E-Duction Builds Strength of Management Team with Vice President of Operations

10/16/01

BLUE BELL, PA (October 16, 2001) - E-Duction, Inc., the provider of a unique payroll deduction aggregation solution and interest-free MasterCard, is pleased to announce the addition of Charles Smith to its senior management team. As Vice President of Operations, Smith is responsible for managing all operational aspects of planning, deploying and running the E-DuctionSM payroll deduction process.

"Chuck's arrival fulfills a critical role within the E-Duction organization," said Kirk Watkins, CEO and President of E-Duction. "Achieving and maintaining seamless integration between our business objectives and technical applications is critical. Chuck's knowledge and experience will further strengthen E-Duction's service offering."

Smith is a veteran of the financial services industry, with over 10 years of operations management experience. Prior to joining E-Duction, he was Senior Vice President, Government/Commercial Card Services at Bank of America, where he was responsible for the development and execution of service delivery operations in support of a business-to-business web-based start-up of 42 United States government agencies that provided MasterCard and Visa payment solutions. He also managed a team to support 1,700 Commercial Card clients with technical consulting, software implementations and interface billing file delivery. Prior to his service at Bank of America, Chuck was Operations Vice President, Branch Services Division, for Associates Capital Bank where he was responsible for the day-to-day management of the Branch Services Division, ensuring the successful processing of over 500,000 transactions per month.

"I am excited to be part of the launch of the E-Duction payroll deduction technology," said Smith. "E-Duction elevates credit cards to a new level. It combines the convenience and acceptance of a major credit card with a payroll deducted payment system."

About E-Duction - E-Duction is a financial technology company that offers a patent-pending process which enables automatic variable payroll deductions through all common payroll systems. E-Duction consolidates all post-tax payroll deductions into one platform, allowing employers the ability to administer an unlimited number of payroll deductions.

The company applies its technology to create a benefit for the employee. The E-Duction card is a robust employee benefit that can be used at 21 million locations worldwide - everywhere MasterCard is accepted. Payments for purchases are made through a series of automatic deductions - with 0% interest - over 2 - 6 months.

More information on E-Duction is available at www.E-Duction.com.

For further information on E-Duction, Inc., contact:
Tom McCormick
Fax: 215.542.7090
E-mail: tmccormick@E-Duction.com

back