CEA Acquisition Corporation and etrials Worldwide Announce Filing of Amended Form S-4 Registration Statement.

TAMPA, Fla. & MORRISVILLE, N.C. -- CEA Acquisition Corporation (OTCBB: CEAC, CEACU, CEACW) ("CEAC"), a special purpose acquisition company, and privately held etrials Worldwide, Inc. ("etrials"), a global provider of integrated software for the life sciences industry, announced today that CEAC had filed an amended registration statement on Form S-4 with the Securities and Exchange Commission on December 13, 2005. The Form S-4 includes, among other information, unaudited financial information for etrials as of and for the nine months ended September 30, 2005. As previously announced, CEAC and etrials have entered into a definitive merger agreement pursuant to which etrials will become a wholly owned subsidiary of CEAC.

Unaudited Financial Information

etrials' backlog increased 43% to $22.3 million at September 30, 2005 from $15.6 million at September 30, 2004. etrials' backlog at October 31, 2005 was $24.3 million, as compared with backlog of $20.4 million at December 31, 2004. Backlog is defined as the remaining value of contracts and written commitments clients have awarded to etrials. All client contracts are subject to possible delays, cancellation or changes in scope which can impact backlog. Accordingly, current backlog is not necessarily indicative of etrials' future quarterly or annual revenue.

For nine months ended September 30, 2005, etrials' revenue increased 24.4% to approximately $10.8 million from approximately $8.7 million in the comparable prior year period. This reflects an increase in the number of contracts in backlog as of September 30, 2005, which itself reflects an increase in the market penetration of etrials' eClinical software suite of products and a rising industry adoption rate of eClinical technologies.

During the nine months ended September 30, 2005, etrials recorded a $396,666 discount to revenues (versus no such reduction in the comparable 2004 period) in connection with a software application-hosting agreement entered into on April 1, 2005. This reduction in revenue was made pursuant to EITF 01-9, Accounting for Consideration Given by a Vendor to a Customer (Including a Reseller of the Vendor's Products), which is discussed in more detail in Amendment No. 1 to the Form S-4 as filed with the SEC on December 13, 2005.

Cost of revenues increased to approximately $4.9 million, or 45.3% of revenues, from approximately $3.4 million, or 39.3% of revenues, in the same period last year. In addition to higher personnel and related costs associated with an increase in etrials' services staff, cost of revenues for the 2005 nine-month period included:

--approximately $279,000 in settlement costs related to the August 2005 patent infringement litigation settlement ("the patent litigation");

--approximately $229,000 of increased expenses related to amortization of capitalized internal software development costs, software licenses and royalties; and

--approximately $129,000 of increased client pass through costs.

General and administrative costs as a percentage of revenues rose slightly to 21.9% from 21.6% in the same period one year ago. General and administrative costs for the 2005 nine-month period included $411,000 in legal expenses associated with the patent litigation, versus no such expenses in the comparable period of 2004.

The net loss for the first nine months of 2005 was approximately $151,000 as compared to net income of approximately $156,300 in the first nine months of 2004. The net loss for the 2005 period was negatively impacted by the patent litigation and settlement costs of approximately of $690,000, as well as the $396,666 revenue reduction related to the prepaid software application-hosting discount.

As of September 30, 2005, etrials' total assets were approximately $14.6 million, current assets were approximately $4.9 million, and working capital was approximately $1.2 million. Also as of September 30, 2005, etrials had approximately $636,000 in short-term debt and $170,000 in long-term debt.

The audited and unaudited financial statements of CEAC can be found on the Securities and Exchange Commission Web site (http://www.sec.gov) within CEAC's 10-KSB and 10-QSB filings for the relevant periods. As of September 30, 2005, CEAC had total and current assets of approximately $21.5 million, principally comprised of cash, and no debt.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about CEAC, etrials and their combined business after completion of the proposed merger. Forward- looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of CEAC's and etrials' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: Business conditions in the U.S. and abroad; changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which etrials is engaged; fluctuations in customer demand; management of rapid growth; intensity of competition; general economic conditions; as well as other relevant risks detailed in CEAC's filings with the Securities and Exchange Commission, including its report on Form 10-QSB for the period ended September 30, 2005 and Registration Statement on Form S-4. The information set forth herein should be read in light of such risks. Neither CEAC nor etrials assumes any obligation to update the information contained in this press release.

