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Canopy Debuts First Ever Green HSA for Banks and Health Plans [12/8/2008]

SAN FRANCISCO and CHICAGO, December 8, 2008 – Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, today announced the first ever Green Health Savings Account (HSA). Targeted to industry leading financial institutions, health plans, and third party administrators interested in offering more sustainable products and services to their customer bases, Canopy’s Green HSA offers end consumers a 100% paperless account from enrollment, to account management, with electronic statements and expense categorization for healthcare expenditures. According to PayItGreen.org, paperless HSAs could eliminate over 39 million pounds of wasted paper, save over 474,000 trees, and avoid release of over one billion pounds of greenhouse gas emissions annually.

“More and more Americans are taking greater control of their healthcare choices enrolling in consumer-directed healthcare plans. At the same time, consumers increasingly view companies that offer sustainable products and services as preferred vendors. With the healthcare and banking industries cluttered with paper and unnecessary offline administration, Canopy’s Green HSA is a bold step toward reducing administrative costs while benefiting our environment,” said Vik Kashyap, CEO of Canopy.

Features of Canopy’s Green HSA

Canopy’s Green HSA offers financial institutions, health plans, and third party administrators a turnkey Consumer-Driven Healthcare account management and administration platform for providing 100% paperless HSAs to their customers. Key features include:

         • Complete online account administration and management
         • 100% online enrollment process with all enrollment decisions provided in real-time
         • Electronic statements and expense categorization for healthcare expenditures
         • Online bill payment gives consumers control over how and when providers are paid
         • Mobile phone connectivity for healthcare banking alerts
         • Real-time and online credit decisions

Additional features of Canopy’s Green HSA will soon include access to mutual funds which invest exclusively in environmentally friendly companies, along with access to information on preferred environmentally conscious healthcare facilities and service providers.

Just by switching exclusively to 100% paperless Green HSAs, consumers would:

         • Save over 39 million pounds of paper annually
         • Save over 474,00 trees annually
         • Avoid release of over 378 million gallons of wastewater into the environment annually
         • Avoid producing over 1 billion pounds of greenhouse gases annually

About Canopy Financial

Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco, CA, Chicago, IL, and Plainsboro, NJ. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700.

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Named One of The Banking Industry's Top Innovators For 2008 [11/18/2008]

SAN FRANCISCO and CHICAGO, November 18, 2008 – Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, announced today the company has been named by Bank Technology News (BTN) as one of The Innovators for 2008 – BTN’s annual ranking of the 25 most advanced people, companies and technologies. Canopy’s industry leading consumer directed healthcare (CDH) account administration and management technology platform -- HealthDirect® -- powers the Health Savings Account (HSA) programs of several of the largest financial institutions in America.

“The selection of Canopy Financial as one of the industry’s top companies reflects its outstanding commitment to innovation and customer service, which has redefined what’s possible through the use of technology in financial services,” said Holly Sraeel, Editorial Director of Bank Technology News. “Such progressive thinking is giving customers unprecedented control of how, when and where financial business is conducted, in turn, creating more demand for better, faster, cheaper solutions.”

“We are extremely pleased to have been selected as one of The Innovators for 2008, identifying Canopy as one of the company’s redefining what is possible through the use of technology in financial services,” said Vik Kashyap, CEO of Canopy. “Many of our clients, along with others in the financial services industry, recognize CDH as a critical new growth area, yet also realize it is far more cost-effective to outsource the technology platform needed to manage these nontraditional banking accounts/services from a proven partner such as Canopy. As the market leader in offering healthcare banking technology to the financial services industry, Canopy believes that technology innovation will continue to drive the CDH revolution currently occurring in healthcare today.”

To read the profile on Canopy Financial and to view the entire Innovators list, please visit www.banktechnews.com.

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Comerica Selects Canopy's OnDemand Healthcare Banking Platform [11/5/2008]

SAN FRANCISCO and CHICAGO, November 5, 2008 – Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, today announced that Comerica Bank has selected Canopy’s OnDemand healthcare banking platform to power HealthReserve^SM, Comerica’s Health Savings Account (HSA) offering for employers and consumers. Canopy’s industry leading HealthDirect® supports the healthcare banking programs of some of the largest financial institutions in America. With average HSA account balances growing at double digit rates quarter over quarter since the beginning of 2008 (according to Canopy's HSA Market Report), HealthDirect® offers a robust, turnkey administration and account management platform for all Consumer Driven Healthcare-related spending accounts, including HSAs, Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs).

“Comerica’s business banking focus sets it apart from other financial institutions in the HSA space,” said Vik Kashyap, CEO of Canopy. “Through HealthDirect, Comerica’s business banking and consumer clients now have access to leading edge healthcare banking features like electronic payments, investment trading, and 24/7 online HSA account administration.”

HealthDirect Product Features

Canopy’s industry leading HSA administration and account management technology platform HealthDirect® allows financial institutions to completely control branding, pricing, and HSA account functionality. Additionally, HealthDirect® enables HSA account holders the ability to manage their own investment accounts in concert with the management of their CDH account, offering the benefit of a single user experience, consolidated reporting, clearinghouse, broker/dealer, and record-keeping services as standard functionality.

