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FreeBalance Launches New Spanish Version of Public Financial Management Software to Meet Growing Demand in Latin America

Integrated government financial management system to provide improved fiscal transparency and accountability

GUATEMALA CITY, Guatemala (November 8, 2006) - FreeBalance, a provider of software solutions for public financial management and fiscal transparency, today announced the launch of the highly anticipated Spanish version of the company’s public expenditure management software. The translated FreeBalance software will be officially unveiled today at the XI International Congress of CLAD on State and Public Administration Reform in Guatemala City.

The FreeBalance integrated financial management information system (FMIS) will provide governments in Latin America with improved efficiencies by automating all public finance transactions related to the budget. This includes budget preparation, expenditure controls, government audit, procurement, monitoring, reporting, and external audit. By integrating government revenue and expenditure planning and execution, the FreeBalance software provides better expenditure controls and improved transparency in the budget cycle.

"One of the many challenges facing governments in Latin America is the need to update fragmented and outdated financial systems with new integrated technologies that will enhance fiscal transparency," said Manuel Pietra, President & CEO of FreeBalance. "By moving to a modern commercial off-the-shelf public financial management system, governments in the region can quickly integrate budget and expenditure management with proven technology. This reduces risk, provides faster implementation and lowers the total cost of ownership."

The FreeBalance software was designed exclusively for government finance management. This enables quick software configuration of requirements across all levels of government. Based on the unique and compact design of the FreeBalance software, the Spanish translation and localization project took the company less than three weeks to complete. The Spanish version of the FreeBalance software will provide a new level of visibility for Latin American citizens and businesses into the use of public funds. Fiscal transparency is further enhanced through built-in support for international reporting and accounting standards. FreeBalance software provides timely and accurate reporting of all government financial operations, performance and results.

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 management application 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.

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. 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.