Per Hjartoy Named to Lead Technology Group for ePIT; Will Manage Development and Implementation of Regulated, Unregulated and B2B Exchanges.

Business Editors, High-Tech Writers

SAN FRANCISCO--(BUSINESS WIRE)--May 17, 2000

ePIT, Inc., the premier technology provider for regulated, unregulated and B2B exchanges, has appointed Per Hjartoy -- one of the architects of eSchwab's electronic brokerage technology -- head of all technology initiatives for the company.

The move places ePIT's technology development, product installation, delivery infrastructure and customer relationships under Hjartoy's direction. ePIT expects that, by the end of this year, 100 employees -- fully half the ePIT workforce -- will report to Mr. Hjartoy. The growing staff includes computer engineers, programmers, quality assurance engineers, database modelers and administrators, all of whom have a wide range of experience in developing complex systems for the financial industry.

"Per is among the world's elite technologists in the exchange, brokerage and financial-services sectors," said Rich Friesen, ePIT's Co-founder and Chief Executive Officer. "His ability to design, create and install industry-standard technology will ensure that ePIT continues to be recognized as the pre-eminent provider in these hyper-growth markets."

ePIT's rapid growth provides a wide range of responsibilities for Mr. Hjartoy. The company recently cemented a strategic and financial partnership with Hewlett Packard (NYSE: HWP) to provide HP with a mission-critical technology infrastructure for Internet Commerce. Additionally, ePIT began powering its first exchange -- AgEx.com, an Internet exchange for the $2 billion almond industry -- in January.

Mr. Hjartoy is widely recognized for his deployment of advanced software architectures and business solutions in Internet financial services, and he is one of the driving forces behind the VITAL systems architecture. Before joining ePIT last year, he served as Founder and President of Actius and Acti, two, Internet-commerce consulting companies based in Mountain View, CA.

Regarded as an industry leader in client-server computing, Mr. Hjartoy has conducted business in more than 30 countries and managed joint ventures between multinational corporations, including the relationship between SAP AG and Apple Computer, Inc. Among his accomplishments is the design and delivery of advanced security management software for the World Wide Web. Since 1996, he has served a consultant for manufacturers and users of large Internet and Intranet systems including Apple Computer, Bay Networks, Netdynamics, Oracle Corporation, SAP AG, StorageTek, Synopsis, and Charles Schwab & Company, Inc.

Mr. Hjartoy received his MBA from The Norwegian School of Management, Oslo, in 1984. He received his MS in Information Systems from the University of Wisconsin, Madison, in 1988, with a major in Operating Systems and Databases.

About ePIT

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 Internet markets and 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.