VANTAGEPOINT SYSTEMS Inc.

VantagePoint Systems Inc., formerly Technology Growth Partners Corp., develops and markets business software primarily for multi-plant packaging manufacturers. The company also provides services such as maintenance, training, installation, consulting, and product support. VantagePoint’s revenues are mainly derived from product licence fees, software licence agreements, and the professional services related to the implementation of software. The company’s key customers include Menasha Packaging Co., Shorewood Packaging, Columbus Container Inc., Smurfit-Stone Container Corp. (SSCC:NASDAQ), and Alliance Packaging.

VantagePoint’s software solutions, namely, Customer VantagePointTM, Team VantagePointTM, Financial VantagePointTM, and Business VantagePointTM, operate in more than 130 packaging plants across North America, South America, and Europe. The company’s flagship product, Business VantagePointTM, is a back-office enterprise resource planning system that tracks the estimating, order fulfillment processing, and manufacturing cycle for all types of paperboard converting operations, including packaging and corrugated box plants, sheet feeder plants, sheet plants, multi-wall bag plants, and paper bag plants.

In June 2002, VantagePoint acquired all outstanding shares of Avalon Printing Software Ltd. and its subsidiary Avalon Printing Software Inc. for an aggregate price of $659,000, which included the issuance of 500,000 common shares and a US$200,000 payable loan for the next two years. In addition, VantagePoint agreed to pay a performance-based earn-out dependent on Avalon reaching minimum revenue and profit criteria. The earn-out is not to exceed US$600,000, and will be paid in either cash or stock. The acquisition of Avalon, a U.K.- based company that produces business management software for the folding carton, flexible packaging, and label industries, doubled VantagePoint’s marketplace value, allowing the company to enter the folding carton and flexible packaging segments as well as instantly establish its presence in Europe. Avalon operates as a wholly-owned subsidiary of VantagePoint.

On July 11, 2002, Alliance Packaging selected Business VantagePointTM as the standard business software system for its multiple plant operations. Alliance, the largest independent custom, corrugated manufacturer in northwest U.S.A., was formed through the merger of Seattle Packaging Corp. and Sound Container Inc. The company operates five corrugated manufacturing and converting plants throughout Washington and Oregon.

VantagePoint released Financial VantagePointTM in November 2002 and by December, Cadmus Communications Corp. (CDMS:NASDAQ) had adopted the new software to standardize machine and labor cost rates across ten plants. Financial VantagePointTM replaces spreadsheet technology and enables controllers and plant managers to analyze and adjust cost rates to improve profitability. Cadmus is the world’s largest provider of content management and production services to scientific, technical, and medical journal publishers, the fourth largest periodicals printer in North America, and a leading provider of specialty packaging and promotional printing services.

VantagePoint plans to continue expanding into new packaging related markets by introducing new software solutions through strategic alliances with other solution providers. In addition, the company intends to explore further acquisition opportunities.