AFS Technologies Announces New Financial Reporting Application
Add-On Financial Reporting Application to Provide Upgrade to Existing
Food and Beverage Industry ERP Systems

PHOENIX – July 24, 2006 – AFS Technologies, Inc., (“AFS”), the leading provider of fully integrated software solutions to the food and beverage industry, today announced the immediate availability of a new product, AFS Financial Reporting. The application offers sophisticated financial reporting features and can provide a quick upgrade to many old distribution and financial systems burdened with weak financial reporting. The application is part of the AFS Advanced Enterprise product suite announced in April of this year that uses a Service Oriented Architecture (SOA) based on Web Services and built on the Microsoft .NET Framework 2.0.. AFS customers and non-customers alike, regardless of current software supplier, can now upgrade their current distribution and financial systems, adding new modules independently; thereby avoiding the cost of replacing their current system and realizing a better return on their investment (ROI ).

“The new AFS Financial Reporting application demonstrates our commitment to both a seamless, cost-effective migration path our customers on their time frame and the latest technology offered by a Service Oriented Architecture,” said Kurien Jacob, Chief Executive Officer of AFS Technologies. “As previously announced, customers on AFS maintenance, as of March 31, 2006, can receive the new AFS Financial Reporting application as part of their Annual Maintenance Agreement with AFS,” he added.

The application has been designed with a Microsoft Windows-style appearance providing an appealing, easy-to-use Graphical User Interface (GUI) much like that of typical Microsoft Office applications. Significant features include financial drill downs, statement of cash flow, business ratios for trending and analysis, easy to create and flexible financial statements with a consistent reporting interface, budget imports and a query builder.

About AFS Technologies, Inc.

AFS Technologies, Inc. is the leading provider of fully-integrated, end-to-end business software solutions engineered exclusively for the food and beverage industries. The company serves over 230 customers across North America and the Caribbean with innovative, comprehensive and user-friendly solutions designed to reduce costs, increase efficiency, streamline internal processes and assist in regulatory compliances. Solutions available include complete distribution and financials, vendor rebate tracking, warehouse management, web order management, supply chain management, eCommerce, business intelligence, processing, and mobile sales & delivery products. For more information, please contact AFS Technologies, Inc. via email at info@afsi.com, by phone at (602) 522-8282 or visit us on the web at www.afsi.com

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