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Named One of Silicon Valley's Fastest Growing Companies [11/3/2008]

SAN FRANCISCO and CHICAGO, November 3, 2008 – Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, has been named a Rising Star in Deloitte’s Technology Fast 50 program for Silicon Valley. The Rising Star award is a special designation for fast-growth companies that have been in business a minimum of three years, and is part of the Silicon Valley Technology Fast 50 program. Rising Star rankings are based on percentage revenue growth over three years (2005–2007). This year’s Silicon Valley Technology Fast 50 program is co-presented by Deloitte, Silicon Valley Bank, Korn/Ferry International, Cooley Godward Kronish LLP, Cornish & Carey Client Solutions, and ABD Insurance and Financial Services – A Wells Fargo Company.

Canopy is the market leader in providing electronic payment, administration and account management technology for consumer-directed healthcare (CDH) related spending accounts. Since 2005, Canopy has realized triple digit revenue growth year-over-year. Today Canopy powers the CDH programs of many of the top 25 health plans and financial institutions, administering over one million CDH related spending accounts nationally.

“The Deloitte Silicon Valley Technology Fast 50 Rising Star companies have shown the strength, vision and tenacity to succeed despite a very challenging technology environment,” said Mark Jensen, partner and national director, Venture Capital Services, Deloitte & Touche LLP. “We applaud the successes of Canopy Financial and acknowledge its place as one of the few to accomplish such a fast growth rate over the past three years.”

“We are honored to be recognized by Deloitte for our strong performance,” said Vik Kashyap, CEO of Canopy Financial. “The acceleration of the CDH market is evidence of the pain corporate America feels from the increasing cost of healthcare. Our innovative healthcare banking technology is enabling over a million consumers to take direct financial control and bring about greater efficiency in one of the most important aspects of their lives – healthcare.”

To qualify for the Technology Fast 50 Rising Star program, companies must be incorporated a minimum of three years and have revenues in only three or four years, have operating revenues of at least $50,000 in 2005 and $5,000,000 in 2007, be headquartered within the San Francisco Bay Area (subsidiaries or divisions are not eligible, unless they have some public ownership and are separately traded), and own proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues or devote a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify.

Rising Star companies are automatically entered in Deloitte’s Technology Fast 500 Rising Star category. Its Rising Star ranking is based on percentage revenue growth over three years (2005–2007). For more information on Deloitte’s Technology Fast 500 or Technology Fast 50 programs, visit www.fast500.com.

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy's Q2 HSA Market Report Offers New Insights on Balance Growth [10/20/2008]

SAN FRANCISCO and CHICAGO, October 20, 2008 – Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, announced today the results of its Health Savings Account (HSA) Market Report for Q2’08. Canopy, whose industry leading HealthDirect® and CareGain® platforms serve as the core consumer-directed healthcare account management and administration backend for some of the largest banks and health plans respectively, collects and aggregates a wide range of statistics related to actual HSA usage. As evidenced in the report, Q2’08 again realized significant quarter-over-quarter growth in average funds held in both Individual and Family HSAs -- which grew 19 and 18 percent respectively.

“For Q2, we dramatically expanded our statistics on Consumer Health Savings Account spending, detailing spend by vehicle, category, and even days of the week, offering for the first time ever a real world snapshot of precisely how consumers use and spend their HSA dollars,” said Vik Kashyap, CEO of Canopy.

Canopy’s Q2’08 HSA Market Report results showed quarterly inflows into Individual Health Investment Accounts (HIAs) more than tripling outflows, with inflows into Family HIAs more than doubling outflows. Furthermore, the Q2 report highlights two emerging trends: older families (age 51+) and younger professionals (age 25 – 40) appear to be the demographic groups most prevalently using HSAs as long-term investment vehicles; and young families (age 25 – 40) are now choosing HSAs over traditional family health benefit plans. Available immediately, the report can be downloaded at www.canopyfi.com/hsametrics.htm.

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Announces Acquisition of CareGain [10/15/2008]

SAN FRANCISCO and CHICAGO, October 15, 2008 – Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, today announced it has acquired CareGain, Inc. from Fiserv, Inc. Through the acquisition of CareGain, a market leader in providing consumer-directed healthcare (CDH) account administration and management software to leading health plans, Canopy consolidates the healthcare banking technology market, and is now the market leader in delivering innovative, scalable, account management and electronic payment solutions to leading health plans and financial institutions.

Under the terms of the acquisition, CareGain’s clients will now be served by Canopy. The combined entity, which powers the CDH programs of many of the top 25 health plans and financial institutions, today administers over one million CDH related spending accounts nationally. Fiserv retains its healthcare banking solutions for its financial institution clients.

“Today marks a great milestone for our company and the CDH industry in general. This partnership brings together the best minds and technologies and creates an incredibly rich value proposition for our clients, employees, and shareholders,” said Vik Kashyap, CEO of Canopy.

In addition, the move expands Canopy’s award-winning, flagship product HealthDirect®, the healthcare banking industry’s leading electronic payment, administration and account management, and investment technology platform for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs). CareGain’s Asset Management Platform™ (CAMP) will be integrated with Canopy’s HealthDirect®, and the combined product is expected to be available during the fourth quarter of 2008.

“The popularity and growth of consumer-directed healthcare accounts is creating a unique opportunity for both health plans and banks. A truly integrated, multi-custodian FSA, HRA, and HSA administration platform with embedded payment capabilities unlocks a great deal of potential for those in the CDH ecosystem,” said Red Gillen, senior analyst with Celent.

