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pan Wins Indiana Entrepreneurial Award of Distinction

October 25, 2005 – Performance Assessment Network, Inc. ("pan®"), a world-leader in online assessment and talent management systems, received top honors in the Indiana Entrepreneurial Awards of Distinction, an awards program from Indiana University's Kelley School of Business. During a dinner ceremony at the Indiana Roof Ballroom in Indianapolis on October 20th, pan won an award in the growth category, honored for financial results well in excess of the combined two-year 35 percent increase in revenue that was required for eligibility.

pan was also recognized as a finalist in the innovation category, which honors pioneers of new systems that create and develop best practices for their industry.

More than 175 companies applied for the Indiana Entrepreneurial Awards of Distinction and 18 successful Indiana companies and one non-profit organization were the inaugural winners. "These entrepreneurial companies have a strong impact on the state, not only economically but also through the employment and community development opportunities they provide to their communities," stated Donald F. Kuratko, executive director of the Johnson Center for Entrepreneurship and Innovation at Indiana University's Kelley School of Business.

"While pan is committed to global expansion, it is especially gratifying to be recognized for the positive impact that our growth, innovation and willingness to take calculated risks has on the business climate in our home state," said pan's CEO David T. Pfenninger, Ph.D. "Many members of this highly dedicated team are graduates of Indiana University, so we find it a special honor to be recognized for our achievements by our alma mater."

Since its inception in 2000, pan has grown rapidly, even during the economic slowdown. pan helps its clients automate the hiring process, drive down costs, minimize turnover, and create a higher caliber workforce. The pan technology system, patented in the United States in 2004, has defined the best practices in Web-based assessment, and has exceeded the security and performance audit requirements of some of the most demanding, security-conscious users in operation.

The company, which now has more than 80 employees, continues to be at the forefront of technology used to manage assessment programs. Today, pan's secure, automated systems provide for the administration and delivery of professional assessment and testing instruments for organizations worldwide. pan owns and manages VitaT, a Web-based talent management solution that supports complex, high-volume selection systems internationally, including programs for major U.S. government departments. pan also manages hundreds of proctored assessment centers for high-stakes testing, and in the education market, poet® (pan online educational testing), is advancing Web-based test administration standards.

Earlier this month, pan was named the top Rising Star on the 2005 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America. In September, pan was ranked as the fastest growing private company in the Indianapolis area by the Indianapolis Business Journal. Dr. Pfenninger was named a 2005 Ernst & Young Entrepreneur of the Year Award Winner in the technology category for the Great Lakes Region, and is a finalist for the national award.

This is the first year for the Indiana Entrepreneurial Awards of Distinction, which were presented by the school's Johnson Center for Entrepreneurship and Innovation. For more information regarding the Johnson Center for Entrepreneurship and Innovation, or the Indiana Entrepreneurial Awards of Distinction, call 812.855.4248 or go to www.kelley.indiana.edu/jcei.

About pan

Performance Assessment Network, Inc. (pan) is the leading provider of Internet-based testing and assessment solutions, with over 12,000 corporate, government, and education users internationally. pan administers millions of tests, assessments, and surveys annually. Closely held pan is based in Carmel, Ind. For more information, visit www.panpowered.com.