The Receivables Exchange Names Advanta and Ticketmaster Veteran as Chief Financial Officer

Business Wire,  June 18, 2008  

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Financial Expert Brings More Than Twenty Years of Industry Leadership in High Performance Companies to New Capital Marketplace

NEW ORLEANS -- The Receivables Exchange (www.receivablesXchange.com), the world's first online marketplace for real-time trading of accounts receivable, today announced that it has named Ed Millman as Chief Financial Officer. Mr. Millman is a highly regarded financial industry expert with a successful history of leading high volume, high transaction companies.

"As a long-time CFO, I know first-hand that access to a diverse set of funding sources is vital to a company's long-term success," said Mr. Millman. "I firmly believe that the transparency and flexibility that The Receivables Exchange brings to this funding process will introduce a more competitive cost of capital to the marketplace and will completely transform the way in which small to mid-sized private companies access capital."

Prior to joining the Exchange, Mr. Millman was CFO of Allconnect, where he spearheaded the development of the company's financial systems, controls and processes. Under his leadership, the company raised approximately $100 million in capital and grew to become one of the fastest growing privately held companies in the United States as measured by Inc. Magazine.

Previously, he served as CFO of Ticketmaster, the world's leading entertainment ticketing and marketing company, serving more than 9,000 clients worldwide. Mr. Millman also served as CFO of multiple business units of Advanta, one of the nation's leading issuer of credit cards specifically for the small business market, where he helped grow the company's credit card, leasing and insurance business lines. Prior to his tenure as CFO, he was Advanta's Vice President of Capital Markets. In this role he attained investment grade status for the company from all five national rating agencies. Mr. Millman has also held senior-level finance positions at J.P. Morgan and ARAMARK.

Mr. Millman is a Certified Public Accountant. He earned an MBA from the Wharton School of the University of Pennsylvania and a BS degree from Drexel University.

"Ed brings more than two decades of experience successfully leading and growing the finance operations of well-known high growth companies to his new role at The Receivables Exchange," said Justin Brownhill, co-founder and chief executive officer of The Receivables Exchange. "We're thrilled to welcome someone of his caliber and with his proven track record to our team as we build this company into one of the world's premier financial exchanges."

The Receivables Exchange's proprietary online electronic marketplace will bring together a global network of accredited capital providers with millions of growth-oriented small and medium sized businesses in search of capital. In today's volatile credit markets, accounts receivable financing is a great tool for private companies to gain quick access to alternative and flexible working capital solutions that can help them grow their businesses.

About The Receivables Exchange

The Receivables Exchange (www.receivablesXchange.com) is the world's first online marketplace for real time trading of accounts receivable. The Receivables Exchange provides a new dimension in working capital management by connecting companies to a global network of accredited capital providers who compete in real time to buy and trade receivables. Exchange participants benefit from immediate and flexible access to working capital finance at the most competitive rates. The Receivables Exchange is a fast and efficient way to manage working capital at a fraction of traditional financing costs. The Receivables Exchange has secured financing from Prism VentureWorks and Fidelity Ventures, the venture capital arm of Fidelity Investments. The Exchange's trading platform is based on the New York Stock Exchange's (NYSE) bond trading platform. For more information, visit www.receivablesXchange.com.

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