“As we sought the best of breed technologies to support our CDH product vision, Canopy and CareGain rose to the top of our list. As a client of both companies, we are excited about the potential this move offers Coventry Health Care and we believe this creates a compelling solution set,” said Jim Bridges, vice president, product development with Coventry Health Care.

The Combined Company — A Clear Technology Leader

The combined company is well positioned to respond to the growing demand for healthcare banking technologies. Facts regarding the combined company include:

               - Manages over one million CDH accounts
               - Serves more than 50 enterprise health plan and bank clients
               - Processes a healthcare payment transaction every eight seconds
               - Administers more than eight million claims each year
               - Supports more than 5,000 unique plan designs

Financial Technology Partners LP and FTP Securities LLC (together "FT Partners") acted as exclusive strategic and financial advisor to Canopy in this transaction.

Forward-Looking Statements

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. For example, statements of future product offerings, expected synergies, timing of closing, execution of integration plans and increases in shareholder value as a result of the merger, are all forward-looking statements. Risks, uncertainties and assumptions include the possibility that the market for the sale of certain products and services may not develop as expected; that development of these products and services may not proceed as planned; and that the parties are unable to successfully execute their integration strategies, or achieve planned synergies. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Canopy's results could differ materially from Canopy's expectations in these statements. Canopy assumes no obligation and does not intend to update these forward-looking statements.

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Secures $8 Million from Foundation Capital [8/18/2008]

SAN FRANCISCO and CHICAGO, August 18, 2008 – Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, today announced it has secured eight million dollars from leading venture capital firm Foundation Capital. Canopy, which announced a 15 million dollar funding round in January of this year from GGV Capital, will use the additional funds towards continued innovation in consumer-driven healthcare technologies. In addition, Canopy will expand its flagship product HealthDirect®, the healthcare banking industry’s leading administration and account management platform for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs).

“Forty three percent of all employers surveyed say they will offer HSAs or HRAs to their employee base in 2008. This injection of funds from Foundation Capital allows us to meet accelerating market demand, and gives us the ability to continue to play a key role in bringing about unprecedented change in the largest sector of the economy – healthcare,” said Vik Kashyap, CEO of Canopy.

“Canopy is the clear leader in healthcare banking technologies,” said Charles Moldow, General Partner with Foundation Capital. “We believe the company’s management team and unique market vision will continue to be a potent combination as the company enables the paradigm shift occurring today in healthcare and financial services.”

Canopy’s industry leading electronic payment, account management, and investment technology platform HealthDirect® supports the healthcare banking programs of some of the largest banks and health plans. Canopy was recently named a winner of the Red Herring 100 North America 2008, an award that seeks to identify the next generation of innovators and disruptors.

About Foundation Capital

Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure, telecommunications and networking, and enterprise software and on demand services. Foundation capital funds total more than $2.4 billion. For more information, http://www.foundationcapital.com

About Canopy Financial

Canopy Financial provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco, CA, Chicago, IL, and Plainsboro, NJ. For more information, please visit our web site at www.canopyfi.com or call 1-866-960-4700.

Contact:

Foundation Capital:
OutCast Communications (for Foundation Capital)
Christina Furtado, 415/392/8282
foundationcap@outcastpr.com

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Financial Releases Statistics on Health Savings Account Usage [6/19/2008]

SAN FRANCISCO and CHICAGO, June 19, 2008 – Canopy Financial, the provider of financial technology and electronic payment solutions to five of the top 25 banks and the largest managed care companies, announced today the release of its inaugural Health Savings Account (HSA) Market Report for Q1 2008. The report highlights key market indicators and will be published quarterly.

The report shows that HSAs, on average, have larger balances than retail checking accounts, and that funds held in both deposit and investment accounts grew significantly.

“Canopy’s HSA Market Report aggregates real consumer account data nationally to describe key features of HSA usage,” said Vik Kashyap, CEO of Canopy Financial. “Americans are using HSAs not only for health expenditures, but as long term savings and investment vehicles.”

Average investment account inflows were more than double average outflows for the quarter. HSA account holders age 50+ had more than double the amount invested at the end of Q1 on average compared with account holders age 25-40.

The HSA Market Report breaks out actual spend characteristics by category, including bill payments, reimbursements, debit card transactions, checks, and ATM withdrawals. It also provides key data on Customer Service Representative (CSR) touches for the quarter.

Available immediately, the report can be downloaded at www.canopyfi.com.

About Canopy Financial

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Financial Named Red Herring 100 North America 2008 Winner [5/20/2008]

SAN FRANCISCO and CHICAGO, May 20, 2008 – Canopy Financial, a leading provider of financial technology and electronic payment solutions to the healthcare and financial services industries, announced today the company has been named a winner of the Red Herring 100 North America 2008, an award which recognizes the 100 most promising companies driving the future of technology. Canopy is working to solve the current healthcare crisis in America through patent-pending technologies and services that drive the emerging healthcare banking industry and market for Consumer Driven Healthcare (CDH).

"We are extremely pleased to have been named a winner of the Red Herring 100 North America 2008, an award that seeks to identify the next generation of innovators and disruptors," said Vik Kashyap, CEO of Canopy Financial. "Today Americans spend more than two trillion dollars or roughly sixteen percent of GDP annually on healthcare, and over forty million Americans lack health insurance coverage. Canopy's innovative technologies are revolutionizing healthcare banking for many of the nation's largest financial institutions and healthcare companies, changing the way businesses and consumers more affordably access and manage healthcare benefits and spending dollars. To be recognized by Red Herring for our efforts is a tremendous honor."

