Simplex Solutions Inc.
CNQ : SPLX

Simplex Solutions Inc.

November 20, 2006 11:37 ET

Simplex Solutions Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Nov. 20, 2006) - Simplex Solutions Inc. ("Simplex ") (CNQ:SPLX) confirmed today that it has executed a letter of intent regarding the potential sale of its UK subsidiary, Simplex Consulting Ltd ("Simpelx Consulting") to FinTech Group, Inc. ("FinTech") (PINK SHEETS:FTCG). The delivery of the letter of intent by FinTech was announced in a separate press release issued by FinTech on November 1, 2006. Simplex will now enter negotiations with FinTech regarding the terms for the proposed sale of Simplex Consulting Ltd.

FinTech has proposed to purchase all of the share capital of Simplex Consulting by issuing 5 million common shares out of its treasury to Simplex. FinTech currently has 10,757,617 common shares outstanding and the last trade price for its shares completed on November 17, 2006 was US$1.12. The completion of the transaction is subject to the satisfaction of conditions customary to transactions of this nature, including the completion of satisfactory due diligence, the entering into of definitive agreements and obtaining shareholder and regulatory approval. It is anticipated that the closing of the transaction will take place during the first quarter of 2007. Following the completion of the transaction, Simplex Consulting Ltd. will become a wholly-owned subsidiary of FinTech.

About FinTech Group, Inc.

FinTech Group, Inc. (FinTech) with headquarters in New York, provides solutions and services to international financial institutions and corporations focusing on payment technologies and post-trade processing for securities firms. For more information on FinTech Group, Inc., please visit www.fintechgroupinc.com.

About Simplex

Simplex Solution Inc.'s United Kingdom operating subsidiary Simplex Consulting Ltd., founded in 1997, is recognized as one of Europe's leading STP consultancies. The company specializes in selecting and implementing solutions for the middle and back office for many of the world's leading banks, asset managers, hedge funds and multinationals.

Simplex is publicly traded in Canada on The Canadian Trading and Quotation System Inc. (Symbol:SPLX), with 49,265,603 shares outstanding.

No securities commission or other regulatory authority having jurisdiction over Simplex Solutions Inc. has approved or disapproved of the information contained herein.

Contact Information