Press Release 01/05/2002

Ulysses Systems and iShipExchange Form Strategic Alliance

LONDON AND HONG KONG 01 May 2002:  iShipExchange and Ulysses Systems, Inc. have signed an agreement to jointly market and integrate their marine software systems. This partnership will produce for both company's customers the capability to combine iShipExchange's electronic exchange of information, communication and commerce for maritime procurement with the advanced knowledge management and organizational features of Ulysses Systems' Task Assistant.

Ulysses Systems offers a suite of applications including Planned Maintenance, Purchasing, Crewing, and Quality & Safety, based upon the company's innovative Task Assistant software. Customers find that applications built on this unique platform are much more likely to be used by shipboard staff. This is because Ulysses Systems' applications require very little training to use, and are designed to work within the existing framework of an organization. In contrast to software packages that force customers to modify operations around the capabilities of software, Task Assistant is designed to understand existing roles and the tasks within the organization and to use that understanding to provide end-users with exactly the information they want at exactly the time they need it.

iShipExchange's suite flagship product ShipEx Procure provides the ability to solicit and receive quotations, conduct on-line negotiations, award purchase orders, and track the order through its delivery cycle, seamlessly integrated with the ship manager's system. Equally important, the platform is designed to allow suppliers to interface on-line, off-line, or through seamless integration themselves, all presented in a common and consistent format back to the ship manager. We are uniquely positioned to provide our buyers in Asia/Pacific Rim and our global network of suppliers with a level of service unparalleled in the industry.

"From our perspective, the integration of iShipExchange and Task Assistant' is a very important development," said Bob Schumaker, Director of Global Alliances for Ulysses Systems. "Our ship management solutions uniquely improve the performance and efficiency of a vessel's crew and assets. Our integration with iShipExchange will enhance our purchasing application to include electronic trading capability."

"We are pleased to be able to offer Ulysses customers the ability to extend their procurement process through e-commerce", said Don Staffin, Executive Vice President of iShipExchange. "The Task Assistant represents a highly innovative systems approach to ship management. The integration of our systems will allow users to take full advantage of the features of both platforms."