"The large number of entries in this year's competition demonstrates that the economic slowdown has not affected technology innovation," said Joel Dreyfuss, editor-in-chief of Red Herring. "The companies on this year's list are proof that creative ideas continue to find the funding that turns them into promising businesses."

HealthDirect, Canopy Financial's core service offering, is the leading technology-enabled administration and account management platform for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Voluntary Employees' Benefit Associations (VEBAs). HealthDirect allows healthcare and financial institutions to dramatically streamline the administration of health-related spending accounts, while enabling total control over branding, pricing, fees, interest rates, substantiation rules, and the entire customer experience.

About Canopy Financial

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

HSA Insider Releases 2008 Edition of HSA Road Rules [5/8/2008]

SAN FRANCISCO and CHICAGO, May 8, 2008 – HSA Insider, a division of Canopy Financial and online leader in Health Savings Account (HSA) education and related services, today announced the release of the sixth edition of HSA Road Rules, the most widely distributed reference guide on Health Savings Accounts. New for 2008, the HSA Insider has separated the Road Rules into two versions for Employers and for Employees/Individuals. Both versions are available for download at www.hsainsider.com.

"HSA Road Rules is the definitive reference guide for businesses and consumers interested in high deductible health plans and HSAs," said Traci Roberts, Director of Marketing for Canopy Financial. "Since its launch in 2004, HSA Road Rules has been downloaded by thousands of U.S. businesses, health insurers, financial institutions, and third party administrators, and has provided millions of healthcare consumers with clear, concise guidance on the evolving laws, contribution limits, plan deductibles, along with key plan management considerations concerning HSAs." The updated editions include the following updated 2008 figures for:

Minimum deductibles for qualified high deductible health plans (HDHPs)
Out-of-pocket expense limits for HDHPs
HSA maximum contribution limits
Eligible long-term care premium amounts (as a qualified medical expense)

Additionally, the sixth version of HSA Road Rules for Employers also includes new rules on employer comparable contributions issued by the IRS that became effective on April 17, 2008.

Canopy Financial has incorporated the new regulations for 2008 into all of its products, including its award-winning HealthDirect technology platform for Health Savings Account management, and the company’s recently launched MyCanopy.com online service, which offers businesses of any size and consumers a single online destination for procuring and managing high deductible health insurance plans and their requisite attached HSAs. Training materials, customer service, and welcome kits have also been updated.

About Canopy Financial

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Partners with Wolters Kluwer to Deliver New HSA Management Service [1/22/2008]

SAN FRANCISCO and CHICAGO, January 22, 2008 – Canopy Financial, a leading provider of innovative technology solutions that connect healthcare and financial services, today announced it has contracted with Wolters Kluwer Financial Services, a provider of compliance, content, and technology solutions that helps more than 15,000 financial organizations manage risk and improve efficiency across their enterprise. Through the relationship, Canopy’s HealthDirect Health Savings Account (HSA) technology platform has been integrated into Wolters Kluwer Financial Services’ new HSA Director™, a Health Savings Account (HSA) management system that provides financial institutions and their commercial and retail clients fast, easy, and compliant HSA enrollment and management capabilities. While HSA Director will be marketed to financial institutions nationally, the new product will make Canopy’s award-winning healthcare banking platform, which currently services and supports the HSA programs of several Fortune 500 financial institutions and healthcare companies, available to all banks and credit unions for the first time.

“As the HSA market continues to accelerate, financial institutions are increasingly offering these types of accounts to the employer and consumer clients they service,” said Luis Doffo, Senior Vice President, Canopy Financial. “Our relationship with Wolters Kluwer Financial Services is extremely important as it helps Canopy dramatically extend its market penetration particularly into the bank and credit union market through HSA Director, a seamless, leading edge healthcare banking product that helps financial institutions meet the HSA needs of their customers.”

“Wolters Kluwer Financial Services is committed to helping financial institutions take advantage of the rapid growth in HSAs and the Consumer Directed Healthcare market,” said Dave Roy, General Manager, Banking, Wolters Kluwer Financial Services. “HSA Director integrates our leading HSA compliance documents and content into Canopy’s HealthDirect HSA technology platform and not only gives financial institutions an opportunity to more efficiently provide customers with portable Health Savings Accounts, but offers their commercial clients a complete and comprehensive solution, which is critical when competing with healthcare-owned financial service providers.”

About Wolters Kluwer Financial Services

Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne® GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street®.

Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.

Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of € 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.WoltersKluwer.com.

About Canopy Financial

Contact:

Wolters Kluwer Financial Services:
Jennifer Marso, Director of Corporate Communications, 612/852/7912
Jennifer.marso@wolterskluwer.com

Chuck Miller, Senior Public Relations Specialist, 320/240/5457
Charles.miller@wolterskluwer.com

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Financial Completes $15 Million Capital Raise [1/10/2008]

SAN FRANCISCO and CHICAGO, January 10, 2008 – Canopy Financial, a leading provider of innovative technology solutions that connect healthcare and financial services, today announced it has completed a minority capital venture funding round of approximately 15 million dollars. Led by Granite Global Ventures, the new funding round will support product development and marketing of Canopy’s leading edge healthcare banking technologies for the rapidly growing Health Savings Account (HSA) and Consumer-Driven Healthcare (CDH) market.

