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Monday August 13, 2001

TruExchange Announces New Vice Presidents

Vice President of Sales and Vice President of Services To Accelerate Rapid Pace of Growth for Exchange Software Vendor

Lexington, Mass. August 13, 2001 --TruExchange™, Inc., a leading vendor of trading and matching engines for electronic exchanges, announced today it has hired two new vice presidents to lead its sales and services divisions. Steve Moreland will head company sales and Mark Connolly will lead the services team. Together, the two will provide a tight loop of customer acquisition and retention for those looking to launch electronic exchanges.

"TruExchange is continuing on its projected path of growth and development," said George McQuilken, CEO of TruExchange. "Adding Steve and Mark to our team will allow us to increase this momentum by winning new customers and ensuring their satisfaction. We have the resources to gain even more traction in financial and corporate markets and establish ourselves as the leading exchange software vendor."

As Vice President of Sales, Steve Moreland will lead a world-class sales team to pursue new customers who are moving towards electronic trading systems. Moreland will help potential customers to recognize the benefits of online trading and construct solutions to solve their business needs.

Moreland has over fifteen years of experience in sales of software products and services. He has consistently achieved extraordinary sales goals and has generated over $60 million in sales during his career. Most recently, Moreland served as area vice president for Authoria where he managed sales representatives from eight different regional divisions. In less than two years, he helped increase Authoria's revenue by more than 350%. Previous to Authoria, Moreland served as regional director for Parametric Technology Corp. Moreland holds a B.A. in Marketing from the University of Massachusetts.

Mark Connolly, vice president of services will lead the TruExchange services team in designing, building, and operating bid/ask trading systems for a diverse set of corporate and financial market customers. Connolly will ensure that all aspects of client engagements, including project management, specifications, design, and deployment, meet and exceed customer expectations.

Connolly has over twenty years experience in technology and most recently was responsible for product training at Baltimore Technologies. He has previously worked for Siemens AG, Computer Task Group, and ENSR Consulting & Engineering. Connolly holds an A.S. in Data Processing Technology from Mt. Wachusett College and a B.S. in Computer Information Systems from Framingham State College.


About TruExchange, Inc.

TruExchange™, based in Lexington, Mass., is an enterprise software and services provider for online corporate and financial markets. TruMarket™, its flagship product, is a real-time trading and matching engine that brings efficiency, flexibility, and visibility to electronic markets across industries. TruMarket automates existing business practices online through customizable bid/ask trading, auctions, RFQs, and negotiations delivering true market liquidity to all participants.

TruExchange and TruMarket are trademarks of TruExchange, Inc.

For more information please contact:

Chris Kowalski
Marketing and Communications Manager
TruExchange, Inc.
[email protected]