Kiosk Newsbit

ObjectSoft Announces $7.1 Million Equity Facility From Institutional Investors
(Business Wire; 05/18/98)

HACKENSACK, N.J.--(BUSINESS WIRE)--May 18, 1998--ObjectSoft Corporation 
 (NASDAQ:OSFT) announced today that it entered into a Private Equity Agreement 
 with several institutional investors arranged by Settendown Capital 
 International, Ltd.  which provides for a commitment for up to $7.1 million in 

     "This financing strengthens ObjectSoft financially, and is expected to 
 provide us with the necessary resources to execute our business plan," said 
 David E. Y. Sarna, Chairman and co-CEO of ObjectSoft.  

     ObjectSoft, which operates community-oriented kiosks in public places in 
 New York City and is beginning a similar program in the city of San Francisco 
 later this month., plans to use the funding to deploy more kiosks in the New 
 York and San Francisco markets.  Additionally, the funding will allow the 
 company to negotiate arrangements for kiosks, which generate revenue in the 
 form of advertising, in other cities which it plans to enter in the next 12 

     Recently, Microsoft (NASDAQ:MSFT), Con Edison (NYSE:ED), and Isabella 
 Geriatric Center committed to advertise on the company's SmartSign kiosks in 
 New York.  

     Under the agreement ObjectSoft sold 444,444 shares of Common Stock together 
 with warrants to purchase 18,000 shares of stock for a total consideration of 
 $900,000.  The Company, subject to the satisfaction of certain conditions, has 
 the option of accepting additional investments totaling $1,200,000 in preferred 
 securities and may, from time to time, "put"  to the investors Common Stock of 
 the Company, potentially producing proceeds of up to $5,000,000.  

  About ObjectSoft

     Founded in 1990, ObjectSoft is a leader in providing information- and 
 Internet-based services through public access terminals and has pioneered 
 secure credit card processing of electronic commerce.  

     ObjectSoft is a publicly held company listed on NASDAQ SmallCap. For more 
 information on ObjectSoft, visit their website at details on the financing are provided 
 in the Company's Quarterly report on Form 10-QSB which was filed on May 15, 
 1998 with the Securities and Exchange Commission (  

     This press release contains certain forward-looking statements concerning 
 ObjectSoft which are subject to a number of known and unknown risks that could 
 cause actual results, performance and achievements to differ materially from 
 those described or implied in the forward-looking statements.  Among such risks 
 are those discussed in the Company's Registration Statement on Form SB-2 and 
 its Annual and Quarterly Reports on Forms 10-KSB and 10-QSB, respectively, and 
 include, but are not limited to, limited operating history, recent 
 establishment of new business divisions, dependence on new and untested 
 product, risks related to technological factors and potential manufacturing 

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