Virtus Announces New President and CEO.

CARY, N.C.--(BUSINESS WIRE)--Aug. 19, 1996--Virtus Corporation today announced that Mark Baric, former executive vice president and chief operating officer of Seer Technologies, Inc., has been named president and chief executive officer of the company.

Mr. Baric is one of the original founders of Seer Technologies, Inc. and held various positions during the company's explosive five year growth. Baric played a key role in managing the company as revenues climbed from $0 to over $100 million, during which time the company raised almost $50 million in its initial public offering.

Baric joined Seer Technologies from CS First Boston where he served as vice president and was instrumental in developing the original business plan for Seer Technologies, Inc. He earned his MBA from the Wharton School of Business.

"After a thoughtful and thorough search for a chief executive officer, we are extremely pleased that Mark has decided to join our team," says David A. Smith, former president and chief executive officer of Virtus. "Virtus has undergone incredible growth over the last year and Mark has the experience we need to structure the organization, manage our growth, and take Virtus to the next level. With Mark at the helm, managing the day-to-day business of Virtus, I can focus my attention and efforts on fulfilling our technical vision and maintaining our technology leadership position in developing desktop 3-D tools." Smith, founder of Virtus, will remain chairman of the board of directors and will lead the Research and Development team as chief technology officer.

"Virtus is on the precipice of the next major explosion in Internet technology -- 3-D. The opportunities in this market are incredible, and because Virtus has been sowing the seeds of this technological revolution with innovative products and breakthrough technology longer than any other company, it is well-positioned to continue leading the way," said Mark Baric, Virtus' newly-named president and CEO. "I am delighted to be a part of such a fast-growing company in the most exciting segment of the computer industry."

"Virtus has evolved from technology darling of niche markets, such as Hollywood where the technology was used in the preproduction of such feature films as Mission Impossible and The Abyss, to leading the shift in online computing from 2-D to 3-D," said Tom Clancy, noted author and Virtus board member. "Mark brings critical experience in educating and building a market for new technology, and will help Virtus focus its efforts in achieving its aggressive technical vision and business plan."

Virtus Corporation, which has more than doubled its number of employees in the past year, is a pioneering developer of tools for creating navigable 3-D environments on the desktop computer. Virtus continues to lead the field by extending its 3-D technology to the World Wide Web. Virtus' board of directors includes noted author, Tom Clancy, and Dr. Frederick Brooks, author of the Mythical Man Month and founder of the Virtual Reality Lab at the University of North Carolina Chapel Hill. The company is based in Cary, NC and privately held. More information about the company can be accessed at <http://www.virtus.com>.

CONTACT: Virtus Corp.

Ashley W. Sharp, 919/467-9700 ext. 3035

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Katy Dunn Communications

Katy Dunn, 919/832-4001

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