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IRA Announces Initiative for SEC Voluntary Filer Program Partnerships With Rivet Software & DynAccSys

February 8, 2006

Institutional Risk Analytics announces an initiative to help publicly owned companies join the SEC's Voluntary Filer Program ("VFP") and better understand the economics of using machine-readable filing formats to meet public and private disclosure requirements. Working with leading solutions providers, IRA will be offering its systems engineering and consulting services to SEC filers wishing to join the VFP.

In addition, IRA is pleased to announce partnerships with technology providers RivetTM Software, to provide XBRL (eXtensible Business Reporting Language) applications and document creation and review services to convert existing financial reports; and DynAccSys, to explore direct connectivity with accounting system G/L level data. All three firms are members of XBRL US, the local jurisdiction of XBRL International, and bring broad understanding of both the advantages and limitations offered by XBRL, as well as other contemporary machine-to-machine ("M2M") transmission technologies, to this initiative.

In March 2005, the SEC adopted the rule authorizing the VFP. Registrants are able to submit voluntarily supplemental tagged financial information using the XBRL format as exhibits to specified EDGAR filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. The voluntary program permits any SEC registrant to participate merely by submitting an XBRL exhibit in the required manner. You may obtain more information about the VFP on the SEC website.

By focusing resources on helping public companies join the VFP, IRA hopes to advance the state of the art for collecting machine readable financial statements. IRA will work with industry clients, research sponsors and technology partners to build a broad database of case studies to help make possible affordable and accurate machine-level data collection and regulatory reporting for all filers, large and small.

The larger purpose of IRA's initiative is to enable companies to lower the barrier to experiment with and understand the mechanics of M2M reporting technology. IRA will work with public companies to help them prepare supplementary filing statements using XBRL on a going forward basis.

"The goal of this initiative is simple," says IRA CEO Dennis Santiago. "We seek to process one hundred SEC VFP filings, working with companies of varying size and complexity, spanning a broad range of SIC industry categories. This foundation will be used to bring clarity to the practical solutions that will enable the broad adoption of next-generation machine readable filings."

IRA continues to seek other technology, research and business relationships to expand this initiative. "Accurate M2M data technology holds great promise beyond public regulatory reporting, surveillance and downstream equity analysis," notes Santiago. "It has even greater potential for privileged applications such as internal control within conglomerates and data collection for use in the credit analysis universe."

As Santiago points out, "Making this happen will start as a gritty climb up a steep learning curve. The results will change everything."