ArchivesOne Acquires AVL Warehousing, Inc. In Farmingdale, New York

For Immediate Release
Monday, April 1, 2002

Watertown, CT - ArchivesOne, a Watertown company specializing in records management and storage services has acquired AVL Warehousing, Inc. in Farmingdale, New York.

The transition represents a 7% growth increase for ArchivesOne. Banknorth Group, Inc. (NASDAQ:BKNG), a $21 billion bank based in Portland, Maine, provided the debt financing. Equity investors, led by Housatonic Partners, a Boston based venture capital firm and current ArchivesOne shareholder, and FARM Capital Services, provided equity financing.

"I am very enthusiastic about the deal," stated ArchivesOne President and Director of Customer Happiness A. J. Wasserstein. "The new customers will fit nicely into our existing customer base and move us further toward our goal of being a super regional player in the industry." The transaction adds approximately 100 customers to ArchivesOne in the Long Island, New York marketplace as well as 25,000 square feet of modern warehouse space.

ArchivesOne CFO John Pavlovich said, "This is a nice deal for us. Since we already operate in the marketplace, this transaction will be highly accretive to earnings. We will be able to leverage our current infrastructure and operations." Jon D'Elia, ArchivesOne's Senior Vice President of Sales & Marketing added, "This is a great customer portfolio that we are picking up. The customers will get better service quality from us and will be offered an extended group of value added information services. It's a real win-win opportunity."

ArchivesOne is in the business of providing records management and storage services to banks, law firms, hospitals, corporations and medical practices. ArchivesOne services customers in Connecticut, Long Island, New Jersey, Ohio, and Westchester. Since its inception in 1991, ArchivesOne has grown substantially. From zero people and zero customers, the company now boasts over 1600 customers and 90 team members. ArchivesOne is one of the twenty largest management companies in the U.S.