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Software of Excellence issue fully subscribed

September 13, 2004

Software of Excellence issue fully subscribed

Software of Excellence International today announced that its one-for-eight issue of Mandatory Convertible Notes at a price of $1.50 each has been fully subscribed and that it has placed a further 1,090,000 notes with the company’s cornerstone shareholder Co-Investor Pty Ltd.

The company’s Chief Executive, Brian Weatherly says the successful fund-raising has raised a total of $9.235 million (before costs) from the recent placements and rights issue. Of this $US2.45m (give NZ$3.75 million) has been used to fund the company’s recent acquisition of United States software company General System Design Inc (GSD).

“The process of integrating GSD into our business has produced no surprises and we are delighted with our progress to date," says Brian Weatherly.

“The consolidation of 16 United States dental schools into our customer base has been well received in the US market.

“The acquisition has lifted our profile and credibility in that market, giving us a much stronger platform from which to progress our US expansion plans.”

“The strengthening of our balance sheet resulting from the fund raising and the presence of a cornerstone shareholder mean we are now better placed to pursue our growth plans and to make further acquisitions that meet our investment criteria.”

At the conclusion of the capital raising, Co-Investor Pty Limited and TMT Ventures Limited, which have entered a Shareholders’ Agreement, collectively hold a 10.96% interest in the company’s capital, including both convertible note issues.


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