Press Release 19/07/2001

ULYSSES SYSTEMS (U.K.) LIMITED TO TAKE OVER MARKETING DEVELOPMENT OF ISM SOLUTIONS

LONDON 19 July 2001: Following a business restructuring, Ulysses Systems (UK) Limited has taken over the support, marketing and development of the ISM Solutions platform from Ulysses Marine Electronic Market Limited which was established in 1996 and was incorporated as a UK limited company in January 1997. Ulysses Systems is a leading worldwide provider of computer products and services, with its European headquarters in London, U.K., and its North American headquarters located in Detroit, Mich. (Ulysses Systems, Inc.). Both companies serve the global maritime trade, in addition to the oil & gas and power generation industries.

According to Dimitris N. Lyras, advisor to Ulysses Systems' executive management team and board of directors, "Our new name will make our identity clear to our global customers and it will help with the branding of our current and future products and services. It will also strengthen our advertising and marketing support efforts with customers".

Ulysses' flagship software product is called Task AssistantTM, a groundbreaking software system for ship management developed in partnership with Lyras Shipping, an international respected and traditional shipping company. Task Assistant details and documents the entire ship management process, step-by-step, task-by-task according to job function. The program provides shipboard personnel with a variety of forms and checklists, along with access to online manuals, documents, records, or company communications they may need. It guides the user and keeps records of every interaction, including every message and every completed task.

Task Assistant also helps to organize and reorganize companies during periods of restructuring. In a fluctuating business climate in which companies are constantly changing, merging and expanding, Task Assistant's ability to track and detail various functional assignments make these complex scenarios much more manageable.

About Ulysses Systems
Ulysses Systems is a leading provider of computer products and services that offer intuitive business solutions in the maritime and energy markets. With approximately 100 employees worldwide, the company maintains offices in Europe, United States and South America. Ulysses Systems recently announced a strategic alliance with Open Text Corporation to integrate Task Assistant ship management software with Open Text's Livelink Web-based collaborative knowledge management system to provide a comprehensive solution for sharing critical shipping information.