PATENT OWNER
`PATENT OWNER
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`EXHIBIT 2048
`EXHIBIT 2048
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`http://www.businesswire.com/news/home/20040817005403/en/xpient-Solutions-Acquires-
`Progressive-Software-Assets
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`xpient Solutions Acquires Progressive Software Assets
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`August 17, 2004 08:48 AM Eastern Daylight Time
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`CHARLOTTE, N.C.--(BUSINESS WIRE)--Aug. 17, 2004--xpient Solutions, LLC, a newly formed technology company
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`with headquarters in Charlotte, NC, has acquired substantially all of the assets of both Progressive Software, Holding,
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`Inc. and Progressive Software, Inc.
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`The purchase of xpient has been financed with term loans and a revolving liquidity facility and the Company is owned
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`by several funds managed by Patriarch Partners, LLC.
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`Patriarch Partners, LLC, together with its affiliates, (collectively, "Patriarch"), is in the business of providing secured
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`loans to and purchasing companies during periods of turmoil. Patriarch is committed to offering long -term liquidity and
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`support to companies and management teams confronting operational issues, industry ch allenges and/or suffering
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`under the downturn of an economic cycle. Patriarch has approximately $4 billion dollars of assets under its
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`management, including both majority and minority equity positions in more than 55 companies. Patriarch's platform is
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`founded upon its intent to offer time, stability, liquidity and an appropriate capital structure in order to enhance the
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`long-term value of its portfolio companies. Patriarch inspires and incents management teams with equity
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`participations to operate its portfolio companies with an eye towards rebuilding, using creative structural solutions and
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`add-on investments in order to enhance the companies' long-term values. The principal of Patriarch, Lynn Tilton, with
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`23 years of Wall Street investment banking and portfolio management experience commented today, "We are
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`extremely excited to be in a position to provide long-term financial support to xpient, a company rich in technology
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`with a very bright future. "
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`Included in the purchase is Progressive's leading edge technology for the foodservice industry providing Point of
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`Sale, Back Office, and Enterprise Management capability to more than 13,000 installations. xpient is proud to include
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`among its customers some of the best known names in the restaurant business, incl uding Arby's, Hardee's
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`franchisee Boddie Noell, Jack in the Box, Captain D's, Steak n Shake and the franchise cooperative of Burger King.
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`Christopher Sebes, Progressive's former CEO and now CEO of xpient, said, "I am proud to have such a supportive
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`and sophisticated investment group to back our new company and am I also delighted that all of Progressive's former
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`employees have elected to join xpient. Together, we will continue Progressive's customer-centric approach to
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`delivering real-world solutions."
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`Contacts
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`xpient Solutions, LLC
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`Christopher Sebes, 704-295-7110
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`csebes@xpient.com