Elsinore Technologies' Revenues Up More Than 135% Over Last Year; New Version of Visual Intercept, Customer Loyalty Cited as Key Factors in Software Company's Success.

Business Editors/High-Tech Writers

RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Oct. 14, 2002

Elsinore Technologies, www.elsitech.com, developer of the Visual Intercept enterprise work management platform for managing the planned tasks and unexpected events and issues associated with work, today announced that its year-to-date worldwide sales revenues for the nine-month period ending September 30, 2002 grew by 138.6% over those of the same period in 2001.

Profits were also up for the third quarter and for the year.

"As a result of our performance, Elsinore remains profitable again this year, continuing a historical trend since our inception seven years ago," said Dan Soper, president of Elsinore Technologies. "These figures reflect the tremendous loyalty of our existing customer base and, during these difficult economic times, are a testament to the value that our customers derive from Visual Intercept, not only in software development but in all aspects of their business."

"I first purchased Visual Intercept in 1997 to manage incidents during software development, and, based on the key role the software played in improving our development processes and the outstanding support that Elsinore provides, I have since recommended and implemented the software in two other companies," said Biju Nair, vice-president of product development for PCTEL, Inc., www.pctel.com. "At one of these companies, SAFCO, Visual Intercept provided immediate improvements in productivity and product quality and a return on investment in only 6-8 months."

In addition to ongoing user satisfaction, Elsinore attributes its success in 2002 to the release of Visual Intercept Enterprise 3.0. 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.

With the enterprise capabilities and enhanced feature set of Version 3.0, Visual Intercept has evolved from a defect tracking tool for software developers to a robust platform that can support a range of work management applications, including product design and development, ISO 9001 initiatives, internal and external help desk, merger and acquisition issues, strategic business planning, financial audit compliance and 21 CFR Part 11 compliance.

Elsinore has closed deals this year with new and existing customers around the world, including Allscripts, BK Medical, CRS Retail, Hewlett-Packard, Halliburton and PrimeVest, a member of the ING Advisors Network. In order to respond quickly to customer needs, the company also introduced new integrations with Mercury Interactive's TestDirector global test management software and AccuRev's configuration management (CM) solution during Q3. In addition, Elsinore's Visual Intercept Project won a finalist award in the Microsoft Project 2002 Business Value Challenge (BVC), and Visual Intercept Enterprise 3.0 was named a "New & Noteworthy Product" in a recent issue of Software Development Magazine.

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 work management platform is the industry's only completely scalable, closed-loop system for managing both the planned tasks and unexpected events and issues associated with work. Visual Intercept's project-oriented approach to work 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 work management applications.