Senior Government Finance Officials Gather in the United Kingdom to Launch FreeBalance International Steering Committee (FISC)

New initiative to support customer-centric evolution of public financial management solutions

OTTAWA, Canada (January 30, 2007) - FreeBalance, a provider of software solutions for public financial management and fiscal transparency, today announced the official launch of the FreeBalance International Steering Committee (FISC). The FISC provides an interactive forum for the exchange of knowledge, ideas, and experiences between FreeBalance and its international customers. Results from the FISC will provide leadership and vision in support of FreeBalance’s public sector financial management solutions that enable accountability, transparency and good governance.

The FISC was officially launched at the Committee’s first Annual Meeting in the United Kingdom. The two-day event was attended by FreeBalance executives and by senior government officials representing FreeBalance customers in Antigua & Barbuda, Kosovo, Mongolia, Sierra Leone, and Timor-Leste. Guest speakers at the event included Gerhard Pohl, Senior Director of Operations from the Development Gateway Foundation and Stephen Sharples, Senior Financial Management Adviser from the UK Department for International Development.

"FreeBalance is committed to providing customer-centric products and services designed for government. The FreeBalance International Steering Committee represents a unique opportunity for our international customers to influence the strategic direction and evolution of our company," said Manuel Schiappa Pietra, President & CEO of FreeBalance. "The FISC members represent many countries and cultures and the Committee provides an ideal forum for interaction and the sharing of common experiences, challenges and new ideas."

David Matthias, Budget Director from the Ministry of Finance & Economy in Antigua & Barbuda was elected as the Interim Chair of the FISC. Mr. Matthias and the other members of the FISC participated in a series of presentations and workshops over the course of the two-day session focused on ensuring the customer-centric development of FreeBalance products and services. The FreeBalance product roadmap was presented at the meeting and the FISC had an opportunity to set product development priorities in support of emerging trends in international public financial management. The next meeting of the FISC has been scheduled for January 29-30, 2008 in Lisbon, Portugal.

"The FreeBalance International Steering Commitee is a new and welcome initiative that has been very well received by the Government of Antigua & Barbuda and by each member of the Committee that represents FreeBalance’s diverse international customer base," said Mr. Matthias. "This is a tremendous opportunity for all of us to work directly with FreeBalance. We’re pleased to be in a position to influence the direction and future of the public financial management solutions that are contributing to fiscal integrity and accountability within each of our governments."

About FreeBalance

FreeBalance provides software solutions for public financial management to governments worldwide. Software solutions from FreeBalance help governments improve fiscal transparency, accountability, and good governance as the foundation for economic growth and development.

The FreeBalance Government Accountability Suite supports all aspects of the budget cycle and provides fiscal control over fund allocations, expenditures, appropriations, revenue administration, and human capital management. FreeBalance software is the most-widely deployed financial management application inside the Government of Canada. FreeBalance software is used by more than 30,000 public finance managers to manage billions of dollars of government expenditures and more than 700,000 public servants worldwide. Customers include the U.S. Department of Transportation, the Governments of Canada, Nunavut, Guyana, Mongolia, Sierra Leone, and Kosovo.

Founded in 1984, FreeBalance is headquartered in Ottawa, Canada with a sales office in Washington, DC, USA. FreeBalance partners with local systems integrators to provide rapid localization and implementation services.

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