For Immediate Release
Monday, July 30, 2001

Contact: Stacy Miles
V-Tek Systems Corporation
909-396-5355; smiles@v-tek.com

V-Tek Systems Corporation, a software development and system integration company, today announced that AFSA Data Corporation has completed a successful parallel test of the company's student loan origination system, AppWorks. The system test is the final phase of user acceptance testing (UAT) on a joint development project between the two companies of a new, technically superior student loan origination system.

The parallel test took place during the week of July 23, 2001 and involved Fleet Bank loans guaranteed by Rhode Island Higher Education Assistance Authority (RIHEAA). The test compared input, output and loan record conditions between the current AFSA production system and AppWorks systems running at AFSA and V-Tek. The effort required dual processing of all data files, paper loan applications and transactions. Database queries, reports and views of record data and statuses were used to reconcile results from all systems.

Kent Schnacker, Senior Vice President and AFSA's executive in charge of the project, was pleased with the outcome. "The system performed very well during the UAT phase," he said. "The parallel result confirms that AppWorks is ready to begin beta production. We'll start by taking Fleet Rhode Island guaranteed loans live and then phase in the rest of our portfolio over the next few months."

AFSA President, Steve Snyder expressed industry significance of the event. "Since the boom of the Internet in the mid-1990s, everyone has been waiting for the customer service benefits of a student loan origination system built expressly on Web technology," said Mr. Snyder. "The AppWorks project represents our chance to show them. All of us on the project team are excited about the almost limitless possibilities offered by the AppWorks software."

AppWorks is a newly developed student loan origination system designed to provide superior operating efficiencies and offer its processing users a strategic marketing advantage by incorporating unique and flexible functionality desired by schools. System modules include workflow processing, real-time credit scoring, Web status access and transaction processing, school-selected disbursement flows (hold & release and date driven), electronic data interchange with schools, guarantors, disbursing agents and ELM Resources and document imaging/tracking. The system supports Stafford, PLUS and Alternative loans and is fully CommonLine and CAM compliant.

According the Bernard Abrams, CEO of V-Tek Systems Corporation, "a modern student loan origination system is long overdue. Over the past several years, commercial and in-house developed systems have been retrofit and front-ended, but the basic technology is outdated. The simple reality of today's financial aid environment is customer expectations have far surpassed the capabilities of any existing software. AppWorks is the first system in years that can bridge that gap."

V-Tek Systems Corporation, headquartered in Diamond Bar, CA, is a software development, system integration and hosting services company with extensive expertise in Web-based business applications, Internet communications, client/server technology, UNIX & NT operating systems and Oracle database software. V-Tek provides software solutions and services to many of the nation's financial institutions and colleges and universities.