“Many of the nation’s leading healthcare and financial institutions have selected Canopy to power their healthcare banking initiatives, which helped accelerate our revenues in 2007 by more than fourteen times since 2006, making Canopy one of the fastest growing companies in America today,” said Vik Kashyap, CEO of Canopy Financial. “We are extremely pleased that Granite Global Ventures, which has backed such companies as Athenahealth (NASDAQ: ATHN) and SuccessFactors (NASDAQ: SFSF), is our strategic investor as we pursue our long term strategy of affecting major change in the consumer-driven healthcare market.”

“The consumer-driven healthcare market is one of the most dynamic and rapidly expanding market segments in America today,” said Glenn Solomon, Managing Partner with Granite Global Ventures. “For our entry into this market, we chose to invest in Canopy Financial, which with its innovative healthcare banking technology, proven management team, and significant market lead is poised to be at the forefront of what we anticipate will be a paradigm shift in healthcare and financial services.”

Along with Canopy’s industry leading electronic payment, account management and investment technology platform HealthDirect that supports the healthcare banking programs of Wachovia, Fifth Third Bank, Sovereign Bank, eHealthInsurance and Caremark, Canopy recently launched MyCanopy.com, a single online destination for businesses and consumers to source and manage everything they need relating to high deductible health plans and HSAs.

Financial Technology Partners LP and FTP Securities LLC (together "FT Partners") acted as exclusive strategic and financial advisors to Canopy in this transaction.

About Granite Global

Granite Global Ventures is a leader in expansion-stage venture capital investments in the United States and Asia. Focused on expanding global innovation, GGV’s highly diverse team manages over $800 million from its offices in Silicon Valley, Shanghai, and Singapore. The firm invests across a range of sectors in information technology, services and healthcare, as well as emerging industry segments in Asia. GGV has provided capital and helped accelerate international business development for its worldwide portfolio of high-growth companies, particularly in the U.S. and China. GGV’s portfolio includes athenahealth (NASDAQ: ATHN), SuccessFactors (NASDAQ: SFSF), Alibaba.com (HKSE:1688), HiSoft, Tudou.com, Boston-Power, and Isilon Systems (NASDAQ: ISLN). Recent exits include AAC Acoustics (HKSE: 2018), Netli (acquired by Akamai), Sirna Therapeutics (acquired by Merck), Xfire (acquired by Viacom), and XenoPort (NASDAQ: XNPT). The total market value of GGV’s exits since the firm’s formation in 2000 exceeds US$8 billion. For more information, please visit www.ggvc.com.

About Canopy Financial

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Canopy Debuts Marketing Suite for Consumer-Driven Healthcare Market [12/4/2007]

SAN FRANCISCO and CHICAGO, December 4, 2007 – Canopy Financial, the market leader in financial technology solutions for consumer-driven healthcare, today launched its new Health Savings Account (HSA) Marketing Suite. The new suite of services is designed to assist Canopy’s client base of banking institutions, asset managers, and healthcare companies in marketing to and educating consumers about the benefits of HSAs.

“Successful adoption of consumer-driven healthcare products requires education,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “Our comprehensive, integrated marketing and account acquisition solutions will help ensure our clients’ success in launching and growing their account base.”

Canopy’s new services include:

   • Marketing website that integrates with enrollment and account management platforms
   • Turnkey marketing and education materials designed to educate and sell to all constituents
   • Lead generation through a listing on HSAInsider.com, the industry’s leading HSA website
   • Total campaign management with end-to-end customized campaigns
   • Access to best practices in the evolving consumer-driven healthcare market

Traci Roberts, who previously served as Marketing Manager for Health Savings Accounts at Kaiser Permanente, is leading the new initiative at Canopy. Prior to Kaiser, Roberts served in various marketing and product management roles at Charles Schwab & Company and in online marketing at Wells Fargo.

“We are still in the early stages of consumer-driven healthcare” said Red Gillen, Senior Analyst at Celent. “The key to success for insurers and financial institutions hinges on continuous education—not only during the enrollment period, but throughout the entire plan year.”

About Canopy Financial

Contact:

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

###

Sovereign Bank Launches Canopy-Powered HSA Platform [10/23/2007]

BOSTON and SAN FRANCISCO, October 23, 2007 – Sovereign Bank today announced a new Health Savings Account (HSA) program featuring multiple customer enhancements. The new program is based on Canopy Financial’s Web-based HealthDirect operating platform.

“Having been one of the first major banks to develop an HSA custodial program more than two years ago, we have had time to study what works and what doesn’t for the account holders, employers, brokers and insurers who choose Sovereign’s program,” said Eduardo Tobon, Senior Vice President, Director of Corporate Alliances and HSAs at Sovereign. “Canopy Financial’s HealthDirect platform not only gives us the best HSA solution now, it positions us to stay ahead by virtue of Canopy’s continued innovation in the Consumer-Directed Healthcare (CDH) industry.”

Canopy Financial, the market leader in financial technology solutions for CDH, has been serving industry-leading financial institutions and health plans since 2004. “Canopy is pleased to be partnered with Sovereign Bank on the launch of their next-generation HSA capabilities,” said Jeremy Blackburn, President of Canopy Financial. “Sovereign’s thought leadership and commitment to improving the consumer experience positions it as a leader in the HSA market.”

