X/NET ASSOCIATES NAMES ALISA DESISTO CHIEF OPERATING OFFICER

Fairport, NY -- July 17, 2001 - X/Net Associates, a Rochester, NY-based software technology company, today announced that Alisa DeSisto has been promoted to Chief Operating Officer. As COO of X/Net Associates, DeSisto will oversee day-to-day operations while maintaining her role as Director of Software Development.

"This promotion recognizes Alisa's contributions to the success of the company and her management of all software development functions for X/Net Associates," said President Gregg Olin. "In the almost two years she has been with X/Net, Alisa has demonstrated leadership in managing our Software Development Division, including her significant contributions toward our world-class MetaSage® technology and CrediSphere™, our flagship universal loan origination suite."

Ms. DeSisto came to X/Net Associates in September of 1999 as Director of Software Development. Prior to X/Net, Ms. DeSisto served as Unit Manager - Project Management at Huntington BancShares. Prior to that, she was Senior Staff Process Engineer for CheckFree Corporation, improving the business/operational processes in their Electronic Commerce division.

Ms. DeSisto earned a BS degree in Electrical Engineering from the State University of New York at Buffalo and a Masters degree in Systems Engineering from Rochester Institute of Technology.

"X/Net has all the pieces in place to become the dominant provider of technology solutions to the financial services market," said DeSisto. "I am extremely excited to be a part of this team and to be able to apply my experience and background in helping to grow the company."

X/Net Associates, Inc. is a high-end software development and systems integration firm. X/Net provides complete software solutions within the financial, insurance and securities markets. The company has been a leader in completely integrated Internet credit application processing solutions for all types of lending institutions since the 1997 release of its Web Front End software application. The company's products include CrediSphere™, a next-generation application for credit origination, and MetaSage®, the powerful underlying technology platform that is designed to handle all common application server requirements. The company is headquartered in Fairport, N.Y., and also maintains an office in Columbus, Ohio. For more information, contact X/Net at 585-425-7047 or 888-GET-XNET or visit the company's Websites at www.xnai.com and www.credisphere.com.

Media Contact:
Rick Hughes
Tel: (585) 425-7047
Fax: (585) 425-2455
Email: rhughes@xnai.com