Ledgers Canada Acquires Interface Group Limited and Interface Financial Corporation (7/00)

Ledgers Canada, Inc., the rapidly growing Canadian Franchise network that provides professional bookkeeping and tax services to small businesses, announced its acquisition of The Interface Group Limited and Interface Financial Corporation. The combination of Ledgers' bookkeeping and tax operations and Interface Financial's short-term working capital services under one roof provides for the core financial needs of small business.

"Our acquisition of Interface enables Ledgers to rapidly expand its franchise network and offer an extended roster of professional business services to the Canadian small business community," said Ledgers President and CEO Bill Murphy. "It is a pleasure to have the #1 franchiser of business services, Interface - as rated by Entrepreneur Magazine in 1999 - join us in our expansion," he added.

"Ledger's acquisition of Interface will immensely benefit Canada's business community," said Interface Financial Corporation President David Banfield. "The synergy of the Ledgers and Interface franchise operations, and the strength of Interface's financial arm provides Canadian small business with all the tools for financial success," he added.

The acquisition is expected to provide a well-integrated business service model through the combined network of over 70 franchise locations in North America (primarily in Canada). Ledgers will aggressively step up franchise sales efforts throughout Canada.

Ledgers' franchise business services deliver on the specific financial needs of the small business community. According to the United States Small Business Administration there are 25.2 million small businesses filing tax returns in FY 2000, and 880,000 new business will be started this year in North America. Small businesses cite inadequate access to capital and credit as one of the most serious impediments to success. 97% o small businesses outsource some part of their business services. Ledgers' expanding franchise network is uniquely positioned to support these small business needs.

About Ledgers Canada, Inc.
Ledgers Canada, Inc., headquartered in Sydney, Nova Scotia, was founded in 1994 to better service the demand for professional bookkeeping services in the small business sector. Ledgers provides its services through a network of franchised professional bookkeeping operations throughout Canada.