For Immediate Release
Monday, August 31, 1998

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

Diamond Bar, California --- AFSA Data Corporation, the nation’s largest student loan servicer and V-Tek Systems Corporation, a software development and system integration company, today announced plans to co-develop a student loan origination system. The new system will be used by AFSA’s internal operations and available to entities who perform their own origination processing. The AFSA/V-Tek product will incorporate innovative technologies and functionality to better meet the customer service desires of borrowers and schools, and the operational challenges faced by originators. Input from a variety of focus groups, coupled with AFSA's and V-Tek's extensive experience will define the capabilities of this revolutionary system.

"Colleges and lenders are encountering a dramatic shift in business processes as the demand for financing increases and a multitude of new loan products appear," said Steven Snyder, President of AFSA. "The origination and disbursement process for federal and private loans must be made more efficient and customer friendly for all involved parties. Those are the goals we will pursue."

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years, commercial and in-house developed systems have been retrofit and front-ended, but the basic technology is outdated.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."

Significantly, the alliance unites the industry knowledge and processing expertise of AFSA with V-Tek’s leading edge software development and delivery system experience. AFSA has been servicing student loans since 1967, and originating on behalf of lenders since 1987. V-Tek created, and now manages, the student loan industry’s first large-scale data switch and Internet-based loan management software for ELM Resources, a coalition of educational lenders.

AFSA Data Corporation, a wholly owned subsidiary of Fleet Financial Group located in Long Beach CA, provides outsourcing services and processing technology to the education finance and health care industries. Today, more than 850 of the nation's leading financial institutions and universities utilize AFSA’s student loan services to manage more than 5 million student loan accounts valued at over $30 billion.

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