SOURCE: Virtual Premise, Inc.

January 23, 2007 07:43 ET

Virtual Premise Joins the Open Standards Consortium for Real Estate to Promote Data Standardization Across the Real Estate Industry

ATLANTA, GA -- (MARKET WIRE) -- January 23, 2007 -- Virtual Premise, Inc. announced today that it has joined the Open Standards Consortium for Real Estate ("OSCRE") to help promote and shape data standardization across the real estate industry. OSCRE was established in 2004 to bring together the various standards efforts for the entire industry, including commercial, corporate and residential.

The mission of OSCRE is the development, synthesis, and adoption of e-business standards that enable the real estate industry to function effectively and efficiently in the 21st century economy. Members include Fortune 500 corporations, real estate software vendors, real estate industry organizations, consulting companies, service providers, brokerage firms, REITs, fund management and property companies and US and Canadian government agencies.

"OSCRE is delighted to have Virtual Premise as an Associate Member," said Andy Fuhrman, CEO of OSCRE. "They are a software company which truly understands the value of joining our workgroups. They will be creating standards which will impact the implementations of their real estate software saving their clients, and the partners who provide services, time and money. As a guest speaker at Virtual Premise's 2006 User Conference, I realized the impact and value of what OSCRE is doing for their growing client base."

Michael Pascale, Chief Product Officer, explains, "Virtual Premise's philosophy is one of configurability and integration. We are excited about OSCRE because it will allow us to more easily map and translate data between Virtual Premise and other systems that are still being used in an organization. We believe that real estate is not just a cost center for corporations or an accounts receivable ledger for landlords and REITS. It should also be viewed as a strategic asset. The data standards being developed by OSCRE will keep pushing this awareness, as well as streamlining the way we manage information to ultimately make it more usable at a strategic level. Working with OSCRE to develop these data standards, and complying with these standards, is paramount to our future success."

About Virtual Premise

Virtual Premise, Inc. (www.virtualpremise.com), Atlanta, GA, is a leading provider of Real Estate Information Management Software and Services to Fortune 1000 Corporations, Retailers, Landlords and Service Providers. Key Products include Portfolio Management, Lease Management and Administration, Construction and Project Management, Real Estate Transaction Management, and Document Management. Virtual Premise also offers Lease Abstracting, Due Diligence, Data Audit and Document Scanning Services.

About the Open Standards Consortium for Real Estate (OSCRE) Americas

OSCRE Americas (www.oscre.org), Washington, D.C., is a 501(c)(6) non-profit organization established to effectively facilitate the standards development process among key real estate stakeholders, including owners, investors, operators, tenants, developers, service providers, regulatory agencies, consulting firms, vendors and suppliers -- to benefit all stakeholders and enable the real estate industry to function more efficiently in the digital economy.

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