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PROPHIX SOFTWARE TO DISTRIBUTE ISSUES CENTRAL SARBANES-OXLEYCOMPLIANCE PLAYBOOK

Toronto (October 29, 2004) PROPHIX Software recently entered into a non-exclusivedistribution agreement with Issues Central Inc. of Toronto covering the sale, training andinstallation of Issue Centrals Sarbanes-Oxley Compliance Playbook. PROPHIX will offerthis enabling software to its clients and prospects.

Section 404 of The Sarbanes-Oxley Act of 2002 (the Act) requires that the managements ofpublic companies assess the effectiveness of their internal controls over financial reporting.

Arthur Stern, Executive Vice President and Chief Financial Officer of PROPHIX indicated thatThe documentation of internal controls can be a tedious and cumbersome task involving amultitude of documents. As an auditor with one of the international firms over a twenty yearcareer, I have spent considerable time carrying out what was then called Transaction FlowAuditing. At that time, the responsibility of documenting, testing and assessing controls oftenrested with a companys auditor. Today, the onus rests with management to document, testand assess internal controls. This onus now has extreme ramifications if not effectivelydischarged. The Compliance Playbook not only enhances effectiveness, it createssignificant efficiencies.

The Compliance Playbook allows companies to select key control objectives from acomprehensive list of potential control objectives in each of a companys operating cycles (e.g.,

Revenue, Payroll, Treasury and Expenditure). As a second step, flow charting document andprocess flows is made easy with The Compliance Playbooks flow charting tools.Companies then look to the specific procedures or techniques which are in place to support keycontrol objectives and document such procedures within the Playbooks framework.Assessment of the control environment and subsequent testing of techniques is also facilitatedby the use of the Playbook. This very structured approach helps to limit the time needed forupdating the assessment process in subsequent periods.

Catherine Connally, President of Issues Central, Inc. indicated that One of the biggestchallenges we see facing companies today is that many have chosen to use spreadsheets todocument controls. At the end of the project, companies may have thousands of documents andspreadsheets without adequate reporting, consistency over data capture and very little leverage

after the first year. The Compliance Playbook allows consistency and provides structureto capturing information including real time tracking and reporting. The Playbook also providesa great springboard for future years, decreasing the amount of work necessary to completeupdates and to report on subsequent periods.

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ABOUT ISSUES CENTRAL INC.

Issues Central was founded with the mission to help organizations dramatically improvegovernance and compliance. The proven Compliance Playbook aligns the Sarbanes-Oxleycompliance process with the COSO framework, the most widely used approach for designingand evaluating internal controls. The Compliance Playbook has proven that it reduces thecost, time to undertake documentation of internal controls and related processes, and externalconsultant and training resource time required to achieve compliance. To learn more, seewww.issuescentral.com and see our blog at www.complianceblog.com .

ABOUT PROPHIX SOFTWARE

PROPHIX Software is a privately held company based in Toronto, Canada, and is the developerof PROPHIX budgeting solutions. PROPHIX is a multi-user financial software application

employed by thousands of users worldwide for budgeting, planning, financial consolidation andmanagement reporting and analysis. The software offers the familiarity of a spreadsheet-styleinterface with added benefits for handling multiple users and managing data.

The company pioneered the introduction of new concepts such as OLAP mini-cubes and DeltaAnalysis. The PROPHIX range of products is extremely scalable, including an entry-level LAN-based budgeting application PROPHIX Budgets - and a more sophisticated enterprise financialapplication - PROPHIX Enterprise - that has client/server capabilities. For more informationplease visit www.PROPHIX.com.

CONTACT PROPHIX:

Arthur SternPROPHIX Software Inc.(800) 387-5915 ext. 276astern@prophix.com

CONTACT ISSUES CENTRAL:

Cathy ConnallyIssues Central Inc.(416) 977-1496cathyconnally@issuescentral.com