Press Releases

Larry McNabb Appointed Vice Chairman of VICOR; Bob Kirk Elected to Serve on VICOR's Board of Directors

RICHMOND, CA, October 30, 2003 -VICOR, Inc., a leading provider of end-to-end solutions for image-enabled lockbox processing and receivables management, announced at its October 28th Board of Directors meeting the appointment of Larry McNabb as Vice Chairman of VICOR's Board of Directors. Also announced at the meeting, and effective immediately, was the election of Bob Kirk, President of VICOR, to serve on VICOR's Board of Directors.

At the meeting, McNabb announced his resignation as CEO of VICOR, however, he will continue to serve on the Board of Directors and support VICOR in the capacity of Vice Chairman. In this role, McNabb will extend his work with VICOR's management team on a variety of ongoing business fronts and support VICOR's strategic initiatives. McNabb joined VICOR in 1998 as President of VICOR Financial Services and was named CEO of VICOR in November 2000.

Bob Kirk, VICOR's President, was elected to serve on the Board of Directors joining William L. Campbell, Gerald J. Burnett, R. Stephen Heinrichs, and Larry McNabb. Kirk will continue to be responsible for all day-to-day operations of the company, as well as developing and implementing the company's strategic plan.

According to William L. Campbell, Chairman of VICOR, "Larry McNabb and Bob Kirk have been instrumental in the progressive success of the company and its highly competitive product suite. We are pleased that Larry, as Vice Chairman, will continue to participate in the ongoing developments of the organization. With the strong management team in place and the vast market experience and knowledge in this organization, we are confident about the company's continued success.''

Larry McNabb said, "I've thoroughly enjoyed my tenure with VICOR to date and am looking forward to continued involvement with the firm as Vice Chairman. VICOR's product line and dedicated staff offer a superior approach to receivables processing solutions -- both today and for the future. I am excited about my ongoing relationship with this talented organization.''

Bob Kirk commented, "I'm pleased to accept the additional responsibilities that come with being a member of VICOR's Board of Directors. Our mission is to provide our customers with the technology tools they need to make their operation as efficient and competitive as possible. I'm proud to be leading a company that is well positioned to meet the challenges ahead in the evolving payments and receivables arena.''

About VICOR, Inc.

VICOR is a leading provider of image-enabled receivables processing solutions. VICOR's flagship product, called RIDS (Receivables Information Delivery System), is the first payment processing and cash management platform to offer full color images and intra-day delivery of receivables information via the Internet and other publishing options. Currently installed in 22 sites, RIDS processed over 100 million transactions in 2002, representing more than $1.2 trillion. VICOR is headquartered in Richmond, CA, and is privately held. For more information, call 510-621-2000 or visit VICOR's Web site at www.vicor.com.