AFS Technologies Acquires IRM Corporation

Combination Creates Unrivaled Leadership in Technology Solutions
for Food & Beverage Clients
PHOENIX--(Business Wire)--
AFS Technologies, Inc. (AFSI), the leading provider of software
solutions for the food and beverage industry, announced today that it
has completed the acquisition of 100% of the shares of Dallas-based
IRM Corporation, the market leader in software-as-a-service (SaaS)
business intelligence and trade promotion management solutions for the
food and beverage channel.

AFS and IRM together provide 700-plus customers in the food and
beverage manufacturing, processing, and distribution segments with a
broad solutions-portfolio tailored specifically to the channel. This
unique, modularly-designed system offers solutions for Distribution,
Sales & Marketing, Financials, Processing, Warehouse Management,
Transportation, E-commerce and Database Services featuring the
industry's largest database of product information and recipes, the
PROFILE(R) Database.

"The acquisition of IRM will enable AFS to bring even greater
value to our combined customers in the food and beverage channel by
further enhancing the functionality and utility of our diverse
portfolio of best-of-class solutions," said Kurien Jacob, CEO of AFS
Technologies. "Both companies have experienced strong growth in the
past by providing our respective customers with solutions in a modular
fashion addressing their needs. IRM adds to that concept in that any
customer, irrespective of their main system, can deploy IRM
solutions."

"The IRM family is excited to be a part of the AFS team," stated
Art Harding, Chairman and CEO of IRM Corporation. "We built our
company by focusing exclusively on the food and beverage channel, and
building solutions that addressed the unique needs of our clients in
the industry," said Dean Abrams, IRM's President and COO. Harding
added, "AFS shares that same focus and commitment and, together, the
two entities have the unique ability to provide our 700+ customers
with a depth of channel intimacy and understanding that is
unparalleled by any other technology company today."

"IRM also adds an experienced management team to AFS. The team out
of the Dallas office will continue to manage the SaaS business for AFS
and soon offer more integrated SaaS offerings to the industry," said
Walter Barandiaran, Chairman of AFS.

About AFS Technologies, Inc.

AFS Technologies Inc. is the leading provider of software
solutions for the food and beverage industry. The company serves over
500 customers across North America and the Caribbean with solutions
designed to reduce costs, increase efficiency, increase sales and
margins, streamline internal processes and assist in regulatory
compliances. AFS offers the industries only complete end-to-end
software suite utilizing service oriented architecture (SOA) and the
Microsoft .NET framework. This unique modularly designed system offers
solutions for Distribution, Sales & Marketing, Financials, Processing,
Warehouse Management, Transportation, and Database Services featuring
the industry's largest database of product information and recipes,
the PROFILE Database. For additional information please visit our
website: www.afsi.com.

About IRM Corporation

IRM provides both on-demand and on-premise business intelligence,
forecasting and trade promotion management solutions to manufacturers,
distributors and brokers in the food, beverage, and CPG industry --
all delivered in a Software-as-a-Service (SaaS) model. For additional
information, please contact Jim Gaspar at (602) 741-0925, or visit
www.irmcorporation.com.

AFS Technologies, Inc
Jim Gaspar, 602-741-0925

Copyright Business Wire 2008