driversshield.com Corp. announced on May 7, 2001 that it has signed a letter of intent to merge Code Technologies Inc., a private company, into driversshield.com. Code is controlled by affiliates of Pegasus Capital Advisors, LP. ("Pegasus"). Pegasus, a Greenwich, CT-based equity management concern, currently manages $800 million of private equity. It is contemplated that Code will become a subsidiary of driversshield.com. The letter of intent also contemplates that Pegasus will assist driversshield.com in obtaining $5 million of equity capital simultaneous with the merger. This transaction is subject to the completion of favorable due diligence by both parties and approval by the shareholders of driversshield.com. Code Technologies Inc. has developed and launched a full-service telematics solution focused on vehicle safety and security. Telematics encompasses the market of interactive wireless, in-vehicle communication, control and information systems. Code Technologies’ telematics solution combines traditional automotive control systems with wireless data services, cellular telephones, call center support and Web access to deliver integrated services such as safety, security, global positioning (GPS) communication, convenience, information and entertainment. driversshield.com is engaged in automotive fleet management, auto physical damage claims processing and collision repair for insurance companies and automotive services for businesses and members of affinity groups. Clients include AT&T, Coca-Cola, Time Warner, IBM, and Hershey Foods.