Additional Information

CEAC stockholders are urged to read the definitive proxy statement regarding the proposed transaction when it becomes available because it will contain important information. Copies of filings by CEAC, which will contain information about CEAC and etrials, will be available without charge, when filed, at the Securities and Exchange Commission's internet site (http://www.sec.gov) and, when filed, will be available from CEAC, without charge, by directing a request to CEAC Acquisition Corporation, 101 East Kennedy Boulevard, Suite 3300, Tampa, FL 33602.

etrials WORLDWIDE, INC.
                 CONDENSED CONSOLIDATED BALANCE SHEETS


                                    9/30/2005  12/31/2004  12/31/2003
                                    ---------  ----------  ----------
                                   (unaudited)
Assets
   Cash and cash equivalents       $1,440,494  $1,706,649  $1,529,822
   Other current assets             3,447,509   2,735,716   1,733,593
                                  ------------------------------------
Total current assets                4,888,003   4,442,365   3,263,415

Property and equipment,
 net of depreciation                1,041,533     875,673   1,011,118
Other assets                        8,715,015   8,781,460   9,181,410
                                  ------------------------------------
Total assets                      $14,644,551 $14,099,498 $13,455,943
                                  ====================================

Liabilities, redeemable
 convertible preferred stock
 and stockholders' deficit
   Current liabilities             $3,676,494  $3,499,728  $5,010,795
   Long-term liabilities              253,039      40,000      85,000
                                  ------------------------------------
Total liabilities                   3,929,533   3,539,728   5,095,795

Series A & B redeemable
 convertible preferred stock       13,359,066  12,494,445   9,854,365

Stockholders' deficit              (2,644,048) (1,934,675) (1,494,217)
                                  ------------------------------------
Total liabilities, redeemable
 convertible preferred stock
 and stockholders' deficit        $14,644,551 $14,099,498 $13,455,943
                                  ====================================



                        etrials WORLDWIDE, INC.
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


                 Nine Months Ended
                   September 30           Years Ended December 31
              ---------------------- ---------------------------------
                  2005       2004        2004       2003       2002
              ----------- ---------- ----------- ---------- ----------
                    (Unaudited)

Revenues      $10,816,528 $8,693,214 $12,766,306 $7,917,855 $4,601,615

Costs and
 expenses:
Costs of
 revenues       4,895,609  3,415,469   5,243,597  3,822,404  3,542,027
Sales and
 marketing      2,160,629  1,625,843   2,350,369  1,743,510  1,530,741
General and
 administrative 2,372,980  1,875,203   2,739,204  2,491,192  1,401,648
Amortization of
 intangible
 assets           419,617    401,024     539,513    471,071    906,025
Research and
 development    1,129,990    972,890   1,341,350  1,438,623    955,422
              ----------- ---------- ----------- ---------- ----------

Total cost and
 expenses      10,978,825  8,290,429  12,214,033  9,966,800  8,335,863
              ----------- ---------- ----------- ---------- ----------

Operating
 (loss) income  (162,297)    402,785    552,273 (2,048,945)(3,734,248)

Other expenses
 (income):
Interest
 expense           38,216    264,237     327,085    541,080    735,286
Loss on
 extinguishment
 and conversion
 of debt, net          --         --          --    266,374         --
Interest income   (8,448)    (3,222)     (6,256)    (1,208)      (116)
Other (income)
 expense         (41,108)   (14,542)    (28,992)     12,916      2,224
              ----------- ---------- ----------- ---------- ----------

Total other
 (income)
 expenses        (11,340)    246,473     291,837    819,162    737,394
              ----------- ---------- ----------- ---------- ----------

Net (loss)
 income        $(150,957)  $156,312  $260,436 $(2,868,107)$(4,471,642)
              ----------- ---------- ----------- ---------- ----------