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Jade Software Corp Secures Access to $25m Capital

Jade Software Corporation Secures Access to $25-million of Capital

Jade Software Corporation CEO, Dr. Rod Carr, today announced that subscription and underwriting arrangements for $25 million had been agreed with Skipton Building Society and USA Health Investors, both current investors in Jade Software Corporation.

David Cutter, Operations Director of Skipton Building Society said, “The use of state-of-the-art technology is integral to the Society's vision of always providing cost effective products and services to its Members. JADE technology is already extensively used in supporting the Society's mortgage and savings facilities. With the on-set of UK mortgage regulation and enhanced on-line services, Skipton Building Society is delighted to have greater involvement with the growth of Jade Software Corporation and the strategic opportunities which exist from utilising a world class technology.”

The capital raising will enable Jade to provide permanent shareholders funds in excess of levels held at any time in the last seven years.

Dr Carr said, “Debt free and highly liquid, Jade’s strong balance sheet post recapitalisation will enable the company to leverage its past investment in product and market development. This will benefit customers, shareholders, staff and the increasing number of successful software vendors who have chosen to create and deploy applications built in JADE. Not only is the JADE technology capable of delivering extraordinary business benefits to users, in addition the Jade company is a sound, well capitalised business backed by investors of substance committed to the success of both the technology and the business.”

The exact composition of shareholdings cannot be established until allocations of shares under the underwriting arrangements have been determined by 30 November 2004. Dr. Carr confirmed there are no plans for a public offer or for a public listing. He confirmed that it was possible but unlikely that a single shareholder would have a controlling interest in the company.

Former members of the Aoraki Staff Superannuation Scheme who held shares in the company under a trust arrangement have the right to put their shares to the company in December this year. Dr. Carr confirmed that the company would meet this obligation from the capital raised.

Jade Board Chair, the Hon. Ruth Richardson confirmed that company Founder and President, Sir Gil Simpson would continue as a director and would be joined on the Board by Dr. Carr who would become Managing Director following the allocation of new shares in November.

“This brings to a conclusion the redevelopment plan initiated last year and underpins the accelerating momentum created by customers who continue to acquire the world class business solutions provided by Jade,” she said.

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