ePlus Renews Line of Credit and Accelerates E-commerce Execution; Management Changes to Accelerate E-commerce

Business Wire, Nov 24, 1999

HERNDON, Va.--(BUSINESS WIRE)--Nov. 24, 1999--

ePlus inc. (NASD:PLUS) announced today that it has renewed its $51.5 Million line of credit for twelve months commencing December 18, 1999. The First Union facility is provided by a four bank syndicate: First Union National Bank (agent), Bank Leumi USA, Summit Bank, and KeyBank National Association.

Phillip G. Norton, Chairman, President and CEO said "We are very grateful for the continuing support of First Union Bank, which is a strong financial partner. I am very excited about the recent reorganization of the company's top management. The realignment will allow us to create an e-commerce focused management team to quickly execute our e-commerce strategy. We have an unparalleled opportunity to capture market share and accelerate our growth, and we will continually reinvent the company if necessary to achieve those goals."

The Company also announced the following management changes which are intended to accelerate the company's focus and execution of its e-commerce strategy, centered around ePlusSuite(SM): -0-

--   Bruce M. Bowen, Executive Vice President, has been promoted to
     President of MLC Group, Inc and will continue as President of MLC
     Federal, Inc. In his new position, Mr. Bowen will be responsible
     for the operations of the Company's primary leasing subsidiaries
     that produced over $350 Million in origination the prior fiscal
     year. Mr. Bowen founded the company in 1990 and has most recently
     led the company's successful government leasing efforts.

--   Kleyton L. Parkhurst, Senior Vice President, Secretary and
     Treasurer, will focus on investor relations, strategic planning,
     and the implementation and execution of the company's e-commerce
     strategy. Mr. Parkhurst will pass to George Fox the
     responsibilities of managing the Company's finance department.

--   George W. Fox, Jr. has been promoted to Vice President of Finance
     and will manage all of the company's lease syndication and credit
     activities, lines of credit and financing facilities.

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About ePlus

ePlus inc. is a leader in providing cost-effective e-commerce e-procurement, leasing, and asset management service solutions. Its hosted application, ePlusSuite(SM), produces hard and soft dollar costs savings and increases internal efficiencies for customers throughout the life cycle of purchases. ePlusSuite(SM) consists of Procure (SM), Manage (SM), Finance (SM) and Service (SM), and provides automated, online workflow management, procurement, order tracking and verification, asset depository, tracking and reporting, financing, sales, property and use tax compliance and payment, software license compliance, technology rollout and upgrades, technical and maintenance services, and equipment disposal. The company was founded in 1991, is headquartered in Herndon, VA and has 17 offices in the United States. ePlus is an trademark applied for of ePlus inc., and ePlusSuite(SM), Procure (SM), Manage (SM), Finance (SM) and Service (SM) are service marks applied for of ePlus inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements. Actual results may vary due to the following risks and uncertainties, including, without limitation, demand and competition for the Company's lease financing and equipment sales and asset management services, and the products to be leased or sold by the Company, the continued availability to the Company of adequate financing, the ability of the Company to recover its investment in equipment through remarketing, the successful execution of its e-commerce strategy, and other risks or uncertainties detailed in the Company's Securities and Exchange Commission filings. Investors are cautioned that current financial results may not be indicative of future results.