SlaterLabs responds to major market interest by launching the first Internet-based delivery and maintenance programme for banking software

Geneva - 11 July 2007

SlaterLabs announces Etude-Virtuosoâ„¢ and senior appointments in Europe & United Arab Emirates

SlaterLabs Inc. today announced a number of major company milestones, directly responding to increased demand for next-generation banking software renewal and replacement solutions by introducing Etude-Virtuosoâ„¢, an innovative programme for customers to evaluate, purchase, implement and continuously upgrade their banking software entirely over the Internet.

The company is also announcing the opening of new offices in Dubai and Geneva; the appointment of two key senior management positions; and the formation of an Advisory Board in preparation of the company’s NASDAQ Direct Public Offering (DPO) early next year.

“For years, banking software vendors have been incapable of delivering a software system able to eliminate the need for massive in-house software development or heavy customisation of off-the-shelf products. This market deficiency is the direct cause of the continuous high costs and resource dependencies banks worldwide have on their IT functions,” says John Slater, CEO and Chairman, SlaterLabs. “Resolving this deficiency is the premise on which the Etude Programme has been introduced. Today’s announcements are in further response to strong market demand for a truly commodity-based banking system, and are entirely consistent with our company’s vision of a fully commoditised banking software industry by 2015.”

Mr. Slater continues, “Etude-Virtuoso empowers financial institutions with greater speed and optimised control of their application software renewal or replacement projects by providing on-line access to a global community of banking software developers.”

Etude-Virtuoso employs SlaterLabs revolutionary FugaGRIDâ„¢ development technology, which facilitates large-scale, distributed and synchronous application software development. FugaGRID co-ordinates and monitors interaction between SlaterLabs own development laboratories and its global community of customer development teams. The operational benefits of this innovative approach are many, with significant economies of scale contributing to unparalleled cost savings industry-wide.

“Together with our carefully selected network of strategic business partners, SlaterLabs is uniquely positioned to successfully deliver this operationally efficient and cost effective model to the global financial services industry,” says Mr. Slater. “Above all, Etude-Virtuoso ensures each customer’s individual commercial and business strategies are safeguarded independently.”

In order to further meet industry demand for The Etude Programme, SlaterLabs is today also announcing the appointment of Dr. Jose Louis Pages, Senior Executive Vice President, Global Business Development, and named to the Company’s Board of Directors. Additionally, Patrick Henri Scire is appointed Country General Manager of SlaterLabs in Geneva, Switzerland.

Additionally, SlaterLabs has appointed an independent Advisory Board to ensure its corporate strategies are consistent with general market, macro-economic and socio-economic trends. The Advisory Board is comprised of the following members:

• Dr. Heinz Zimmer, Chairman, SCS Alliance Bank; Zurich, Switzerland
• Osama Hamza Al-Rahma, CEO, Al Fardan Exchange; Dubai, U.A.E.
• Kevin Woods, Managing Partner GBS Finanzas; Madrid, Spain
• Dr. Neil Cripps, Former Surgeon Commander, British Royal Navy; London, UK
• Kim Goodall, Chairman, Admerex Corporation; Sydney, Australia
• Gabriel Arteche, Former Executive, PricewaterhouseCoopers EMEA; Madrid, Spain
• Robert J. Slater, Former President, Crane Co.; New York, USA

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development