driversshield.com Corp. and Code Technologies, Inc. Sign Letter of Intent to Merge

Combined Company Will Add Satellite Vehicle Tracking and Monitoring Systems to
                             Current Product Line

    PLAINVIEW, N.Y., May 7 driversshield.com Corp. announced today 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, Connecticut 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.
Pegasus offers the Company critical access to capital markets and has strong
ties to senior executives within both the insurance and automotive industries.
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 rapidly emerging 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 a
variety of integrated services such as safety, security, global positioning
(GPS) communication, convenience, information and entertainment. The CEO of
Code was the founder of a leading technology and manufacturing company in the
automotive security, safety and electronics industry.
    "The combined companies offer a unique group of advanced technology
products and services to address the $42 billion auto physical damage
insurance industry marketplace and the projected $40 billion Telematics
automotive aftermarket," said Barry Siegel, CEO of driversshield.com.  General
Motors equips many of its cars with the OnStar(TM) satellite based navigation
system and Ford is part of a joint venture developing its own version. No
comparable system is currently offered in the huge automotive aftermarket.
    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. Since its
founding in 1983, driversshield.com Corp. has built a national reputation for
efficient, cost-saving management of collision claims for self-insured
corporate and municipal vehicle fleets.  Clients include AT&T, Coca-Cola, Time
Warner, IBM, Hershey Foods and many other prominent corporations.  Through its
affinity auto membership programs, the Company has established relationships
with Providian Financial, Assurant Group (part of the Fortis group), Aon,
Protective Life, Priceline.com and other prestigious credit card, financial
organizations and web sites.
    This announcement contains "forward-looking statements."  Words
"anticipate," "believe," "estimate," "expect" and other similar expressions as
they relate to the Company and its management are intended to identify such
forward-looking statements.  Although the Company and its management believe
that the statements contained in this announcement are reasonable, it can give
no assurances that such statements will prove correct.  Factors that could
affect the occurrence of events or results discussed herein are included with
those mentioned in the Company's filings with the Securities and Exchange
Commission.

                    MAKE YOUR OPINION COUNT -- Click Here
               http://tbutton.prnewswire.com/prn/11690X23418538