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Vertex Network Solutions To Acquire Beehive Software

Press release from the issuing company

NEW YORK -- June 17, 2003 -- Vertex Network Solutions Inc. today announced its intent to acquire the primary assets of Beehive Software. Beehive is a leader in the Internet-based file transfer technology industry, with specific focus on the publishing and printing market. Vertex, which offers the leading communications platform for digital communication, will offer the Beehive product line within its managed service portfolio. The Asset Purchase agreement includes all the software and other Intellectual Property of Beehive, as well as the customer list and current customer agreements. Mark Bennett, President of Beehive Software, will oversee Vertex's technology development as Chief Technical Officer of Vertex. Florian Mueller will become the Principal Engineer for Vertex. Graham Murray, CEO of Vertex Network Solutions said: "As a combined company, we will be in a better position to offer a complete solution to our customers, including managed services, custom development, from basic file transfer to high-end workflow solutions. We are very pleased to have Mark Bennett and his expert technical team on board." Mark Bennett, President of Beehive Software said: "We have been working with Vertex as our partner for delivering managed services since last year, and we see managed services as an important part of our future. Working with Vertex, we will be able to deliver technology solutions to customers within the Graphic Arts market, and to meet new requirements of the Fortune 1000 corporate customers to manage data within and outside the enterprise." Vertex's managed service offering, V-Connect, V-Direct, and V-Total, incorporate the proven Beehive technology that is already being used by over 50,000 graphic arts and media professionals, and has been well received by media and advertising firms, many of which have utilized proprietary file transfer systems which do not offer the advantages of an open network service. By using the Internet as the global transport infrastructure for file delivery and Open Systems standard technology, Vertex can effectively provide customers with the same benefits of security and certified delivery, but with the added benefits of greater functionality, more flexibility, and an immediate cost savings of over 40% compared to a private network. Financial terms of the agreement were not disclosed.