INTEGRITY SIGNS PENOLES AS FIRST CLIENT IN LATIN AMERICA

Mexico City, August 12, 2002 – Integrity Software Latin America announces the recent signing of a contract for a project to integrate all of Peñoles’treasury areas with a system that seamlessly integrates the corporate information systems, financial information and electronic banking systems, automating the routine tasks involved.

Peñoles is comprised of more than 30 active companies and more than 8,000 employees, and manages a profitable business portfolio through five divisions: Exploration, Engineering and Construction; Mining; Metals; Industrial Chemicals and; Infrastructure; all of them financially operated by a centralised corporate treasury department.

After an extensive evaluation of the solutions available in the market, Peñoles selected integra-T.com as the solution that best fulfils its requirements. The decisive criteria for the selection were the cutting edge technology, the broad functionality, the robust integration, and the great flexibility that the Integrity treasury system provides.

Leopoldo Alarcón, Peñoles VP of Financial Resources, states: "Our expectations for this project are high due to its broad scope: Our goals of integrating our debt, investment, hedging and cash management activities within a treasury solution that ensures the accuracy of the information will enable our people to dedicate more time to strategic issues rather than operational issues; the latter will increase the efficiency and the productivity in the treasury department, having a substantial impact on the financial bottom line"

Integrity’s user friendly system is based on a highly flexible technology that allows special customisations in order to respond effectively to the actual and future client needs, taking into account their future growth, future changes in business practices, and the constant changes in technology and financial markets. "We are sure that at the end of this project all of Peñoles’ expectations will be fulfilled due to the increase in productivity derived from the integration of the treasury system with local and foreign banks, as well as with Peñoles ERP modules (GL, AP and AR systems) automating the communication tasks among them"; states Federico Buiter, President of Integrity Software Latin America.

Integrity Software Latin America’s commitment to the local market is evidenced by intensive activity recently initiated by a group of professionals with almost ten years of experience in the Latin America Cash and Treasury Management market.

Integrity Software Latin America
Federico Buiter
Tel: +52 55 5277 4738

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