AfterBOT Receives $3.1 Million in Venture Capital with Chrysalis Ventures as Lead Investor

Business Wire, Dec 13, 2001

Business Editors/High Tech Writers

LOUISVILLE, Ky.--(BUSINESS WIRE)--Dec. 13, 2001

AfterBOT, Inc., an Atlanta-based Web-services provider, has received $3.1 million in its first round of institutional venture capital financing. Chrysalis Ventures led the investment, joined by River Cities Capital Funds of Cincinnati, Prosperitas Investment Partners, LP of Louisville and e-RM Ventures, an Atlanta-based fund managed by CheckFree Corp. co-founder Mark Johnson.

AfterBOT is an early-stage company that creates, sorts and delivers digital receipts for consumers and business customers from purchases made through either offline (bricks) or online (clicks) retail settings using their patent-pending technology. A digital receipt is an enhanced "digital version" of a paper-based transaction record that provides information regarding a given purchase to all three parties to a retail transaction - the buyer, the retailer and the supplier. Through digital receipt technology, the AfterBOT ReceiptsPLUS(TM) solution enables retailers to cut costs by delivering a 24/7 customer self-management tool, streamlining paper and/or labor intensive post-sale business processes and enabling direct one-to-one consumer access.

Chrysalis principal Koleman Karleski said, "We have been impressed with the experience and strength of the AfterBOT management team as well as the compelling value offered to customers, underpinned by cost reduction. Their digital receipt technology can dramatically change the way retailers and consumer goods manufacturers connect with their customers, particularly after the sale."

AfterBOT was founded in January 2000 by Steve Schultz, a successful entrepreneur who founded and sold his prior software business to a public company. In addition to Mr. Schultz, AfterBOT's senior management team includes Jim Nadler, senior vice president of business development, Jim Greene, director of marketing, and Brian Stalter, development director. Mr. Nadler spent 21 years at NCR, a leading provider of retail enterprise solutions to retailers, in several sales and marketing management roles. Mr. Greene, also formerly with NCR, was most recently a senior consultant with i2 Technologies, a leading supply-chain management company. While at NCR he founded the Digital Receipt Alliance and was its first president. Mr. Stalter spent 13 years at NCR in a variety of development and marketing roles.

According to Schultz, AfterBOT CEO, "Retail and manufacturing organizations today are facing a difficult market environment and are looking for innovative ways to increase customer service, streamline business processes, reduce costs and potentially generate additional sources of revenue. Our ReceiptsPLUS(TM) solution provides that innovation."

AfterBOT has signed one major customer to date, Smart & Final (NYSE:SMF), one of the top 100 retailers in the country. Beginning in January, AfterBOT will be generating in excess of 30 million digital receipts per year for Smart & Final. Bob Graham, vice president of store technology said, "Superior customer service is the cornerstone of Smart & Final's success. AfterBOT's innovative ReceiptsPlus(TM) solution will give our customers the ability to securely view their receipt details and related purchase information on our Web site, a unique service that none of our competitors offer today."

About Chrysalis Ventures

Founded in 1993, Chrysalis Ventures is the largest venture capital firm in Kentucky and a leading provider of venture capital throughout the Southeast and Midwest. Chrysalis invests primarily in early-stage companies in the business services, telecommunications and information technology, media and entertainment, financial services and healthcare sectors. For more information, visit the firm's Web site at www.chrysalisventures.com.

About AfterBOT, Inc.

Founded in 2000 and based in Atlanta, Georgia, AfterBOT is a Web-services provider utilizing patent-pending technology to deliver digital receipts and post-sales services to retailers, consumers and manufacturers. For more information visit the company's Web site at www.afterbot.com.

About Smart & Final

Smart & Final is a non-membership warehouse grocery chain operating 233 stores in California, Arizona, Nevada, Oregon, Washington, Idaho, Florida, and northern Mexico. The company also operates two foodservice distribution businesses in Northern California and Florida. Smart & Final Inc.'s common stock is listed on the New York Stock Exchange (NYSE) under the symbol SMF. Sales for fiscal year 2000 were $1.9 billion. For more information, visit the company's Web site at www.smartandfinal.com.