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Financial Management Systems Raises $4,000,000 of Equity

For immediate release 22 September 2005


Bethesda, MD – Financial Management Systems, a technology-enabled business-processoutsourcing company focused on financial-management services for governments and private-sector clients, today announced completion of a $4.0 million private equity financing led by Venturion Capital and Allen Konrad Asset Management.


According to Bruce MacFarlane, a Managing Director with Venturion, “We very much look forward to forging a close, long-term partnership with FMS and its management team. We are impressed with management’s ability to build a top quality businessprocess-outsourcing business in a very short time.”


Balaji Rajan, President of FMS, stated: “We are very pleased to have Venturion and Allen Konrad as investors. Venturion is a highly experienced and astute investor in the financial-services arena and we are delighted by their vote of confidence in our company.


We believe Venturion is an ideal investor for FMS because of the depth and breadth of industry expertise and contacts that they bring to us.”


Carver Cross Securities Corp. acted as FMS’s financial advisor and placement agent. Reitler Brown & Rosenblatt LLC served as counsel to FMS. West PLC served as counsel to the investor group.


About Financial Management Systems

FMS offers products and services that enhance financial management for Federal and state government agencies as well as private-sector asset owners. The three principal product lines are (i) debt collection (including Federal student loans; non-performing assets of other Federal Agencies; delinquent state and Federal tax debts; and privatesector owners of credit-card portfolios and other debt assets; (ii) Federal and State government revenue enhancement (e.g., fraud, abuse, and payment-error reduction); and (iii) consulting (e.g., asset valuations, portfolio performance and modeling, project management, and program integration). More information is available by visiting www.fmsdc.com.


About Venturion Capital

Venturion Capital was founded in January 1998 to specialize in making private equity investments in companies involved in or supporting the financial-services industry. Venturion’s team, led by Managing Directors Matthew Grayson, Geoffrey Kalish, and Bruce MacFarlane, has diverse skills and extensive financial-services experience. Venturion proactively creates value and long-term capital appreciation for its investors through market selection, industry analysis, business-cycle timing, company and management due diligence, transaction structuring and execution, and ongoing active assessment of management and strategy. Venturion’s funds are capitalized by major global financial services companies, sophisticated pension funds, and family offices. More information is available by visiting www.venturioncapital.com.


About Allen Konrad Asset Management

Allen Konrad Asset Management Corp. is an NASD registered broker/dealer founded by Tim Allen and Rob Konrad to enable high-net-worth individuals to achieve their financial goals through a conservative, long-term approach to active asset management and the selection and creation of superior financial products. The firm specializes in creating proprietary private equity and real estate investments through its strategic relationships with proven private equity investors and real estate developers. More information is available by visiting www.allenkonrad.com.


About Carver Cross Securities Corp.

Carver Cross Securities Corp., a New York-based investment banking firm, is an SECregistered broker/dealer and NASD member firm. The firm specializes in working with investors and private companies to achieve major corporate-development objectives. In addition to acting as placement agent and financial advisor in raising private equity and debt, Carver Cross advises in the context of mergers, acquisitions, divestitures, and corporate sales. More information is available by visiting www.carvercross.com


Contact: Financial Management Systems Balaji Rajan, President Tel.: 800-889-1952 rajan@fmsdc.com


Carver Cross Securities Corp. Bruce Jackson, CEO Tel: 212-292-7801 bcj@carvercross.com


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