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Manuel Pietra Joins FreeBalance as President & CEO

Seasoned executive to lead next wave of growth and global expansion in developing world

OTTAWA, Canada (March 7, 2006) - FreeBalance, global leaders in Government Accountability Solutions, today announced that Manuel Pietra has joined the company as President & Chief Executive Officer. Mr. Pietra has more than 20 years of international management experience as a successful entrepreneur and business executive.

Mr. Pietra has worked with a number of information technology companies as Chief Executive Officer, President, and Managing Director based in the USA , Canada , Europe, South Africa , and Latin America . His progressive experience with global technology companies includes the Baan Company, the Descartes Systems Group, the Qdata Group, and Nixdorf Computers. Mr. Pietra has participated in several company IPO’s in the USA , Europe and South Africa , where he actively contributed to the formulation of company strategies and operational execution.

"FreeBalance is a unique company that has a vision and a shared passion for making a difference in the developing world by enabling government accountability, transparency, and good governance with proven solutions," said Manuel Pietra, FreeBalance's new President & CEO. "I am honoured to be in a position to contribute to the continued success of FreeBalance and excited by the prospect of working with our customers and government leaders in the developing world to promote development and growth."

In his new role as President & CEO of FreeBalance, Mr. Pietra will be responsible for developing and executing the company’s strategic priorities and objectives in the developing nations market and will provide vision and leadership to the company with the support of an accomplished and experienced management team. Mr. Pietra’s first priority will be to undertake a global tour to meet directly with FreeBalance customers in Africa, Asia, Europe, and the Americas .

Mr. Pietra has held executive positions on the board of several international companies and actively participated in the Venture Capital arena. During his career, Mr. Pietra has served as a Guest Speaker at numerous high profile investment seminars and information technology conferences worldwide. Mr. Pietra graduated in Business Management at the South African Institute of Management and is fluent in English, Portuguese, Spanish, and French.

About FreeBalance

FreeBalance provides software solutions for public financial management to governments worldwide. Software solutions from FreeBalance help governments improve fiscal transparency,accountability, and good governance as the foundation for economic growth and development.

The FreeBalance Government Accountability Suite supports all aspects of the budget cycle and provides fiscal control over fund allocations, expenditures,appropriations, revenue administration, and human capital management. FreeBalance software is the most-widely deployed financial managementapplication inside the Government of Canada. FreeBalance software is used by more than 30,000 public finance managers to manage billions of dollars of government expenditures and more than 700,000 public servants worldwide. Customers include the U.S. Department of Transportation, the Governments of Canada, Nunavut, Guyana, Mongolia, Sierra Leone, and Kosovo.

Founded in 1984, FreeBalance is headquartered in Ottawa, Canada with a sales office in Washington, DC, USA. FreeBalance partners with local systems integrators to provide rapid localization and implementation services.