Sovereign’s new HSA program features an online enrollment facility that allows customers to open and set up funding for their HSAs in a single, online session. “Speed in account opening is particularly important at this time of year when many employers hold their annual benefits open enrollment,” said Tobon. He added, “having employees’ HSAs open and funded simultaneously with their health plan’s effective date gives them the full benefit of their HDHP/HSA program from day one.”

Other new enhancements to Sovereign’s program made possible by the HealthDirect platform include the ability for account holders to invest in a variety of mutual funds, to make online account transfers and bill payments and to keep track of their healthcare spending more efficiently.

Employers who choose Sovereign as custodian for their employees’ HSAs will also benefit from the new platform via a comprehensive, online HSA Management System that greatly simplifies tasks associated with HSA program administration including managing employee HSA enrollments and HSA contributions and payroll administration.

Additional information on Sovereign’s HSA program is available at:

Individual HSA Enrollments: www.sovereignbank.com/hsa
HSA Employer Program: 1-877-SOV-HSA1 (768-4721)

About Sovereign

Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, a financial institution with $87 billion in assets as of September 30, 2007 with principal markets in the Northeast United States. Sovereign Bank has 750 community banking offices, over 2,300 ATMs and approximately 12,000 team members. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 18th largest banking institution in the United States. For more information on Sovereign Bank, call 1-877-SOV-BANK.

About Canopy Financial

Contacts:

Sovereign Bank:
Ellen Molle, 617/757/5573 or 617/548/9932
emolle@sovereignbank.com

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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Canopy Financial Expands Solutions to Support All CDH Account Types [6/19/2007]

SAN FRANCISCO, June 19, 2007 – Canopy Financial, the market leader in financial technology solutions for consumer-driven healthcare, announced today that it has expanded its product capabilities to support all healthcare account types, including Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Voluntary Employees' Benefits Associations (VEBAs).

The expanded set of products builds upon the success of Canopy’s award-winning HealthDirectSM platform, which today serves the world’s largest healthcare and financial institutions with account management, investments trading, card management, customer relationship management, and payment processing capabilities specifically for consumer-driven healthcare.

Features such as multiple claims entry, automatic substantiation and payment, incentive reimbursement, account stacking, and crossover claim management from the health, dental, and PBM plans are included in Canopy’s expanded products and services.

“Canopy has established leadership in the Health Savings Account market by building financial technologies that serve all constituents in the healthcare value chain, most importantly the consumer,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “Extending the capabilities of our market-leading platform has allowed us to innovate new capabilities that simplify the complex business of healthcare while helping our clients exploit additional growth opportunities.”

The FSA, HRA, and VEBA modules of HealthDirect will be commercially available on June 20, 2007.

About Canopy Financial

Contact:

EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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Fifth Third Processing Selects Canopy to Power Healthcare Banking Strategy [2/26/2007]

CHICAGO, February 26, 2007 – Canopy Financial, a leading provider of financial technology and electronic payment solutions to the healthcare and financial services industries, announced today that it has been selected by Fifth Third Processing Solutions, one of the nation's largest providers of credit, debit, EBT, ACH and check acceptance services and headquartered in Cincinnati, Ohio, to power a unique suite of healthcare banking services for consumers, employers, health insurers, providers, administrators, and other financial institutions.

Canopy's award-winning products and services will be integrated with the payment processing technologies of Fifth Third Processing Solutions to create a leading end-to-end CDH platform complete with integrated investment options.

"Consumer-directed health plans have changed the role financial institutions play in helping consumers manage their healthcare expenses," said Charles Drucker, President, Fifth Third Processing Solutions. "Canopy's product leadership and deep understanding of the healthcare financial services landscape makes for an exciting partnership that is already benefiting our financial institution customers."

"Canopy is very pleased to be partnered with Fifth Third Processing Solutions on this exciting initiative," said Vik Kashyap, Chairman and Founder of Canopy Financial. "Integrating the capabilities of HealthDirect^SM with Fifth Third's best-in-class payment solutions results in a powerful combination of healthcare-oriented banking products."

Fifth Third is now offering Health Savings Accounts managed by the HealthDirect^SM platform to retail customers and commercial banking clients.

About Fifth Third Processing Solutions

Fifth Third Processing Solutions, a division of Fifth Third Bank, an Ohio Banking Corporation, is one of the nation's largest providers of credit, debit, EBT, ACH and check acceptance services. Established in 1973, Fifth Third's high-end in-house processing capabilities offer an unparalleled combination of flexibility, reliability, experience, and proactive support. Fifth Third innovations include the development of JEANIE(r), the nation's first modern ATM network and Fifth Third Direct(sm), the industry-leading interactive, Internet-based back-office support system. As one of the five businesses operated by Fifth Third Bancorp, headquartered in Cincinnati, Ohio, Fifth Third Processing Solutions processes 21 billion ATM and POS transactions per year for more than 142,100 merchant locations and 2,300 financial institutions worldwide, including First Niagara Financial Group, Sovereign Bank, The Kroger Co., AutoZone, Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Annually, Fifth Third processes $148.1 billion in credit card sales. More information may be found at www.53.com.

About Canopy Financial

Contact:

EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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HSA Insider Publishes New Version of HSA Road Rules [1/8/2007]

CHICAGO, January 8, 2007 – HSA Insider, a division of Canopy Financial and online leader in Health Savings Account education and related services, today announced the release of the fifth edition of HSA Road Rules, the most widely-distributed reference guide on Health Savings Accounts. It is available for download at www.hsainsider.com.

