Westchester Associates Expands in the UK and USA

LONDON and SAN DIEGO, CA - February 21st, 2002

Westchester Associates Limited today announces a significant expansion of its business with the addition of Jeff Gordon as a Partner and Principal of the Company based in London. The Company is also announcing today that it has established a presence in the USA with the formation of Westchester Associates, LLC, based in San Diego, California, and the addition of Kevin O'Neill as a Principal.

Westchester Associates specializes in providing expert merger and acquisition advisory services to technology companies, typically in the mid-market IT sector. The Company represents sellers and buyers in the UK, Europe and the USA. Jeffrey Jenner founded the Company in London 1993, and has successfully completed multiple buy and sale transactions for a significant number of clients since its inception.

Mr. Gordon has enjoyed a distinguished career in the IT industry for over twenty-three years operating in varying executive leadership roles were he was responsible for multibillion-dollar, pan-European businesses with both UNISYS and Motorola. Subsequently, Mr. Gordon served a number of venture capital backed companies in directorship positions assisting them in optimizing their strategic and operational plans.

During his career in large, multinational corporations and in venture backed technology companies, he has developed extensive experience in leading and executing a number of merger & acquisition projects. His enjoyment of and expertise in mergers & acquisitions led him to join Jeffrey Jenner and Westchester. Mr. Gordon will be based in London and his addition to the Company brings a wealth of experience, energy and business contacts to assist the Company's clients.

Mr. O'Neill has enjoyed a successful career in the IT industry for over twenty-four years operating in varying executive and management positions in large and mid-size, multinational companies. During his career as an operating manager with Fujitsu and Anacomp, he has developed extensive experience in leading and executing a number of merger & acquisition projects. His enjoyment of and experience in mergers & acquisitions has also led him to join Westchester Associates and, in conjunction with Mr. Jenner and Mr. Gordon, to form Westchester Associates, LLC.

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