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Prizm Solutions and Express Systems Announce New Approach To Vehicle Service Contract Programs

January 22, 2002

Prizm Solutions, LLC and Express Systems announced Jan. 22 the release of a new jointly-developed automobile vehicle service contract. The new program, Express Auto Care, will debut at the 85th annual National Automobile Dealers Association conference and will be ready for distribution on March 1, 2002.

Jack Edelstein, co-founder of Express Systems stated, "Express Auto Care is a niche product designed as a high-quality, low price alternative for consumers who are too cost sensitive to pay the high retail price of a low deductible product. Through the combined efforts of Express Systems and Prizm, I believe we have developed a leading-edge product with tremendous market opportunities."

Express Auto Care provides dealers with a full "bumper-to-bumper" warranty for $159. This allows a consumer to pay under $500 for the warranty and the dealership will still make a reasonable margin. Most extended warranties cost the dealer more than $500. This return to reasonable dealer costs and consumer prices may turn around the upward spiraling prices the industry has seen.

Dan Haugen, CEO and a principal of Prizm stated, "The marketplace has been clamoring for a new approach for automobile extended warranties. The product was developed by identifying a market need and working with Express Systems relationships and experience to create something no other company is offering."

Prizm Solutions is a third-party administration company specializing in offering products, programs and technology for the automobile and recreational vehicle service contracts industry. Express Systems is a managing general agent for automobile service contracts and a manufacturer/distributor of aftermarket products.

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