The updated edition, designed for employees and employers, includes the new changes recently passed into law through the Tax Relief and Health Care Act of 2006. In addition to an expanded employer section, the fifth edition offers new guidance for eligibility requirements and contribution limits.

Canopy Financial has incorporated the new regulations for 2007 into all of its products, including its award-winning HealthDirectSM technology platform for Health Savings Account management. Training materials, customer service and welcome kits have also been updated.

Since its launch in 2004, HSA Road Rules has been downloaded by thousands of U.S. businesses, health insurers, financial institutions, and third party administrators – and has provided millions of healthcare consumers with clear, concise guidance on the evolving laws concerning Health Savings Accounts.

About Canopy Financial

Contact:

EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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CashEdge Partners with Canopy to Offer World-Class Account Management Tools [11/6/2006]

NEW YORK and CHICAGO, November 6, 2006 -- CashEdge, Inc. (www.cashedge.com), the pioneer behind opening and funding accounts online, and Canopy Financial, the leading provider of financial technologies that power consumer-driven healthcare, announced a strategic partnership today that provides financial institutions with the infrastructure needed to address the unique complexities associated with originating and managing healthcare related financial accounts.

“CashEdge’s market-leading products play an important role in helping financial institutions automate account origination processes,” said Vik Kashyap, Chairman & Founder of Canopy Financial. “Through this partnership, financial institutions have the ability to extend their capabilities to profitably open, fund, and manage healthcare-related financial accounts entirely online.”

“We are pleased to partner with Canopy Financial in this collaboration of healthcare and financial services technologies,” stated Sanjeev Dheer, chief executive officer of CashEdge. “As the market leader, CashEdge is always looking for opportunities to extend our reach and deliver our cutting-edge technology solutions to such exciting new markets as consumer-driven healthcare.”

Canopy Financial processes a consumer-driven healthcare financial transaction every 14 seconds and CashEdge’s platform is currently used in more than 450 institutions including six of the top 10 banks and seven of the top 50 credit unions.

About CashEdge

CashEdge® provides innovative, online financial applications for banks, credit unions and wealth management firms. CashEdge’s solutions include end-to-end online account opening and funding, funds transfer and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities. With CashEdge, financial institutions are able to create compelling online offerings that attract customers, generate revenues and reduce costs.

CashEdge serves more than 450 leading financial institutions, including such leading institutions as Bank of America, Citibank, and Royal Bank of Canada. CashEdge has offices in New York and Silicon Valley. For more information, please visit www.cashedge.com.

About Canopy Financial

Contacts:

CashEdge:
LandersMadden Public Relations
Machie Madden, 212/292/8560 ext. 216
machie.madden@landersmadden.com

Canopy Financial:
EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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Canopy and Subimo Launch Decision Support Tools for Financial Institutions [10/3/2006]

CHICAGO, October 3, 2006 -- Subimo, a leader in web-based healthcare decision-support tools, and Canopy Financial, a leading provider of financial technologies that power consumer-driven healthcare products and services, announced today the launch of HealthAdvisor FI^SM, an innovative suite of decision-support tools and content for financial institutions.

Integrated with HealthDirect^SM, Canopy’s online Health Savings Account (HSA) and Health Expense Account (HEA) administration platform, and powered by Subimo’s award-winning Healthcare Advisor^SM suite, HealthAdvisor FI^SM allows financial institutions to offer a rich and relevant set of capabilities to help consumers easily research hospitals, doctors, treatment and drug cost options to make decisions that are best for themselves and their families.

“The challenge for financial institutions is to determine the extent to which they want to support consumer choice and decision making as it relates to healthcare,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “For example, as a consumer reviews their prior month spend report and notices a large percentage of their healthcare expenses are related to prescription medicines, they can now compare generic alternatives and model the impact those cost savings may have on their account – all online and in real-time at the consumer banking website. This is the kind of consumer experience this partnership fosters.”

“Banks will play an increasingly important role in helping consumers make better healthcare decisions through leading tools and specialized content,” said Ann Mond Johnson, President of Subimo. “Canopy Financial has emerged as a leader in helping banks expand their offerings through financial technologies built specifically for the consumer-driven healthcare market. Within Canopy’s solution, Subimo’s Healthcare Advisor^SM suite and Coverage Advisor^SM products augment the entire consumer experience.”

HealthAdvisor FI^SM also allows consumers to compare the costs and benefits of multiple health insurance plan offerings, as well as model the impact that contributions to a Health Savings Account (HSA) and an HSA Investment Account may have on long-term savings goals. In addition, HealthAdvisor FI^SM includes the industry’s most comprehensive knowledgebase of account basics and FAQs from Canopy Financial’s Health Savings Account portal, HSA Insider (www.hsainsider.com).

About Subimo

Headquartered in Chicago, IL, Subimo, LLC licenses an award-winning suite of decision tools, which provide a unique combination of data, content, personalized and interactive models, along with a variety of online wellness tools, so consumers can easily manage and track their personal health status, select insurance coverage, fund their tax-preferred accounts, determine costs for medical services, and select hospitals, drugs, and physicians. Everyone saves money when consumers have better information and can make better choices. Nearly 75 million Americans have access to Subimo's tools through their insurance company or employer. For more information, visit www.subimo.com or call 888-SUBIMO-1.

