Appointment Follows Retirement of Former CEO, George Wilson CORAL GABLES, Fla.--Oct. 1, 2002--Equitrac Corporation, the global provider of document accounting solutions, today announced the appointment of Michael Rich as president and CEO. A 20-year technology industry veteran with a track record of successfully launching and growing new businesses, Mr. Rich brings significant depth to the company as it expands its Document Accounting Systems (DAS) franchise in the worldwide professional and commercial markets. Mike Rich comes to Equitrac after serving as the chairman & CEO of NetSpeak Corporation, a leading provider of Voice over IP (VoIP) network management, call management and desktop software. While at NetSpeak, he led the company from an early stage technology start-up to a market leader within the call management software segment. Before joining NetSpeak, he was Vice President and General Manager with AT&T Business Internet Services, where he launched the Web Sites Services division and grew it to $300 million in revenue in three years. The division led the mid-range hosting and e-commerce market with more than 15,000 business enterprise customers. "We are extremely excited to have a new chief executive with the proven talents and abilities that will enable us to grow and offer greater value to our thousands of customers in the professional, government and corporate markets," said George Wilson, Equitrac board member and former CEO. "Mike's deep grounding in technology, proven management skills and experience in building strategic partnerships make him an ideal leader for Equitrac's second 25 years." "The opportunities for Equitrac have never been greater," commented Mr. Rich. "In today's economic climate, managing corporate resources is imperative and the demand for new, comprehensive and more powerful solutions for getting a handle on costs will continue to grow. "Our innovative Document Accounting solutions will continue to add value to the bottom line for thousands of companies while our partnerships and experienced worldwide sales organization will enable us to move aggressively into new markets where greater accountability, security and cost management are the rule." Earlier in his career, Mr. Rich was director, new business development, AT&T Global Information Systems, where he led the product management team responsible for developing and bringing to market NCR's next generation multimedia Automated Teller Machine and Call Center products for the financial services industry. Prior to that, at AT&T Bell Laboratories, he led the team responsible for launching AT&T's Advanced Voice Processing Platform. Mr. Rich holds a Masters Degree in Computer Information Systems and an MBA, both received from the University of Miami. He also attended the University of Florida where he received a Bachelor's Degree in Business Administration/Finance. About Equitrac Corporation Equitrac Corporation, the company businesses rely on to "Make Documents Count," is the leading provider of Document Accounting Systems for the Professional and Commercial markets. Celebrating its 25th anniversary in 2002, the company designs, manufactures, markets and supports a fully integrated computer hardware and software solution designed to track, record, allocate, report, and recover the costs associated with the usage of office equipment and document output. The privately held company is headquartered in Coral Gables, Florida.