TAX TRANSFER CORPORATION ANNOUNCES EXCEEDING $1 BILLION IN GROSS NOL’S UNDER CONTRACT

Basking Ridge, NJ  September 10, 2001 – Tax Transfer Corporation of New Jersey today announced that it had exceeded $1 billion in total gross Net Operating Losses (NOLs) under contract since the inception of the program three years ago.  In fiscal 2000, the first year of the program, it successfully marketed $172 million of gross NOLs and achieved 50% market share of the companies participating in the program.  In fiscal 2001, it achieved a market share of 72% and successfully marketed $218 million of gross NOLs.  Currently, the company has $760 million of gross NOLs under contract and is expected to achieve a 75% market share for fiscal 2002.  According to Bruce Deichl, Tax Transfer’s president, “This consistent growth is due to our singular focus on insuring that our clients, both sellers and buyers, have a hassle-free experience with the program and that all of the requirements are met expeditiously and professionally.  As with any successful company, exceptional customer service is the central emphasis of our efforts and the Tax Transfer team is committed to excellence in all areas of performance.”

The company also announced that 58 of its 59 clients that applied for the sale of tax credits were approved by the New Jersey Economic Development Authority (NJEDA). The announcement was made after this morning’s NJEDA Board of Directors meeting in Trenton, NJ.  Deichl addressed the Board and commented on the professionalism demonstrated by George O’Shea and his team.  He also raised the concern that the program, because of its success, has created over a four-year backlog and this delay in providing capital to the developing companies could be very crucial to their survival.  He urged that the Board consider what is needed to reduce these delays and propose changes to the legislation if warranted.

Tax Transfer Corporation was founded 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 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 purposes, any credit risk."

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Revised: April 25, 2003