Precision Castparts Subscribes to VirtualDesign Networks Real-time Collaboration Service

Global manufacturing company to use Virtual-WorkSpaces to help streamline development costs and improve employee communications

PORTLAND, Ore. Nov. 18, 2002 VirtualDesign Network, the leading real-time collaboration service provider, today announced that Precision Castparts Corp. (NYSE:PCP) has become the newest subscriber to its cross-enterprise collaboration service. Precision is deploying Virtual-WorkSpaces to help the company improve communications among employees and business partners, as well as bring greater flexibility and increased efficiency to the companys workflow and development processes.

Virtual-WorkSpaces is a real-time, browser-based collaborative service that enables people to meet, face-to-face, and work together anytime, anywhere. It provides browser-based work spaces for individuals and organizations working with large files in complex environments, such as AutoCAD drawings, project planning documents and graphic-intensive files. Virtual-WorkSpaces features a full set of collaboration tools, including multipoint video and audio conferencing, calendaring and scheduling, file and application sharing, data transfer, and file viewer that displays over 260 file formats.

"The need for bringing products to market faster via improved processes and communications is greater today than it ever has been before," said Byron Ridgeway, system program analyst of Precision Castparts. "We analyzed several alternatives and selected Virtual-WorkSpaces for its broad functionality, ease-of-use and ability to tie into our existing systems. The service should be a great compliment to our existing processes both inside and outside the organization."

The market for on-demand, digital collaboration is large and expanding dramatically. Recent studies by META Group indicate that the increasing demand for synchronous collaboration capabilities will drive Web conferencing to become a standard desktop tool for Global 2000 knowledge workers during the next three years. Forrester Research supports these findings and reports that firms plan to more than triple their use of online collaborative design tools.

"We are extremely pleased Precision Castparts has selected Virtual-WorkSpaces for its collaboration solution," said Robert Ebert, president and CEO of VirtualDesign Network. Precision is a highly data intensive organization that works with complex processes and documents. Virtual-WorkSpaces will make it easier for the company to improve these processes and reduce operating costs, as well as maximize the creativity and productivity of their staff, by providing a tool that is as easy to use as email and accessible anywhere with a broadband connection, even at Starbucks."

The Virtual-WorkSpaces browser interface provides videoconferencing on the desktop with instant access to familiar tools and necessary files. Independent research shows that companies of all sizes are increasingly interested in collaborative software, but adoption has been hampered by the lack of appropriate toolsets. Virtual-WorkSpaces incorporates the needed viewers for the technical, architectural, engineering and construction segments of the market, as well as providing calendar, scheduling and project-based toolsets for organizing and monitoring workflow.

About VirtualDesign Network
VirtualDesign Network is a global provider of real-time collaboration solutions. Based in Portland, Ore., the company was founded in 1997 by creative professionals, engineers, designers and programmers. Virtual-WorkSpaces is a Web-based videoconferencing solution where people can meet and work together in real-time. The service provides members, worldwide, browser-based connections to their collaborative groups, easy access to all of the toolsets and a meeting place for effective, efficient communications. More information on VirtualDesign Network and Virtual-WorkSpaces can be found at www.virtualdesign.net.