• Competitive Technologies Appoints Michael D. Davidson CFO

May 4, 2004 – Fairfield, CT

Mr. John B. Nano, CTT's President and CEO said, "We are pleased to add Michael to the CTT team as we implement our strategic business plan for growth to produce a profitable 2004. Michael has a proven track record as a public company executive with a strong consulting and auditing firm background. His breadth of experience provides CTT the financial skills required as we build the company and shareholder value."

Mr. Davidson was Chief Financial Officer of First Aviation Services from April 2002. He started with First Aviation in February 1998 as Controller becoming Chief Accounting Officer in October 2001. Prior to joining First Aviation, Mr. Davidson worked for six years at Knollwood Capital, a consulting firm specializing in turnaround and restructuring, and two years for Dyson-Kissner-Moran Corporation, a leveraged buyout firm. For nearly ten years he was with Ernst & Young LLP, where he was a senior manager and active in merger and acquisition work. Mr. Davidson graduated magna cum laude with a BS in Business Administration from Providence College in Rhode Island, and is a Certified Public Accountant.

Mr. Nano continued, "CTT is expanding the number and quality of innovative technologies in our portfolio and fully capitalizing on the true value of CTT's assets. We have brought the company to profitability, formed strong global alliances, gained outstanding technologies from clients and moved them into the marketplace. With our highly qualified management team and sufficient funding, CTT will successfully implement its strategic business plan for sustainable long-term growth and enhanced shareholder value."

Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, digital, nano, and physical sciences developed by universities, companies and inventors. The global market for technology transfer services is estimated at $150 billion annually. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders.

• Intelligroup Announces New Chief Financial Officer Strengthens Management Team

April 5, 2004 - Edison, NJ

Intelligroup, Inc., an information technology services strategic outsourcing partner to the world's largest companies, today announced the appointment of David J. Distel as its Chief Financial Officer.

Mr. Distel brings over 20 years of experience to Intelligroup through various key financial and operational roles in the information services, technology, business process outsourcing, and financial services industries. His experience includes tenures as the CFO of an international division of Reuters Group PLC in the Americas which had revenues over $1 billion, the Senior Vice President of Finance for a subsidiary of Bank of America which had assets of $8 billion, and several executive financial roles with an international division of GE Capital which had assets in excess of $8 billion. In addition, Mr. Distel has held various auditing and M&A positions including Senior Manager with Deloitte & Touche. In these capacities, he has developed competencies that include strategic planning, budgeting, internal and external reporting, taxation, M&A and other operational and general administrative areas.

"We are pleased with the well rounded expertise that Dave is bringing to Intelligroup. We are excited to have his proven track record and this addition to our management team is another step in transforming Intelligroup to capitalize on our opportunities for growth," said Arjun Valluri, Chief Executive Officer of Intelligroup. "Dave will immediately be focused on our profitability, the efficiency of our operations and driving our strategy. I believe that Intelligroup can and will derive measurable benefit from Dave's experience at this critical juncture in our evolution. "

• Velocity Express Names Robert B. Lewis Chief Financial Officer.

January 21, 2004 – Minneapolis, MN

Vincent A. Wasik, Chairman & Chief Executive Officer of Velocity Express Corporation announced today the appointment of a new financial team to be led by Robert B. Lewis as Chief Financial Officer. Mr. Lewis will be joined by John A. Marsalisi who was named Senior Vice President of Finance.
"Together with the recent appointment of Jeffrey T. Hendrickson as Chief Operating Officer, today's addition of Bob Lewis and John Marsalisi represents an important step in positioning Velocity Express to achieve accelerated growth and profitability," said Mr. Wasik. "We now have an enormously experienced, capable and focused group of executives who are results driven, and who will provide the necessary leadership to enable our Company to achieve its goals," Mr. Wasik continued. "We have much work to do at Velocity to prepare the organization for growth. The CFO role will be vital to our success going forward and Bob's experience and track record demonstrate that he has the ability to ensure our future success. Bob is an experienced executive who has a strong history of consistently delivering improved results and he will take an active role in the leadership of this Company and increasing our return to our customers and shareholders. I will further rely on Bob to build a strong team and instill the disciplines required to enhance the financial accountability at Velocity."

Mr. Lewis brings over 17 years of corporate finance, accounting, tax planning, audit operations, budgeting, business development and IT management experience to Velocity, having spent the majority of his career in manufacturing related industries. Most recently, Mr. Lewis served as Executive Vice President, Chief Financial Officer of Burton Management Group, LLC, a company formed to make control equity investments in domestic middle market companies with under-utilized assets and ineffective cost structures. Previously, he held a series of senior executive positions at Moore Corporation Limited, a New York Stock Exchange listed Company, initially as Executive Vice President, Chief Financial Officer and later as President of Business Communication Services, one of the Company's operating divisions. Prior to joining Moore, Mr. Lewis served as Executive Vice President, Chief Financial Officer of Walter Industries and World Color Press, Inc., both also New York Stock Exchange listed companies. His tenure at World Color Press, Inc. culminated with the company's merger with Quebecor Printing in the fall of 1999, which resulted in the formation of the world's largest and most profitable printing company. Previously, Mr. Lewis held senior management roles at L.P. Theabult, a U.S.-based commercial printer. Mr. Lewis earned his B.S. in Accounting and Computer Sciences from Rider University.

• MasterCard International Appoints Chris McWilton As Chief Financial Officer

October 15, 2003 - Purchase, NY

MasterCard International today announced that it has appointed Chris A. McWilton as chief financial officer. He will report to Robert Selander, MasterCard president and CEO, and will be a member of the Executive Management Group.

Chris joined MasterCard as corporate controller in January 2003, and has been acting as interim Chief Financial Officer.

Prior to joining MasterCard, McWilton was a partner at KPMG LLP, the international accounting and tax firm, where he headed the Information, Communications, and Entertainment practice of the New York office.

“Chris is an accomplished financial executive with extensive knowledge and proven experience in the field,” Selander said. “He has demonstrated leadership and strong technical expertise since joining the company, and will continue to ensure the financial strength of MasterCard and the quality and integrity of our financial reporting.

McWilton earned a Bachelors of Business Administration in Accounting, summa cum laude, from St. Bonaventure University and is a Certified Public Accountant.