Press Release

June 1, 2000

OpenAir Strengthens Management Team to Support Its Expansion of Services

Successful Web-Native B-2-B Adds Dan Walsh as Vice President of Sales, Ken Canavan as CFO and Morris Panner as Vice President of Operations

Boston, MA (June 1, 2000) – OpenAir today announced the addition of three members to its management team. The company is the leader in providing professional services automation over the Internet to small and medium-sized businesses. The Web-native platform of seamlessly integrated business services offered by OpenAir allows professionals to analyze employee time, report and approve travel expenses online, track and bill time, create and deliver invoices, and outsource payroll and expense reimbursement.

OpenAir was founded in 1999 as TimeBills.com, a provider of time and billing services to small businesses. In 2000, in response to customer demands for additional services that integrated with Time Bills, the company added Expense Reports, Time Sheets and Payroll, and is now used by professionals in companies of all sizes around the world.

“We are thrilled to have Dan, Ken and Morris join us,” said Bill O'Farrell, Founder and CEO of OpenAir. “The combined experience they bring to OpenAir will undoubtedly prove invaluable. Between Dan's VAR [Value Added Reseller] and CPA experience, Ken's 22 years of building start-ups and managing Fortune 100 firms and Morris' solid background in operations and management, we can look forward to further development at OpenAir.”

Dan Walsh
Dan Walsh is Vice President of Sales for OpenAir. Prior to joining OpenAir, Walsh ran Shamrock Software, a Value Added Reseller (VAR) of accounting software. During his tenure at Shamrock, Walsh served as VAR representative to the SBT Accounting Systems Board of Directors.

Before founding his VAR business, Walsh ran his own CPA practice. From 1984 to 1987 Walsh worked for KPMG/Peat Marwick. His specialties included the audits of financial institutions, as well as manufacturing and retail establishments. Walsh is also an adjunct professor of accounting at Babson and sits on the Boards of Directors of Sports Helmets, Inc., and Lexington Control Systems, Inc. Walsh holds a BA from Babson and is a certified public accountant in Massachusetts.

Ken Canavan
Ken Canavan is Chief Financial Officer (CFO) of OpenAir and brings to the Company over 22 years of experience in building and managing financial organizations in rapidly growing high-tech companies. He has amassed broad-based skills in various companies ranging from start-ups to Fortune 100 firms. Prior to joining OpenAir, Canavan served as Chief Financial Officer of EquiServe, the world's leading provider of shareholder services.

From 1987 to 1999, Canavan was employed at Thomson Financial Services, one of the world's leading providers of software, information and services to the global financial services community. His positions at Thomson included Controller of the AutEx Systems division, CFO of AutEx, CFO of Thomson Financial Networks, and lastly, CFO of the Thomson Trading Services Group.

Prior to joining Thomson, Canavan was Controller of SoftBridge Microsystems, a leading provider of PC-based software for the financial planning industry. He has also held various positions at Digital Equipment Corporation and Price Waterhouse Coopers.

Canavan has an undergraduate degree in Accounting and Marketing from Boston College, School of Management.

Morris Panner
Morris Panner is Vice President of Operations at OpenAir. Before joining OpenAir, Panner served in a number of operational and managerial positions in the U.S. Department of Justice both domestically and overseas. Most recently, he served as Deputy Chief of the Department of Justice's Narcotics Section in charge of international counter-narcotics operations.

Prior to joining the Government, Panner practiced corporate law at Wachtell, Lipton, Rosen & Katz in New York City for four years where he focused on mergers and acquisitions and other public and private company financing and transactional work. After practicing at Wachtell, Lipton, Panner also worked as an investment banker at Lazard Freres & Co., where he worked on mergers and acquisitions and related financing.

Panner is a graduate of Harvard Law School and Yale University.

About OpenAir
OpenAir, founded in 1999 as Timebills.com, is a trusted Web-based platform of seamlessly integrated services that efficiently and economically streamlines business processes. Headquartered in Boston, OpenAir expedites the circulation of company information through a network of linked administrative services. These services allow professionals to analyze employee time, report and approve travel expenses online, track and bill time, create and deliver invoices, and outsource payroll and expense reimbursement. OpenAir currently helps more than 26,000 professionals remove the frustration associated with common business tasks to drive revenue more efficiently.

OpenAir is available 24 hours a day, seven days a week, supports all major Internet browsers and is easily accessed from any Internet-equipped computer. All data is backed up on state-of-the-art servers, encrypted, password protected and only accessible to the OpenAir user.

Contact
Jeff Hunt
OpenAir
Phone: 617-351-0230
jeffhunt@openair.com