The Company is pleased to report that Jarlath McGee has been appointed to the board of the Company and has also been appointed as the new chief executive. Mr McGee previously held the position of chief operating officer of Mondas Information Technology Limited, the principal operating subsidiary of the Company. He has a successful track record of over twenty years in IT sales and general management in the financial markets, with specific experience of EAI ('Enterprise Application Integration') and STP ('Straight Through Processing') solutions. Previously he has held senior roles within organizations that include Tandem Computers and Transaction Systems Architects Inc., the NASDAQ listed supplier of electronic payment solutions.

Colin Peters, the senior non-executive director of the Company has agreed to act as interim chairman whilst the Company seeks a new non-executive chairman. Commenting on the Board changes, Colin Peters, said: "We welcome Jarlath as our new chief executive. Since joining Mondas as sales director of Mondas Information Technology Limited in December 2000, and his subsequent promotion to chief operating officer of that company, Jarlath has played a pivotal role in the development of the business and is widely credited with successfully taking its award winning Corporate Actions System ('CAPS') into the investment banking markets. His valuable experience of customer relationship management complements the skills of the Board and we expect Jarlath's style of leading from the front will make a major contribution to Mondas' growth plans for the years ahead."