ArchivesOne Acquires Records Management Inc. In Springfield, Virginia

For Immediate Release
Monday, May 19, 2003

Watertown, CT - ArchivesOne, a Watertown company specializing in records management and storage services, has acquired Records Management Inc. in Springfield, Virginia. This is ArchivesOne's twelfth acquisition in the records management industry. The transaction represents a 20% revenue growth increase for ArchivesOne.

"I am very enthusiastic about the deal," stated ArchivesOne SVP for Sales & Marketing Jon D'Elia. "The new customers will fit nicely into our existing customer base and move us further toward our goal of being the number three player in the industry." The transaction adds approximately 750 customers and 25 Team Members to ArchivesOne in the Metro-Washington DC marketplace and 125,000 square feet of new warehouse space.

Richard Sellers, the President of Records Management, Inc. remarked, "When we decided to sell our company, finding a company that shares our ideals about customer commitment and the importance of maintaining our employee relationships and dedication was number one on the list. We found that company in ArchivesOne. We feel confident that going forward, ArchivesOne will be well received in the metropolitan Washington DC area."

ArchivesOne COO John Pavlovich said, "This is a great fit. Records Management Inc. is a first-class organization that will easily integrate into ArchivesOne. I am really excited about some of the Team Members we are picking up." Jon D'Elia, ArchivesOne's Senior Vice President of Sales & Marketing, added, "This is a quality customer portfolio that we are inheriting. The customers will continue to get super service from us and will be offered an extended group of value added information management services. It's a real win-win opportunity."

"ArchivesOne really has a nice business model in place" commented Patty Langer a Vice President at Portland, Maine based Banknorth (NYSE: BNK), ArchivesOne's lead bank. "It's a simple business and the management team has executed well operationally and financially."

"Concurrently, ArchivesOne has raised approximately $45 million in senior debt, mezzanine debt and equity to fund its growth" stated Scott Brabant, ArchivesOne's SVP for Information Management and Finance. "Banknorth is doing a great job and we are expanding the senior syndicate to allow for future growth. HV Capital Investors, a Detroit mezz shop, is now part of our capital structure too. Equity investors, led by Housatonic Partners, a Boston based venture capital firm and current ArchivesOne shareholder, and FARM Capital Services, have provided equity financing." Brabant stated, "We have the capital structure in place to confidently execute our growth strategy."

ArchivesOne services customers in eight metropolitan markets and has approximately $20 million in annual revenues. Since its inception in 1991, ArchivesOne has grown substantially, the company now boasts over 3,000 customers and over 130 team members. ArchivesOne is one of the five largest records management companies in the U. S. For more information, visit the ArchivesOne website at www.archivesone.com.