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Toronto – (October 29, 2004) – PROPHIX Software recently entered into a non-exclusive
distribution agreement with Issues Central Inc. of Toronto covering the sale, training and
installation of Issue Central’s Sarbanes-Oxley Compliance Playbook™. PROPHIX will offer
this enabling software to its clients and prospects.

Section 404 of The Sarbanes-Oxley Act of 2002 (the “Act”) requires that the managements of
public companies assess the effectiveness of their internal controls over financial reporting.

Arthur Stern, Executive Vice President and Chief Financial Officer of PROPHIX indicated that
“The documentation of internal controls can be a tedious and cumbersome task involving a
multitude of documents. As an auditor with one of the international firms over a twenty year
career, I have spent considerable time carrying out what was then called ‘Transaction Flow
Auditing’. At that time, the responsibility of documenting, testing and assessing controls often
rested with a company’s auditor. Today, the onus rests with management to document, test
and assess internal controls. This onus now has extreme ramifications if not effectively
discharged. The Compliance Playbook™ not only enhances effectiveness, it creates
significant efficiencies”.

The Compliance Playbook™ allows companies to select key control objectives from a
comprehensive list of potential control objectives in each of a company’s operating cycles (e.g.,
Revenue, Payroll, Treasury and Expenditure). As a second step, flow charting document and
process flows is made easy with The Compliance Playbook’s™ flow charting tools.
Companies then look to the specific procedures or techniques which are in place to support key
control objectives and document such procedures within the Playbook’s framework.
Assessment of the control environment and subsequent testing of techniques is also facilitated
by the use of the Playbook. This very structured approach helps to limit the time needed for
updating the assessment process in subsequent periods.

Catherine Connally, President of Issues Central, Inc. indicated that “One of the biggest
challenges we see facing companies today is that many have chosen to use spreadsheets to
document controls. At the end of the project, companies may have thousands of documents and
spreadsheets without adequate reporting, consistency over data capture and very little leverage
after the first year. The Compliance Playbook™ allows consistency and provides structure
to capturing information including real time tracking and reporting. The Playbook also provides
a great springboard for future years, decreasing the amount of work necessary to complete
updates and to report on subsequent periods.”
Issues Central was founded with the mission to help organizations dramatically improve
governance and compliance. The proven Compliance Playbook™ aligns the Sarbanes-Oxley
compliance process with the COSO framework, the most widely used approach for designing
and evaluating internal controls. The Compliance Playbook™ has proven that it reduces the
cost, time to undertake documentation of internal controls and related processes, and external
consultant and training resource time required to achieve compliance. To learn more, see
www.issuescentral.com and see our blog at www.complianceblog.com .


PROPHIX Software is a privately held company based in Toronto, Canada, and is the developer
of PROPHIX budgeting solutions. PROPHIX is a multi-user financial software application
employed by thousands of users worldwide for budgeting, planning, financial consolidation and
management reporting and analysis. The software offers the familiarity of a spreadsheet-style
interface with added benefits for handling multiple users and managing data.

The company pioneered the introduction of new concepts such as OLAP mini-cubes and Delta
Analysis. The PROPHIX range of products is extremely scalable, including an entry-level LAN-
based budgeting application – PROPHIX Budgets - and a more sophisticated enterprise financial
application - PROPHIX Enterprise - that has client/server capabilities. For more information
please visit www.PROPHIX.com.


Arthur Stern
PROPHIX Software Inc.
(800) 387-5915 ext. 276


Cathy Connally
Issues Central Inc.
(416) 977-1496