RateGenius Names Former University of Texas Chancellor to Company's Board; Company Raises $3 Million in Funding; Expands Market Reach to California, Florida, Texas

Business Wire, Sept 12, 2001

Business Editors

AUSTIN, Texas--(BUSINESS WIRE)--Sept. 12, 2001

RateGenius, an Austin-based financial services company specializing in brokering new car refinance loans, today announced that Dr. William H. Cunningham has been named to the company's board of directors.

Cunningham was formerly chancellor and chief executive officer of The University of Texas System.

The company also announced today that is has closed on an additional $3 million in funding, primarily from current angel investors. In addition, rateGenius has expanded its operations to California, Florida and Texas -- three states representing the largest marketplace for new cars sales in the U.S. and the target market for new car refinancing.

A recognized business leader, Cunningham joins the seven-member rateGenius board, which includes rateGenius president and chief executive officer Cathy Ghiglieri and company founder Cole Lowenfield; Chairman of the Board Anne Smalling, HM International's president; former Dell Computer Corp. general counsel, Rick Salwen; Cleveland-based executive Austin Moore; attorney Pike Powers, Sr., partner in charge of Fulbright and Jaworski's Austin office; and Austin real estate executive David Baizer.

"Dr. Cunningham has considerable expertise in many different industries and enjoys a reputation as a creative thinker," Ghiglieri said. "We strongly believe he will bring a unique perspective and insight to an already strong board. We're honored to have him join our team."

Cunningham currently holds the James L. Bayless Chair for Free Enterprise in the Red McCombs School of Business at The University of Texas at Austin. He served as chancellor and CEO of The University of Texas System from 1992 to 2000 and president of The University of Texas at Austin from 1985 to 1992. From 1983 to 1985, Cunningham was dean of the university's College of Business Administration and Graduate School of Business.

Currently, he serves as board member for several public companies, including Southwest Airlines, Jefferson-Pilot Corporation, John Hancock Funds, Introgen Therapeutics, IBT Technologies and Hire.com.

"RateGenius has an impressive team of experienced professionals and a very sound business model," Cunningham said. "I look forward to helping the company move to the next level and expand its market share. The company has a bright future and I'm excited to be a part of it."

Cunningham earned his bachelor's, master's in business administration and doctorate degrees from Michigan State University.

About rateGenius

RateGenius specializes in brokering auto refinance loans to a broad array of lenders, whose credit appetites range from prime to deep subprime. In so doing, rateGenius helps consumers save money by refinancing their auto loans with its lender network and has saved consumers thousands of dollars.

Based in Austin, Texas, rateGenius has expanded its operations to Texas, Florida and California, where the bulk of the new cars are sold in the U.S., the fertile ground for refinancing opportunity.

In a mix of the old financial services world and the new world of technology, rateGenius employs technology to allow the company to scale its business by moving away from a paper-based system.

EDITOR'S NOTE: A photo of Dr. William H. Cunningham is available online at: http://www.warrencordes.com/clients/rategenius/pr_photo_cunningham/