About Canopy Financial

Contact:

EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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Canopy Financial Announces New Healthcare Bill Payment Solutions [08/15/2006]

CHICAGO, August 15, 2006 -- Canopy Financial, a leading provider of financial technologies that power consumer-driven healthcare products and services for health insurers and financial institutions, today introduced HealthDirect Bill Pay^SM, an online bill payment gateway that provides consumers with online bill pay functionality.

HealthDirect Bill Pay^SM integrates with the account management tools offered by payers and third party administrators to facilitate all provider and merchant remittance, both electronic and paper-based payments.

“An increasing number of bill payments to hospitals, merchants, and other medical providers are being initiated by consumers from their health savings and other consumer-driven healthcare accounts,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “HealthDirect Bill Pay^SM satisfies the need for a bill payment platform that can be seamlessly integrated with the HSA, HRA, and FSA administration solutions of payers and administrators.”

With HealthDirect Bill Pay^SM, consumers may:

Store an unlimited number of payees for future payment reference
Classify payments by expense type and create custom expense types for reporting
Set recurring payments for regularly scheduled expenses
Schedule payments for any date in the future
Identify payments for services belonging to the insured or the insured's dependents
Search the payee database to find an existing medical provider or merchant
Input short or long descriptions for future ledger reference
View estimated payment clearance times (based on paper or electronic remittance)
Mark the date the medical service was rendered for expense tracking

Clients using HealthDirect Bill Pay^SM improve the adoption of electronic remittance among providers and merchants resulting in shorter payment periods, a reduction in collection time for provider receivables, and a significant decrease in transaction processing expenses.

HealthDirect Bill Pay^SM is a standard component of HealthDirect^SM, Canopy’s online Health Savings Account (HSA) and Health Expense Account (HEA) administration platform.

About Canopy Financial

Contact:

EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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Shawnee Administrative Services Selects HealthDirect for HSA Management [08/14/2006]

CHICAGO, August 14, 2006 -- Shawnee Administrative Services, LLC, a leader in defined benefit and defined contribution plan administration, announced today that it has selected HealthDirect^SM from Canopy Financial, a leading provider of financial technologies that power consumer-driven healthcare products and services for health insurers and financial institutions, to power an innovative suite of Health Savings Account (HSA) solutions.

Shawnee Administrative Services, LLC has been a leader in Health Savings Account administration since 2004. Shawnee has chosen Canopy Financial’s HealthDirect to meet the needs of its customers. Shawnee will begin offering turnkey HSA administration and HSA investment services to employers, advisors, brokers, insurance carriers, and financial institutions on August 21, 2006.

“After a careful evaluation of technology solutions that could support our HSA product vision, it was clear that Canopy Financial was beyond compare,” said Randy House, President of Shawnee Administrative Services, LLC. “In the process of designing a world-class suite of HSA administration services for our clients, we found a world-class financial management platform to power it all - HealthDirect.”

“As a forward-thinking organization, Shawnee Administrative Services endeavors to offer a truly differentiated suite of HSA products and related services,” said Vik Kashyap, Chairman and Founder of Canopy Financial. “HealthDirect will allow Shawnee to enter this market quickly and profitably, while providing the foundation for future product and service enhancement.”

Shawnee’s HSA solution includes multi-channel customer service, custodial and investment account record-keeping, eligibility verification, line of credit management, and expense substantiation.

About Shawnee Administrative Services

Shawnee Administrative Services, LLC is a leader in defined benefit and defined contribution plan administration. Serving several large client organizations, Shawnee’s solutions include Flex Spending, Health Reimbursement, Health Savings, and COBRA administration. For more information, please visit our web site at www.sas105.com or call 1-888-556-2900.

About Canopy Financial

Contact:

EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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Canopy Financial Announces Credit Score for Healthcare Lending [07/11/2006]

CHICAGO, July 11, 2006 -- Canopy Financial, a leading provider of financial technologies that power consumer-driven healthcare products and services for financial institutions and health insurers, introduced HealthScore^SM, a credit score used specifically for predicting and managing the unique risks associated with lending to consumers with high-deductible health plans.

HealthScore^SM uses the unique high-deductible health plan design information, together with the consumer credit score, to create a comprehensive risk profile that is the basis for a better lending decision. Factoring in deductible amounts, out-of-pocket maximums, and other plan profile information, HealthScore^SM calculates a three-digit score that can be used as a standalone risk indicator for healthcare lending, or may become an input to the existing credit policy of a financial institution.

“Unlike traditional consumer credit scores, HealthScore^SM considers the new financial obligations high-deductible health plans create for consumers, which can have a profound impact on the risk profile of those households,” says Anthony Banas, Chief Technology Officer of Canopy Financial. “In addition to being significantly more predictive of risk in a healthcare lending context, HealthScore^SM can also be used to segment your member population to identify the households that would likely use a line of credit if it were in fact available to them.”

HealthScore^SM can be up to 50% more predictive of risk over traditional consumer credit scores for lines of credit paired with Health Savings Accounts (HSA). Additionally, HealthScore is integrated with the enrollment process of HealthDirect^SM, Canopy’s online Health Savings Account (HSA) and Health Expense Account (HEA) administration platform, resulting in real-time credit decisions and offers at the point of HSA origination.

About Canopy Financial

Contact:

EGOEast, Inc.
Mark Hall, 786/281/7007
markh@egoeast.com

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For information on Canopy's broad array of healthcare banking solutions, visit the Solutions portion of this site.

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