TAX TRANSFER CORPORATION’S TAX CERTIFICATE "POOL" EXCEEDS
170 MILLION DOLLARS FOR FISCAL YEAR 1999

Basking Ridge, NJ July 6, 1999 -- Tax Transfer Corporation of New Jersey today announced that they have more than $170 million gross Net Operating Losses to market under the State of New Jersey’s new Tax Certificate Program. Governor Whitman signed into law last week revised legislation that allows qualifying Technology and Biotechnology companies headquartered in the State to sell off unused Net Operating Losses and Research and Development tax credits for cash. According to Tax Transfer President Bruce Deichl, "this Financial Assistance Program is a win-win situation for all parties. First of all, it allows qualifying Tech and Biotech companies to raise much needed capital without destroying their balance sheet or diluting their shareholders. It also allows profitable corporations paying NJ State Income tax a way of reducing their tax liability and at the same time helping the Tech and Biotech industries within our state. The State of New Jersey also wins in that it is helping in the expansion of these two critical industries".

Tax Transfer Corporation (www.taxtransfer.com) has been an integral participant in this program since its inception in helping to educate both the buyers and sellers of these credits. Now that the Program is in motion, Tax Transfer expects to raise capital for the sellers by marketing tax certificates of those companies participating in its growing "pool". Although the program was in limbo for several months, Deichl now sees the Program back on line and accelerating at a rapid pace. "Since the Governor signed the revised legislation last week we were fortunate to add over 12 companies to our "pool" within a matter of just a few days. We anticipate the number to continue to grow as word begins to get around".

Tax Transfer Corporation was formed with the single purpose of becoming the quintessential participant in this program, accommodating both buyers and sellers of these valuable tax credits. "The return on investment to the buyer is extraordinary" says Deichl, who has over 20 years experience in the Municipal Bond market. "The Net After Tax Yields can exceed more than 10 times the return of an equivalent municipal bond or note. Equally as important, is that once certificates are issued they are guaranteed by the State of New Jersey thereby eliminating, for all practical purposes, any credit risk".

For further information contact Tax Transfer Corporation at 908-630-0087
 

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Revised: April 25, 2003