Waterside Investment Pays Off for Contact Center Leader

    NORFOLK, Va., July 13 /PRNewswire-FirstCall/ -- Eight years after
 Waterside Capital Corporation (Nasdaq:   WSCC) invested capital in an up-and-
 coming telecommunications company in New Jersey, the region's only SBIC
 announced that it has sold the remaining 1% warrant to AnswerNet and is
 successfully exiting the investment.
     Waterside CEO Lin Earley said its relationship with AnswerNet has been
 successful and profitable, with both parties winning in the end.
     Waterside invested $550,000 in AnswerNet in July 1999. In accordance
 with the agreement, Waterside's investment was repaid in full amount, plus
 the sale of the 18% common equity warrant held by Waterside resulted in a
 very profitable investment.
     AnswerNet's shareholders have fared even better. AnswerNet used
 Waterside's funding to jump-start an acquisition strategy. Through smart
 management, profitable operations and careful acquisitions, AnswerNet grew
 into one of the premier 24/7 contact center businesses handling order
 entry, telephone answering services, sales, lead qualification and other
 customer management functions from multiple contact centers.
     Leaders from both companies are available for comment at:
         Lin Earley, CEO, Waterside Capital Corporation
         (757) 672-2778 or david@rourkpr.com
         Gary Pudles, President, AnswerNet
         (609) 921-7450 or david@rourkpr.com
     Waterside Capital Corporation (http://www.watersidecapital.com) is a
 Small Business Investment Company (SBIC), headquartered in Norfolk,
 Virginia with a portfolio of approximately $28.3 million of loans and
 investments in 19 companies located primarily in the Mid-Atlantic region.
 Waterside Capital's individual investments range from $500,000 to over $3
     The AnswerNet Network (http://www.answernet.com) is a premier provider
 of 24/7 inbound, outbound and e-bound contact center and fulfillment
 solutions. The AnswerNet Network handles order entry, telephone answering
 services, sales, lead qualification and other customer management functions
 from 55 contact centers, serving over 35,000 clients, and processing more
 than 60 million contacts annually.

SOURCE Waterside Capital Corporation

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