QUMAS Posts Record Results for 2002

In a statement issued to shareholders, employees and business partners, QUMAS Chief Executive Officer, Paul Hands, commented, “We’re delighted with our 2002 performance across each of the various measurement criteria. In terms of sales, we added a record number of new customers, including an impressive increase in the number of Tier 1 clients. Our profitability also rose to new heights during 2002.”

“A key independent indicator of our performance, and the inherent value our compliance products provide to the industry we serve, came from Frost & Sullivan a global marketing research and solution leader, as they named QUMAS the winner of its 2002 Vertical Market Engineering Award for Vertical Market Penetration.” Hands continued, “Their study, ‘World Electronic Document Market for Life Sciences,’ concluded that QUMAS currently holds 24% of the global market, and also predicted that QUMAS solutions will quickly become the document compliance management systems of choice within the life sciences industry.”

Hands concluded, “The key to our success and domination of the Enterprise Compliance Management space has been the implementation of our new product strategy. This industry-endorsed approach focuses on the provision of a comprehensive suite of compliance solutions that address regulatory challenges across the enterprise, rather than traditional point solutions. With the increasing enforcement of regulations worldwide by the various regulatory authorities, many more life sciences companies are turning to QUMAS as a rapid and reliable solution to reduce their compliance risk. As a result of our new strategy and latest product releases, QUMAS now has the most comprehensive range of compliance solutions on the market, offering our clients one fully interoperable system to address everyday compliance concerns.”

Michael Hennessy, Chief Financial Officer, stated, “While we had strong growth in each of our markets, sales in Europe grew by more than 500%, which is a testament to the recently established European Sales team. With a healthy sales pipeline in place for 2003, we’re confident of achieving even greater success over the next year.”

About QUMAS

QUMAS develops, markets, and supports a suite of integrated document and compliance management products designed to help FDA-regulated companies ensure regulatory compliance. Using advanced technology and regulatory domain expertise, QUMAS solutions deliver FDA and ISO-related best practices for the automation of controlled documentation and submissions. The firm’s products are based on open systems platforms ensuring rapid deployment within existing technology infrastructures, and include validation, training, and technical support. QUMAS is based in Cork, Ireland with US headquarters in Florham Park, NJ and additional offices throughout the United States. For more information, contact QUMAS at (973) 377-8750 (North America) or +353 21-491-5100 (Europe), or visit our website at www.qumas.com.