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NEWS

FOR IMMEDIATE RELEASE

TimePilot streamlines payroll administration
with electronic timekeeping

Firm to present business plan to Midwest Entrepreneurs' Forum's Wheaton Chapter

CHICAGO, April 18, 2002 - TimePilot Corporation, a Batavia-based maker of affordable, PC-based time and attendance systems, will present its business model to the West Suburban Chapter of the Midwest Entrepreneurs' Forum (MEF) in Wheaton at 7 p.m. on Tuesday, April 30th.

Employees on the TimePilot system use a secure metal button called the iButton on their keychain to clock in and out at any TimePilot station, according to Joseph Jarzembowski, the President of TimePilot Corporation. TimePilot also provides an attendance display on the PC that tells managers when employees are "on the clock." TimePilot offers far more features than traditional punchclock systems, yet is priced approximately the same.

The National Time Equipment Association estimates that 1.6 million small businesses (those with between 10 and 250 employees) use a paper system for time and attendance, such as punch cards or timesheets. Many of the existing electronic systems that are in use rely on clocks that can lose employee activity records due to a power outage, or use expensive magnetic cards that wear out and must be replaced frequently.

"TimePilot is an affordable, secure way of calculating data such as overtime, vacation time, sick time, and multiple shifts, as well as the subtraction of lunch and breaks," said Jarzembowski. "This is extremely valuable to small business owners who now have to rely on inefficient, outdated methods such as punchcards and timesheets. Attendance is transmitted immediately between the TimePilot software on the PC and remote TimePilot stations. This enables small business owners to roll out the system to remote locations, with practically no limit on the number of employees that it can handle."

TimePilot has already sold more than 100 of its systems, according to Jarzembowski, including a recent sale to a company that bought the system at just 18% of the cost of a competing time and attendance system. The companies using TimePilot report that they have saved hundreds of hours a year in labor costs and reduced their payroll calculation error rate to zero. TimePilot is currently focused on developing a joint venture to penetrate the retail and commercial markets, and has already developed strategic relationships with dealers and resellers.

Jarzembowski will present the TimePilot business plan at the MEF meeting. The moderator for the panel will be Steve Chen, a member of board of the Midwest Entrepreneurs' Forum and a network engineer at Motorola. The panel will include:

  • Jack Curley, the technology marketing manager at Battelle in West Chicago.
  • Beverley Conner, vice president of medical sales at Tripp-Lite in Chicago.
  • David Campbell, an accountant with John Campbell and Associates in Naperville.
  • Greg McIntosh, a business strategy expert with Kwicker Business Development in Cary.

The West Suburban Chapter of the Midwest Entrepreneurs' Forum will hold this meeting on Tuesday, April 30th, from 7-9 p.m. at the Rice Campus of the Illinois Institute of Technology, 201 East Loop Road in Wheaton. Admission is free for MEF members and $20 for non-members. For $50, non-members can get an annual membership in the MEF.

About the Midwest Entrepreneurs' Forum

The Midwest Entrepreneurs' Forum (MEF) promotes and strengthens the process of starting and growing companies by providing services, which educate and inform entrepreneurs. MEF meets the second Monday of each month (except July and August) at the Downtown Campus of the Illinois Institute of Technology, 565 W. Adams Street, Chicago, from 6 p.m. to 8 p.m. A suburban meeting is held the last Tuesday of each month (except July and August) from 7 p.m. to 9 p.m. at the Daniel L. and Ada F. Rice Campus of the Illinois Institute of Technology, 201 East Loop Road, Wheaton, Ill. Each MEF meeting normally features a case presentation/panel discussion that spotlights a single company in a critical stage of development. MEF membership is $50 per year and additional information is available online at http://midwestentrepreneursforum.org, by calling 312-857-0301 or by writing MEF, 8 South Michigan Avenue, Suite 1000, Chicago, IL 60603.

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Press Contact:

Mr. Tim Boivin
Tech Image Ltd.
847-632-0040 x 229
tim.boivin@techimage.com

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