PRIMAGENCY LAUNCHES INSURANCE BROKERAGE GROUP -- PROVIDES LIQUIDITY LINES FOR AGENCIES

Press release regaring the formation of our P&C Insurance Brokerage Group; 1 of 5 distinct professional client groups with which we look to partner in order to develop business opportunities in "middle-market" corporate debt finance.

New York, NY, April 30, 2002 -- Primagency, Inc., a national debt finance agency headquartered in New York City, today announced the launch of its Insurance Brokerage Group.

"Primagency is continually looking for ways to assist our partners in providing better service to their clients, while creating new business opportunities." said Sheila A. McGarrigle, Chief Marketing Officer of the company. "Today, insurance brokerages, like other professional service firms, are looking to make credible referrals to other companies better suited to help their clients with complex financial transactions that fall just outside their areas of expertise."

The company has appointed Rick Bingham to lead this practice group as an Associate Director of their Origination Partner Program. Mr. Bingham joins Primagency following over 12 years working and consulting with the insurance brokerage community, in a variety of sales management and underwriting positions at Collectify LLC, Fireman's Fund and the Chubb Group.    

"Rick's high-degree of experience in the property & casualty industry and familiarity with the insurance brokerage community will help establish Primagency as a key business partner with commercial insurance brokers nationwide." Said Ms. McGarrigle. "Our Origination Partner Program affords brokers a 'gateway' to our debt funding network, providing 'lines of liquidity' for their clients, while creating sustainable revenue channels outside the traditional insurance model."

With over 5 distinct practice groups, and relationships with dozens of lending institutions, Primagency plays an important intermediary role in securing debt for middle-market firms. "Financial institutions tell us that over 90% of all financing requests made by middle-market firms are turned-down." Ms. McGarrigle added. "Now, more than ever it is essential for these clients to have professional representation when they seek financing."

"Primagency's mission-critical focus on process and 'due diligence first, propose later' approach greatly increases the likelihood that borrowers will secure the financing they need by giving them 'top of the pile' credibility with prospective lenders." Ms. McGarrigle concluded.

Primagency (www.primagency.com) is a national finance agency managing the secured debt funding process from pre-underwriting to closing. The company's mission is to reengineer the funding process by delivering a comprehensive agency perspective across multiple lines of business and by providing customized solutions on various lending platforms that benefit both borrowers and lenders.