Elsinore Technologies' 2002 Yearly Revenues Increase by 224%; Corporate Profits At All-time High.

Business Editors

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Jan. 30, 2003

Elsinore Technologies, www.elsitech.com, developer of the Visual Intercept enterprise issue management platform for managing the planned tasks and unexpected events (issues) associated with work, today announced that its worldwide sales revenues in 2002 increased by 224% over 2001.

Corporate profits accounted for 22% of revenue, setting an absolute dollar record for net income at Elsinore.

"We are obviously very pleased with our performance in 2002," said Dan Soper, President of Elsinore Technologies. "Elsinore continues to enjoy a significant market share advantage in software defect tracking, while sales to other markets, such as project and regulatory compliance process management, have increased significantly during the past year. We attribute this growth and diversification in part to the excellent job our development team has done in producing a robust product with a highly distinctive feature set, allowing us to provide completely scalable enterprise applications."

"Our customers range from some of the largest companies in the world - including Halliburton and JDA Software - to small development shops," added Jim Goldfinger, Vice President of Sales & Business Development. "We are very proud that our customers have chosen Elsinore for enterprise issue management, and we wish to thank all of our current clients, partners and those organizations that will join our continued success in the future."

An enterprise issue management solution allows all users in an organization to identify, prioritize, manage and communicate planned activities and unplanned events (or "issues") in real time over a common platform, enabling successful and timely resolution. As organizations have increasingly centralized IT functions during the past two years, the need for enterprise-level IT issue management solutions, Elsinore's core market, has grown dramatically.

To keep pace with this growth and address customers' requirements, Elsinore released Visual Intercept Enterprise Suite 3.0 last spring. This enterprise-ready, completely scalable platform incorporates such powerful features as dual licensing that enables access from the desktop or across the web, automated e-mail notifications to relevant team members and customers based on user-defined criteria, incident-to-incident mapping that cross-associates multiple work items within and between projects and real-time reporting capabilities. The Visual Intercept Enterprise 3.0 release also includes Visual Intercept Project, which enables Microsoft(R) Project users on core and extended teams to analyze and dynamically adjust schedules based on real-time issue management data and to manage these issues as a project evolves. A significant service upgrade to Visual Intercept Enterprise 3.0 is scheduled for release in March, 2003.

This service upgrade and the development of a completely new framework that will provide Elsinore with the tools needed to more quickly develop and deploy multiple customizable enterprise issue management solutions from a single platform are expected to drive dramatic revenue growth in 2003 and beyond.

About Elsinore Technologies

A completely self-funded company since its inception, Elsinore Technologies, Inc., www.elsitech.com, was founded in 1995 to enable software development teams to better manage issues during all phases of the software development life cycle. Now, Elsinore Technologies' Visual Intercept enterprise issue management platform is the industry's only completely scalable, closed-loop system for managing both the planned tasks and unexpected events (issues) associated with work, which is an integral component of managing business processes. Visual Intercept's project-oriented approach to enterprise issue management is highly intuitive and easily customizable to meet the needs of each company and each user. Designed from the ground up to integrate with all Microsoft(R) development and productivity tools, Visual Intercept is a tightly integrated, best-of-breed platform that maximizes productivity and provides rapid ROI. Thousands of customers in 35 countries are benefiting from Visual Intercept in a diverse range of applications, from software defect tracking to project management to regulatory compliance process management.