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Corel Appoints Chief Operating Officer, CFO Departs Company

Press release from the issuing company

OTTAWA--Sept. 27, 2002-- Corel Corporation today announced the appointment of Randy D. Eisenbach to the position of Chief Operating Officer. In this capacity, he will be responsible for managing key aspects of Corel's day-to-day business operations and will oversee the company's product development and corporate services infrastructure. This appointment to Corel's executive management team will serve to further strengthen the company's operational efficiency as it moves to increase its penetration in the consumer and enterprise markets. Moreover, Mr. Eisenbach will play a central role in rigorously monitoring and enhancing Corel's business lines to deliver profitability and long-term growth on behalf of Corel's shareholders. "Corel has made a commitment to build an efficient organization that will deliver on its goals of introducing new technologies to the market, profitably," said Derek Burney, President and CEO of Corel Corporation. "The addition of Randy to our management team is an important step in this direction. His proven track record of building strong, efficient organizations will provide dedicated internal focus while allowing me to focus my efforts on strengthening Corel's industry relationships and expanding our network of enterprise clients and partners." Prior to joining Corel, Mr. Eisenbach served as President and COO of Enseo Inc., a company specializing in Digital Media Engines for use in Video on Demand, Digital Signage, cable television and Education. During his tenure at the company, he introduced product development processes enabling the company to introduce three new products in the first year alone. Prior to joining Enseo Inc., he served as COO of STB Systems Inc. Mr. Eisenbach spent fifteen years with STB Systems Inc. and was responsible for growing the company's revenues from $13 million in 1989 to a total of $200 million in 1999. He also spearheaded the company's successful IPO in 1995. "Corel has enjoyed a long history of delivering innovative products to the marketplace. I am very excited to be joining the company as they move to introduce the market to a sophisticated new line of integrated enterprise solutions solutions that leverage open standards such as XML and SVG," said Mr. Eisenbach. "I am looking forward to joining the strong team at Corel and using my background in driving organizational efficiency to contribute to the future success of the company." Corel also announced today the departure of John Blaine, Chief Financial Officer and Executive Vice-President, Finance. Mr Blaine will be leaving Corel to pursue new opportunities. The company is in the process of finalizing negotiations with Mr. Blaine's replacement.