VWA AND BCS ANNOUNCE FINANCING ALTERNATIVE

SOURCE: GE MONEY - AMERICAS
08 AUGUST 2006

GE Business Credit Services (BCS), the commercial unit of GE Money, and Vengroff Williams & Associates (VWA), a global provider of finance and accounting business process outsourcing solutions, today announced availability of a receivables financing alternative that will enable VWA’s 3000+ global clients to collect on their receivables faster than ever before possible. With this offering, VWA clients will be able to fund invoices as they are generated by selling their receivables to VWA/GE. Seamless to their end customer, VWA will continue to service the account and collect on receivables with the same quality service that their clients’ customers are accustomed.

As part of the agreement, WinWholesale's customers will be able to take advantage of Business Credit Services' state-of-the-art systems and customized financial solutions. The program will provide open account trade credit and an extended suite of service capabilities including instant credit, online account information and monthly statements directly linked through the WinWholesale Web site. The enhanced open account credit services will be available to customers at all locations nationwide.“As interest rates rise, clients are asking for more and more creative ways to accelerate their cash flow,” said Mark Vengroff Chief Executive Officer of Vengroff Williams & Associates. “By working with GE to offer this financing alternative as an outsourced service, our clients will not only be able to focus on their core competency, but will also gain access to the critical cash needed to fuel continued growth.”

“We are very excited to work with Vengroff Williams & Associates to provide financing solutions for their rapidly growing client base,” said Chris Little, Vice President and General Manager of GE Business Credit Services. “GE Business Credit Services has over 70 years industry expertise providing financing solutions for commercial trade receivables. VWA has a proven track record in commercial business process outsourcing, and our receivable funding can expand the product suite they may offer their clients”.

Key benefits of the solution may include:

Same day funding upon invoice purchase enhances cash position
Transactions that are transparent to key customers allowing the client to maintain key customer relationships while turning receivables into cash
Up to 100% advance rates, immediate funding and accelerated cash flow for the client
Flexible terms from 30-120 days, including unsecured credit to meet customers diverse needs
GE assumes credit risk so clients are guaranteed payment
Ability to sell single account or pool of accounts for complete control over receivables
Electronic Data Interchange (EDI) used to transfer invoice/remit information daily completely automates process
Additionally, the collaborative efforts will leverage VWA’s ability to quickly and proficiently design both processes and technology for outsourcing the entire quote-to-cash cycle — from invoicing to payments to disputes to cash management and reconciliation — to drive improved control, compliance, and continuous process improvement.

Availability
The joint VWA/GE finance alternative solution is available now and is offered to VWA’s qualified clients, pending requisite documentation.

About Vengroff, Williams & Associates, Inc.
Founded in 1963 and with $20 billion dollars under its management, Vengroff, Williams & Associates is a leading provider of finance and accounting business process outsourcing (BPO) solutions for Fortune 1000 companies such as General Electric, Ford Motor Company, Federal Express, Kodak, Microsoft, Yamaha, and others. Applying state-of-the-art proprietary information systems, best practice work flow and people to realize cost reductions, operating efficiencies, and improved process design, VWA’s approach enables clients to easily insource or outsource all or part of the quote-to-cash function. Solutions are customized to each client’s requirements or expanded to incorporate specialized tools and SAS 70 compliant processes and procedures. Services include full order to cash processing, third party collections, EIPP systems, deduction management, dispute management, auto cash solutions, front-end risk mitigation, and tax resolution. To learn more about VWA, please visit www.vwainc.com or telephone (866) 393-4892