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David Frenkel Replaces Sang Lee as General Manager of Pageflex

Press release from the issuing company

CAMBRIDGE, Mass.--Aug. 5, 2002--Well-known Fortune 500 newspaper & publishing executive to join a leader in the on-demand marketing industry Bitstream Inc. (NASDAQ: BITS) announced today that David Frenkel has been named General Manager of Pageflex, Inc., a wholly-owned subsidiary of Bitstream Inc. David Frenkel is best known in the U.S. newspaper and publishing industry as the Founder and CEO of Pentawave, Inc., which develops print and Internet classified and display ad systems for the automotive, real estate and employment industries. He also founded other companies that pioneered the automation of classified ads, catalogs and directories. In addition, his media industry experience includes senior positions held with hardware, software and consulting firms, including being the Director of Sales and Marketing for the Optronics Division of Intergraph, with responsibility for newspapers and magazines. Mr. Frenkel was most recently COO of Media Command Americas, which just merged with Atex. Media Command is a supplier of newspaper pre-press systems. "We are very pleased that David Frenkel is joining us as General Manager of Pageflex," said Charles Ying, Chief Executive Officer of Bitstream and President of Pageflex. "A Fortune 500 executive, David brings relevant experience in the newspaper and publishing industry to our company. With the addition of David Frenkel to our executive staff, we expect Pageflex to continue to grow, based on the solid foundation established by former Vice-President Sang Lee."

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