Open Solutions Inc.

Open Solutions Inc.

October 17, 2005 21:08 ET

Celero Solutions Selects Open Solutions' Relational Enterprise Data Processing Software Suite

GLASTONBURY, CONNECTICUT--(CCNMatthews - Oct. 17, 2005) - Open Solutions Inc. (NASDAQ:OPEN) -

Service bureau for several of Canada's largest CUs signs letter of intent for a 10-year licensing and maintenance agreement

Calgary-based Celero Solutions (Celero), a joint venture of Credit Union Central Alberta, Credit Union Central Manitoba, Credit Union Central Saskatchewan, Credit Union Electronic Transaction Services and Concentra Financial which serves more than 150 Canadian credit unions, has signed a non-binding letter of intent to conclude a 10-year licensing rights, reseller and maintenance agreement with Open Solutions for the Canadian version of its enterprise relational data processing platform, The Complete Credit Union Solution®. The letter of intent, among other things, provides that Celero will pay a non-refundable fee of CDN$3.5 million on or before Dec. 7, 2005, which may be applied to payments under a definitive agreement, if entered into.

"Celero and Open Solutions share a commitment to implementing information technology that will enable Canadian credit unions to bring unparalleled value to our members. The Complete Credit Union Solution® positions Celero for growing market share through the shared vision of economic benefit that a common banking platform provides in a very competitive financial services environment," said Garth Manness, interim chief executive officer Celero Solutions.

General Manager of Open Solutions Canada's Banking Solutions Group Elliott Lipsey agreed, saying, "We are excited about the opportunity to help Celero members achieve their business goals. We are providing an opportunity for Celero credit unions of all membership sizes to compete effectively in the rapidly changing financial services marketplace. We believe that our partnership will effectively change the Canadian landscape in the provision of financial services."

Chairman and CEO of Open Solutions Louis Hernandez, Jr., said, "Celero and Open Solutions both seek to satisfy the demand for new technologies backed by superior service in the Canadian marketplace. Open Solutions is committed to accelerating the move toward open architecture technologies at financial institutions in Canada and abroad. We are moving aggressively into the market because there is a need that we believe we can fulfill in helping Canadian credit unions better serve their members. We look forward to our partnership with Celero and the impact this partnership will have on the Canadian financial industry."

About Celero Solutions

Celero Solutions was formed in 2003 as a joint venture between five Canadian prairie cooperative organizations. The mandate of Celero is to deliver reliable, innovative and cost-effective information technology products and services to prairie province credit unions, its parent organizations and other clients in the financial services sector.

Celero provides retail and wholesale banking systems, debit and credit card processing services, network management, security, software development and technology procurement services. Operating as a virtual organization, Celero has 350 employees, offices in four cities, three data centers, and an annual operating budget of CDN$60 million.

The owners of Celero are Credit Union Central of Alberta, Credit Union Central of Saskatchewan, Credit Union Central of Manitoba, CU Electronic Transaction Services and Concentra Financial. Together, the parent organizations represent a CDN$28 billion co-operative financial services sector in western Canada.

About Open Solutions Inc.

Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle® relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, electronic image/item processing, Check 21, interactive voice response and loan origination solutions. Open Solutions' full suite of products and services is designed to allow banks, thrifts and credit unions in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.

For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at

Open Solutions Inc. is a registered trademark of Open Solutions Inc. All other company and product names may be trademarks of their respective owners. Copyright 2005 Open Solutions Inc. All rights reserved.

Safe Harbor Statement

Statements made in this press release that state Open Solutions Inc.'s or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. All forward looking-statements are only as of the date of this press release and Open Solutions Inc. undertakes no obligation to update or revise them. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause Open Solutions Inc.'s actual results to differ materially from those projected in such forward-looking statements. For example, if we fail to adapt our products and services to changes in technology or in the marketplace, we could lose existing clients and be unable to attract new business. Furthermore, there is no assurance that we and the other party to the letter of intent described in this press release will enter into a definitive agreement on the terms contained in the letter of intent, or on any terms at all. Other factors which could cause our actual results to differ materially from those projected in forward-looking statements include, without limitation, economic, competitive, governmental and technological factors affecting the banking and credit union industry and/or Open Solutions Inc.'s operations, markets, products, services, prices and other factors set forth under the heading "Factors Affecting Future Operating Results" in Open Solutions' Quarterly Report on Form 10-Q for the three months ended June 30, 2005, as filed with the Securities and Exchange Commission.

Copyright (C)2005 Open Solutions Inc. All rights reserved.

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