PNC

VICOR Announces PNC Bank Contract To Purchase Receivables Information Delivery System

For Release 9 a.m. EDT August 23, 2000
Contact: Mary Hofmann at 650.628.3300

Redwood Shores, CA August 23, 2000 - Today VICOR, Inc. announced that PNC Bank Treasury Management has contracted to purchase the VICOR Receivables Information Delivery System ("RIDS"). PNC Bank, a member of the PNC Financial Service Group, Inc. has decided to take this next step in response to extensive market research on business-to-business working capital management needs and as a complement to its eCommerce strategy. PNC Bank plans to utilize the VICOR platform and plans to deploy it across its nationwide network as a separate product set in its suite of service offerings to enhance clients' business-to-business working capital management. VICOR, Inc.'s RIDS features client server technology and unique software to provide color images and intra-day delivery of receivables information via the Internet.

"We are focused on delivering tailored solutions that help our clients transform their financial processes. The RIDS platform will provide the technological foundation for receivables improvement that our clients and prospects have told us they seek," said Francine Miltenberger, Executive Vice President, PNC Treasury Management Services. "This investment in technology will support our strategic direction and complement other PNC Bank initiatives to provide a broader array of working capital solutions to our clients, particularly in receivables management. I look forward to a more in-depth announcement of our initiatives in October."

Victor Nichols, President of VICOR, Inc. stated: "PNC Bank is at the forefront of the financial services arena in recognizing the importance of the working capital management cycle to its clients and prospects. VICOR believes that PNC Bank's integration of RIDS into their overall suite of Internet and treasury management products will help to distinguish them in the marketplace."

About VICOR, Inc.

VICOR was founded in 1989 and is headquartered in Redwood Shores, California, with an engineering lab and application hosting facility in Richmond, California. VICOR is an e-Business engineering and product company that concentrates on working within the financial services, small business eCommerce, and the healthcare markets to transform their business practices and applications through the use of advanced technologies. VICOR combines knowledgeable business personnel and technical expertise to produce creative solutions that can reduce expenses, accelerate profitable growth, and strengthen client relationships. VICOR has significant expertise in the areas of working capital cycle management and payment technology, and its product, RIDS, is the leading image-enabled Receivables Processing solution in the market.

About The PNC Financial Services Group, Inc.

The PNC Financial Services Group, Inc., headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations, providing regional banking, corporate banking, real estate finance, asset-based lending, asset management, global fund services and mortgage banking.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act which are identified by words such as "believe," "expect," "continue," "position," "plans," "prospects," and "potential," by future or conditional verbs such as "will," "would," "should," "could" or "may," or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time, and PNC assumes no duty to update forward-looking statements. The following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and financial and capital markets; inflation; changes in values of assets under management and assets serviced; relative investment performance of assets under management; customer acceptance of PNC products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; valuation of debt and equity investments; the introduction, withdrawal, success and timing of business initiatives and strategies; competitive conditions; the inability to realize cost savings or revenues, implement integration plans and other consequences associated with mergers, acquisitions and divestitures; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of the Federal Reserve Board and legislative and regulatory actions and reforms. PNC's SEC reports, accessible on PNC's web site at www.pnc.com, identify additional factors that can affect forward-looking statements.