information, please visit www.xacp.com.

About Masthead Venture Partners
Masthead Venture Partners (Portland, ME and Waltham, MA) is a privately funded venture capital operation, founded in 1997, providing capital and management expertise to seed to early stage technology-based companies. Masthead invests in all stages of company growth, tending to invest at an earlier stage than many venture capital firms. Masthead's partners have diverse operating, venture capital and Wall Street experience in high technology and healthcare companies. For more information about Masthead Venture Partners, please visit, www.mvpartners.com.

About NewSpring Ventures, L.P.
NewSpring Ventures, L.P. (Conshohocken, PA) is a $90 million venture fund providing equity capital to early, growth, and expansion stage companies throughout the Mid-Atlantic region, with a focus on information technology, telecommunications, and health care. The Fund, which is affiliated with Progress Financial Corp. (NASDAQ: PFNC), invests in companies with proven management, a demonstrated revenue model, significant growth potential, and a strategic competitive advantage. For more information about NewSpring, please visit www.newspringventures.com.