Corel Acquisition Approved by Micrografx Shareholders, Company Unveils Integration Plans, Introduces New Members to Executive Team.

Business Editors

OTTAWA--(BUSINESS WIRE)--Oct. 29, 2001

Corel Corporation (NASDAQ:CORL) (TSE:COR.) and Micrografx, Inc. (OTCBB:MGXI) today announced that the definitive acquisition agreement signed by the companies has been approved by Micrografx shareholders.

The stock-for-stock transaction is expected to close tomorrow.

As part of its plan to integrate the companies, Corel will support all of Micrografx's current businesses, which include the recently-released Picture Publisher 10, Picture Publisher Digital Camera Edition and Micrografx Designer 9. Corel is also committed to supporting and growing Micrografx's Enterprise Process Management (EPM) business.

In addition, Corel will aggressively pursue opportunities to capitalize on the strengths of both companies and broaden its combined worldwide customer base. Corel will leverage Micrografx's world-class technology and solid brand recognition to expand its presence in the technical illustration market. The company will build on its combined enterprise customer base as it positions itself to address the much larger, emerging market of cross-media publishing.

"Now that we have successfully brought these two companies together, we are very pleased to take the next step and make full use of our complementary strengths to realize the incredible opportunities ahead," said Derek Burney, president and CEO of Corel. "I'm also pleased to today welcome several new members to Corel's executive management team. Each one will play an important role in implementing the exciting plans we have mapped out for the company."

      Joining the company's executive management team are:

-- Gary Klembara, formerly executive vice-president, sales, at
   Micrografx, who becomes Corel's executive vice-president, sales;

-- Amanda Bedborough, formerly vice-president, Europe, Middle East
   and Africa Operations (EMEA) for 3dfx Interactive, Inc., who was
   appointed to executive vice-president EMEA Operations at Corel.
   Ms. Bedborough is based in Corel's office in the United Kingdom.

As indicated when Corel and Micrografx signed the definitive acquisition agreement on July 16, 2001, the companies have identified cost synergies that are being realized as part of the integration. In order to realize the full value of the acquisition, the companies will be eliminating approximately 200 positions due primarily to overlap identified during the integration process. Following the workforce adjustment, Corel's current headcount will remain relatively constant at approximately 950 employees worldwide.

"These adjustments to our workforce demonstrate the decisive steps we are taking to realize the full benefit of this acquisition," added Burney. "At the same time, we are taking this opportunity to make strategic investments to drive our momentum in the marketplace. We are aligning the organization to address the customer segments where we see the greatest opportunities for Corel's future growth. This includes significant investments in our EMEA operations, designed to expand our global profile and drive revenues in these key markets.

"We've also established a new division within the company to capitalize on Corel's influence and profile with customers and partners in our targeted markets. Steve Houck will lead this new team as executive vice-president, strategic relations. Mr. Houck is ideally suited for this position with his vast experience fostering key relationships with high-profile industry partners such as Apple and Microsoft as head of worldwide sales for Corel."

For additional information on the new members of Corel's executive management team, please visit www.corel.com/executive_bios .

Corel Corporation

Corel Corporation provides its customers with the creative tools they need to unleash their imaginations. With its heritage of software innovation and a solid franchise of loyal customers worldwide, Corel has earned its reputation as an internationally recognized developer of award-winning graphics and business productivity applications on the Windows(R), Macintosh(R), Linux(R) and UNIX(R) platforms. Corel will continue to expand its support of the Web, delivering the Internet's versatility to customers through exciting Web-based applications, content and services. Corel will also be developing applications for Microsoft's .NET platform as part of its commitment to provide customers with a full range of applications and services over the Internet. With its headquarters in Ottawa, Canada, Corel continues to be one of Silicon Valley North's most exciting and influential software companies. Corel's common stock trades on the NASDAQ Stock Market under the symbol CORL and on the Toronto Stock Exchange under the symbol COR. For more information on Corel Corporation, please visit www.corel.com .

This press release contains forward-looking statements as defined by the United States Private Securities Litigation Reform Act of 1995, involving the company's expectations about future financial results and other matters. These statements reflect management's current forecast of certain aspects of the company's future business. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results of operations to differ materially from historical results or current expectations. The words "plan", "expect", "believe", "intend", "anticipate", "forecast", "target", "estimate" and similar expressions identify forward-looking statements. Risk factors include shifts in customer demand, product shipment schedules, product mix, competitive products and pricing, technological shifts and other variables. Readers are referred to Corel's most recent reports filed with the Securities and Exchange Commission for a more complete discussion of the other risks and uncertainties. The factors underlying forecasts are dynamic and subject to change. As a result, forecasts speak only as of the date they are given and do not necessarily reflect the company's outlook at any other point in time. The company does not undertake to update or review these forward-looking statements.

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