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PHILADELPHIA — VINtek, a provider of automotive collateral
management and electronic lien and title services for auto finance lenders,
announced today it has been named as the endorsed ELT service provider of the
South Dakota Bankers Association (SDBA).

Officials recapped that back in 2008, South Dakota passed
legislation that gave the South Dakota Department of Motor Vehicles (SDDMV) the
ability to develop an ELT program that would encourage auto lenders in the
state to utilize electronic titles. They indicated ELT can enable lien holders
to receive paperless vehicle titles from the SDDMV, instead of traditional
paper titles.

VINtek indicated the SDDMV plans on introducing its initial
voluntary ELT process by the end of 2012. Although the program will be
voluntary, the company noted the DMV will cease the issuance of paper titles
with liens, making it imperative for banks to have electronic titling
capabilities.

To assist its member banks, the SDBA said it relied on
extensive due diligence and positive recommendations from numerous banking
associations to select VINtek as its preferred ELT service provider.

Officials highlighted South Dakota banks are already taking
the advice of the SDBA and working with VINtek to develop ELT within their
institutions. Since the SDBA's endorsement, VINtek has signed several financial
institutions, including the largest bank in the state. VINtek is helping
commercial bank members of the SDBA streamline the transition to electronic
title processing.

VINtek is currently endorsed by three other banking
associations, including the Texas Bankers Association, which recently extended
its endorsement of the company as its preferred provider of ELT services.

 "VINtek has been
selected as the preferred ELT provider in several lending associations' RFPs
and supports an impressive client roster," said Mike Feimer, president of South
Dakota Bankers Insurance Services.

"Other associations' recommendations were a big factor in
our decision to choose VINtek," Feimer continued. "We are confident that they
will be a strong partner for our member banks."

VINtek president Larry Highbloom added, "Paperless titles
save lenders time and money because they end a reliance on paper and result in
far fewer errors.

"It is important that banks have the proper training and
procedures in place for their staff and customers to realize these benefits and
VINtek is ready to assist banks in implementing these best practices,"
Highbloom went on to say. "We are honored to be endorsed by the South Dakota
Bankers Association and look forward to helping its member banks through this
transition."

Beyond the developments in South Dakota and Texas, Danielle
Fagre Arlowe, senior vice president of the American Financial Services Association,
touched on what VINtek's services could mean for other states and financial
institutions.

"State Departments of Motor Vehicles that have implemented
ELT have realized the fraud deterrent and cost savings of having the lienholder
electronically recorded on their database to authenticate unsolicited lien
release letters," Arlowe said.

"As falsified lien release letters have become much more
prevalent, ELT helps motor vehicle departments detect and prevent this
fraudulent behavior, thereby helping all victims of these crimes," she
concluded.