TAX TRANSFER CORPORATION ANNOUNCES 100% APPROVAL OF ALL 65 APPLICATIONS FOR STATE’S TAX CREDIT PROGRAM FOR FISCAL 2001

Basking Ridge, NJ September 14, 2000 -- Tax Transfer Corporation of Basking Ridge today announced 100% of the 65  applications for the sale of tax credits  submitted on behalf of its 41 clients 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. "We are obviously very pleased with these results," stated Tax Transfer’s president, Bruce Deichl. "What is particularly gratifying is that four of the companies that came to us were turned down in 1999, with our help all of their applications for 2000 were approved."

In the first year of the program, Tax Transfer Corporation successfully marketed over $170 million in gross operating losses, handling 31 of the 59 sellers who participated in the program. The Company currently has in excess of $460 million gross Net Operating Losses (NOLs) under contract. Since the program’s inception, Tax Transfer has contracted over $635 million total NOLs, making it the largest participant in the market to date.

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."

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

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Revised: April 25, 2003