eTEK Re-Enters Fund Accounting & Non-Profit Software Market

ENGLEWOOD, Colorado – eTEK announced today they are re-entering the
fund accounting and non-profit software market with the release of eTEK Fundamentals.
eTEK Fundamentals is designed to meet the specialized needs for fund accounting,
payroll, utility billing, fund raising, donor management and other applications,
typically found in smaller municipal government organizations, churches and
non-profits.

While this new product will be available for traditional in-house desktop
implementations, eTEK intends to focus eTEK Fundamentals on low-cost, web-hosted
configurations, sold as software-as-a-service (SaaS) subscriptions. With recent
cutbacks in revenues and IT budgets in almost all public sector and non-profit
communities, the savings and costbenefits of highly secure “cloud-based”
applications are of rapidly growing interest.

Research conducted by eTEK has confirmed that this market is generally being
under-served today. Initial eTEK Fundamental shipments are planned for Q1 2011.
Coinciding with the above announcement, eTEK International and Enhanced Business
Systems (EBS) based in Albany New York, announced renewal of their past co-development
and cross-licensing arrangements. Formed in 1992, EBS has become a nationally
recognized and respected fund accounting software specialist, focused primarily
on serving the needs of towns and villages in the state of New York. EBS previously
co-developed with eTEK a system sold as MTX Fund Accounting. EBS has since renamed
this earlier version to Enhanced Fund Accounting (EFA), a popular New York solution
certified by the Association of Towns of NY State, currently installed in nearly
300 locations.

eTEK Fundamentals will include time-tested proven functionality contained
in EBS software, but will be redesigned to provide an updated “ribbon”-based
graphical user interface (GUI) as found in all of eTEK’s current products. In
short, from a user’s perspective, eTEK Fundamentals will “look and feel”
just like current Microsoft Office desktop applications, such as Microsoft Word,
Excel, and Outlook. EBS will continue to concentrate their primary sales and
support efforts on organizations in the State of New York; eTEK will concentrate
their primary sales and support efforts on markets outside the State of New
York.

Application modules for eTEK Fundamentals, to be available in various customer-selected
combinations, will include, but not be limited to the following: General Ledger,
Financial Reporting, Budgeting, Allocations, Accounts Payable, Encumbrances,
Purchasing, Accounts Receivable, Utility Billing, Fixed Assets, Inventory Control,
Fund Raising, Donor Management, eCommerce, Custom Reports, Security, System
Utilities, and On-Line Help (with built-in web video tutorials).

In commenting on this announcement, Al Blair, eTEK’s President & CEO remarked,
“We are pleased to confirm our decision to re-enter the fund accounting
and not-for-profit software market. Efforts in 2002 to license our fund accounting
functionality outside New York via a 3rd party OEM licensing arrangement failed
to meet expectations. Despite that setback, we are delighted now to renew our
previous close working affiliation with Enhanced Business Systems. Their success
in recent years in expanding the original capabilities of what together we had
jointly developed earlier is noteworthy.”

“We believe in today’s economic conditions, smaller government organizations,
churches and non-profits need to have access to more flexible and cost-effective
software solutions, including the option to implement time-tested systems in
a cloud/web-hosted environment. We believe eTEK Fundamentals will provide easier
to use solutions, with better flexibility, security, backup and support than
what smaller organizations might otherwise be able to afford. Our shared goal
with EBS is to further leverage the strengths of both companies in order to
provide the highest value possible in government and not-for-profit software.”

Vince DiMoro, Founder and Chief Executive Officer for Enhanced Business Systems,
commented, “We are likewise very pleased to join again with eTEK in renewing
our codevelopment efforts for delivering flexible and affordable systems for
small government and not-for-profit organizations. Our efforts will continue
to be focused primarily in the state of New York, but we will be joining in
coordinated national efforts with the eTEK team.”

“Specifically, we totally share eTEK’s commitment to “the cloud”
for low-cost, highly secured solutions. For our current and future clients,
we plan to demonstrate our New York State versions of eTEK Fundamentals (brand
labeled as Enhanced Fundamentals) for both desktop and web-hosted environments,
with a strong emphasis on the cloud application. Our initial launch of the new
product will be at the upcoming February 2011 meeting of the Association of
Towns of NY State held in New York City. Options for traditional menu based
interface or eTEK’s Microsoft Office “ribbon” style interface
will be available depending on preference.”

Established in 1998, eTEK’s corporate office is based in the Inverness Business
Center in Southeast Denver, Colorado. The company designs, develops, markets
and supports a broad range of systems designed to meet the needs of government
& business organizations. In addition to being one of the key software vendors
for the City & County of Denver, eTEK develops and supports a number of
private industry systems used by contractors, distributors, and diversified
mid-sized multi-company/multi-divisional organizations. Most eTEK products are
available in the customer’s choice of either traditional desktop and/or client/server
implementations, or as “cloud”-based web hosted solutions sold as
“software as a service” (SaaS) subscriptions. eTEK systems integrate
directly with modern versions of Microsoft Office, Microsoft BackOffice, and
Microsoft SQL Server.

For additional information visit eTEK International’s website at www.etek.net
or call 800-888-6894; the Enhanced Business Systems website is found at www.enhancedfund.com
or call 518-372-1420.

Technology