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Grid Software Leader Platform Computing Appoints Paul McFeeters as Chief Financial Officer

Posted on: Tuesday, 17 February 2004, 06:00 CST

TORONTO, Feb. 17 /PRNewswire/ -- Platform Computing Inc., the largest distributed and grid computing software vendor, today announced that it has appointed Paul McFeeters as Chief Financial Officer (CFO). In this position, McFeeters will align the company's corporate structure and management processes with the continued acceleration of Platform's growth and profitability. Founded in 1992, Platform is a private, entirely self-funded company with revenues of over $50 million (USD) and 12 consecutive years of profitability.

Most recently, McFeeters held the position of CFO at Kintana, Inc., a privately-held IT governance software provider. While at Kintana, McFeeters led all accounting, financing, facilities, forecasting and investor relations functions, and played a key role in leading the company's operations to growth and profitability, including securing venture capital funding. Kintana was acquired by application delivery and management software vendor Mercury Interactive in June 2003 for $225 million.

"With an established base of 1,600 customers worldwide, strong partner relationships, a proven set of products, 12 years of organic growth, and a rapidly expanding market, Platform is in a very strong competitive position," said McFeeters. "We believe there is an enormous opportunity for increased profitability as grid computing technology continues its evolution into the business computing marketplace, as evidenced by Platform clients such as AMD, Bristol-Myers Squibb, DaimlerChrysler and JPMorgan Chase."

"Paul brings broad expertise and a successful track record in managing acquisitions, growth, debt and equity financing, asset management, finance and capital markets," said Songnian Zhou, CEO and Chairman, Platform Computing. "He is a key addition to our senior leadership team and gives us the flexibility to explore new long-term growth opportunities."

McFeeters' extensive career includes completing five public offerings, establishing a planning discipline within entrepreneurial high-growth companies, managing investor relations, performing due diligence on acquisition opportunities, and negotiating numerous financial lines.

Prior to joining Kintana, Paul held various executive management positions, including President and CEO of MD Private Trust, a Canadian Federal Trust Company, as well as CEO, CFO, and COO for Municipal Financial Corporation. Paul holds an MBA from York University in Toronto, a BBA from Wilfrid Laurier University in Waterloo, Ontario, and is a Certified Management Accountant.

According to industry estimates, the grid computing marketplace is expected to grow to $4.9 billion by 2008. Meta Group believes the value of grid computing is catching on in business. Although fewer than 5% of the world's largest companies have some grid capability now, they expect that number to double every year for the next four years.

About Platform

Platform Computing's intelligent, practical enterprise grid software solutions help organizations optimize IT resources to Accelerate Intelligence(TM). We plan, build, run and manage grids that link IT to core business objectives, and help our customers improve service levels, reduce costs and enhance business performance. With industry-leading partnerships and a strong commitment to standards, we are at the forefront of grid software development, propelling over 1,600 clients toward powerful insights that create real, tangible business value. For more please visit http://www.platform.com/ .

Platform Computing Inc.

CONTACT: Michelle Michalak of Platform Computing Inc., +1-905-948-4660,or 1-877-710-5422, michalak@platform.com

Web site: http://www.platform.com/

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