SOURCE: Portellus, Inc.

September 11, 2007 22:15 ET

Portellus Announces Orderly Wind-Down of Mortgage Division and Impending Sale of Mortgage Technology Assets

The Company Has Retained Key Staff to Support Its Existing Clients Until an Asset Purchase Is Consummated

IRVINE, CA--(Marketwire - September 11, 2007) - Portellus, Inc. today announced that it has made the decision to conduct an orderly wind-down of its mortgage technology business unit and subsequent sale of the unit's supporting technology assets. The company cited declining market conditions as the impetus behind its decision. Arrangements have been secured, however, to preserve Portellus' multi-purpose Business Rules Management System (BRMS), which will continue to be sold via licensing agreements into other vertical markets.

After assessing the market's technology buying landscape over the next 18 to 24 months, Portellus elected to discontinue its mortgage business and instead focus efforts on more promising BRMS prospects. Company officials stated that it is in the process of conducting a divestiture of its mortgage technology operations and will be holding an auction for its intellectual property and other assets.

Portellus' modular mortgage solutions framework includes: a web-based Loan Origination System (LOS), a Product and Pricing engine (PPE), an Automated Underwriting System (AUS), an Integration Services Hub (PIXMO), and point-of-sale (POS) portals for the Broker, Retail and Correspondent lending channels. Founded in 2001, all of Portellus' applications utilize a service-oriented approach to architecture design to deliver loosely coupled applications and highly flexible solutions.

Interested buyers are encouraged to contact the company to participate in the asset bidding process at mortgagetechassets@portellus.com.

About Portellus

Portellus, Inc. is a leading provider of next-generation technology solutions for industries requiring the automation of numerous complex business decisions. The company's Business Rules Management System (BRMS), Integration Services Hub, Web Portals and vertical market solutions utilize a service-oriented architecture (SOA) to deliver loosely coupled applications and flexible solutions, enabling clients to gain competitive advantages, reduce costs, mitigate risk, increase profitability, comply with regulatory requirements and swiftly respond to marketplace dynamics. Portellus' solutions are in production with financial institutions, insurance companies, mortgage bankers, investment banks and Wall Street investors. For more information, visit www.portellus.com or call 949-250-9600.

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