Equitrac CEO and President George Wilson Plans to Retire

CORAL GABLES, Fla.--(BUSINESS WIRE)--Aug. 20, 2000--George Wilson, president & CEO of Equitrac Corporation, today announced his plans to retire later this year. Mr. Wilson, 58, has been president and CEO of Equitrac since 1986. Mr. Wilson's successor is expected to be named in September.

Mr. Wilson was involved in Equitrac's founding in Miami 25 years ago when it was a regional distributor of copier control systems with five employees. Today it is the worldwide leader in cost recovery and document accounting systems with approximately $60 million in annual sales and more than 400 employees.

In the 1980s, Equitrac was twice named to the INC. 500 list as one of the country's fastest growing private companies. In 1991 it bought out its largest competitor and in 1992 went public and was listed on the NASDAQ Exchange. Three years ago the company went private with a leveraged buyout involving the management team and Cornerstone Equity Investors.

Equitrac co-founder, former chairman and Board member John Kane, who retired in 1999, commented on Mr. Wilson's career, "George Wilson is the best business partner anyone could ask for. He is a visionary executive who led the company through decades of revenue growth and profitability. We shared responsibilities for many years and together made decisions that helped Equitrac become the worldwide leader in cost recovery and document accounting."

Commenting on his decision, Mr. Wilson said, "Equitrac is a strong company with wonderful employees, excellent management and an effective and experienced board and strong lines of business. I am pleased to say that I am leaving at a time when the opportunities for us have never been greater than they are now. The 25th anniversary of Equitrac provides a fitting time for me to hand over the reins to a new executive leadership."

Mr. Wilson will remain at the company until the new CEO is in place and will continue to serve as a member of Equitrac's board.

Mr. Wilson is a graduate of the University of Florida where he received both a BS in Finance and Economics and an MBA. Prior to co-founding Equitrac, he held positions with Eastern Airlines in Miami and with Flagship Banks. Mr. Wilson and his wife Linda are residents of Miami.

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.


Contact:
     The Pen Group, Coral Gables
     Irina Patterson/Alan Penchansky, 305/529-1944
     
Email Contact
     or
     Equitrac Corporation, Coral Gables
     Frances E. McClintock, 305/442-2060
     
Email Contact



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