INETCO Systems Limited

INETCO Systems Limited

October 31, 2006 09:00 ET

INETCO Announces New CEO and Appoints Key Board Members to Spearhead Strategic Direction

Bijan Sanii has joined INETCO as Chief Executive Officer as the company prepares to release new software to help companies deal with the rapid shift towards converged networks

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 31, 2006) - INETCO Systems Limited, the leading developer of network communications and transaction monitoring software, is pleased to announce the appointment of Bijan Sanii as President & CEO. Bijan comes to INETCO from UB Video where he served as Executive Chairman. He will be taking over from company founder and visionary Angus Telfer, who will assume the role of Chief Technology Officer to further advance INETCO's technology leadership position in removing the risks associated with transitioning mission critical systems to integrated IP networks.

"Bijan is an industry veteran with a long history of success," says Angus. "His experience and relationships within the technology and investment communities, as well as his proven leadership skills, will be essential as INETCO moves into its next phase of growth."

Bijan has a twenty year history as a technology industry executive. In his latest position at UB Video, one of the key enabling technologies for Video over IP, Bijan provided leadership and guidance that culminated in the acquisition of the company by Scientific Atlanta (now Cisco). Prior to UB Video, Bijan joined Infowave Software in 1997. As General Manager of the Imaging Division, he successfully led a restructuring of the business and generated a record operating profit in 1998. He was later appointed Infowave's Chief Operating Officer and CEO where he was responsible for inking strategic partnership agreements with Intel Corp, Compaq Computer Corporation, and other technology industry leaders.

"Over the last 20 years INETCO has developed a unique core competency and built a solid reputation within the financial industry for delivering highly reliable transaction communications software that enables the move to IP," says Bijan. "INETCO's new distributed event processing technology is now ready for market and I'm excited to be joining as the company prepares to launch its new line of products that help companies get better performance out of their networks. The convergence of data with voice, and more recently, video, over the internet has opened major new market opportunities that INETCO is well positioned to address."

INETCO has also appointed Michael Blackstock, Matt Dion, and Keith Spencer to its Board of Directors.

New Board Member Bios

Michael Blackstock is co-founder and former CTO of Colligo Networks, Inc., a leading provider of peer-to-peer wireless productivity software designed for wi-fi and Bluetooth™ enabled notebooks, Tablet PCs, and handhelds. Before founding Colligo Networks, Michael was the Vice President of Research and Development for Infowave Software, Inc., a global provider of software that connects enterprise applications to wireless devices.

Matt Dion is Vice President, Marketing for Apparent Networks. Leading both marketing and product management efforts, Matt has helped the company become one of the leading providers of network performance software that helps Enterprises, Service Providers, Network Equipment Manufacturers, and Managed Service Providers make the transition to "everything over IP". Prior to joining Apparent Networks, Matt spent 10 years at Crystal Decisions helping grow the company from a 60-person startup selling developer tools, to the fastest growing enterprise software company in the world with more than 1,600 employees and US$300 million in revenues. The company was acquired by Business Objects for approximately US$1.2 Billion.

Keith Spencer is a partner with the Technology and Intellectual Property Law Practice Group of Fasken Martineau. Keith's clients range from start-up and emerging technology companies to large multi-national technology and telecom companies, and parties in outsourcing transactions. He is a member of boards and advisory boards for a significant number of private early stage technology companies. Keith was in-house counsel to the Vancouver-based Wireless Data Group of Motorola, Inc. (formerly MDI Mobile Data International), where he had overall responsibility for its legal affairs.

About INETCO

INETCO Systems, Ltd. has been delivering network communications and transaction monitoring products for payments transactions since 1984. These products are used by financial institutions, telephone companies, and others throughout the world for which real time transactions and distributed network management are mission critical. For more information, visit the company's website at www.inetco.com.


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