SOURCE: FiREapps

August 14, 2007 08:00 ET

Former Alcatel-Lucent Treasury Manager Joins FiREapps as Senior Risk Analyst

Company Continues to Retain Industry's Best & Brightest With Addition of Fikre Bizuneh

SCOTTSDALE, AZ--(Marketwire - August 14, 2007) - FiREapps, the leading provider of foreign exchange exposure management technologies, today announced the appointment of Fikre Bizuneh as Senior Risk Analyst. In his new role, Bizuneh will leverage the deep experience he gained managing the world class foreign exchange exposure management process he helped to develop at Alcatel-Lucent to work with FiREapps prospects and clients in achieving and maintaining best practices to manage financial risk and meet compliance requirements.

In an effort to compete more effectively, an increasing number of companies are expanding their operations internationally; however, few have in place the necessary foreign exchange expertise to manage currency exposures effectively. High turnover rates in treasury departments also make it difficult to retain the expertise needed to effectively manage currency risk. Bizuneh's combination of in-house technology and financial expertise working with one of the largest international telecommunications service providers affords him the unique ability to provide FiREapps customers with real-world solutions to manage foreign exchange exposures. Bizuneh most recently served as the treasury manager for Alcatel-Lucent where he managed the company's foreign currency risk and developed and implemented a centralized cash flow forecasting methodology for real time monitoring of FX exposures.

"Fikre has a deep understanding of the unique challenges global companies face in managing their FX exposures," said Wolfgang Koester, CEO of FiREapps. "His experience at Alcatel-Lucent makes him an ideal fit for collaborating with FiREapps' customers on their own FX best practices. I am confident that Fikre will drive our unrelenting focus on building value for our customers to maintain FiREapps' growth and track record of success."

"FiREapps is experiencing tremendous momentum as organizations quickly realize the impact of foreign currencies on their global business," said Fikre Bizuneh, senior risk analyst at FiREapps. "As companies expand internationally, FiREapps' excellent technology is supported by a world-class management team to help customers understand the fundamentals of foreign currency exchange and minimize economic and compliance uncertainties. I'm excited to be a part of such a truly unique team."

Bizuneh received his Master of Business Administration in finance from New York University's Leonard N. Stern School of Business and Master and Bachelor of Science degrees in electrical engineering from Arizona State University. Bizuneh's experience on both the product and strategy side gives him a unique understanding of customer challenges that will drive success in his new role.

About FiREapps

FiREapps, a subsidiary of Rim-Tec, Inc., is the leading provider of Foreign Exchange Exposure Management Technologies. The company provides technologies and services that help corporations optimize foreign exchange processes. These solutions help customers mitigate risk while increasing profitability and operational efficiencies. FiREapps has offices in Scottsdale, Arizona and Portland, Oregon.

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