cBrain IPO -- First Internet based IPO in Europe.

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cBrain shares will begin general trading at the Copenhagen Stock Exchange on Wednesday February 22, 2006. This is the first Internet based IPO in Europe, and all shares in the initial offering were sold within 2 hours directly from the cBrain WEB site on February 9, 2006. cBrain is the first IT company to go public at the Copenhagen Stock Exchange during the last 5 years, and IPO cost have been greatly reduced compared to a traditional IPO due to the Internet based approach.

cBrain shares will begin general trading at the Copenhagen Stock Exchange on Wednesday February 22, 2006.

This is the first Internet based IPO in Europe, and all shares in the initial offering were sold within 2 hours directly from the cBrain WEB site on February 9, 2006. cBrain is the first IT company to go public at the Copenhagen Stock Exchange during the last 5 years, and IPO cost have been greatly reduced compared to a traditional IPO due to the Internet based approach.

cBrain is following the example of the Internet based IPO of Google. cBrain developed its own composite application to support the IPO, thereby demonstrating the company vision of process driven solutions and the power of the Internet.

Challenging traditional thinking the IPO was not backed by an investment bank. The cost of the cBrain IPO has therefore been greatly reduced compared to a normal IPO with total out-of-pocket cost for the IPO at approximately $100.000. Furthermore, the offering was based on a fixed price offering of DKK 5 per share and share allocations were based on the principle of “first come first serve”. All shares were sold and allocated within 2 hours on the morning of February 9, 2006.

cBrain (The Process Company) offers (BPM) Business Process Management Solutions based on SOA (Service-Oriented Architecture) - a new type of business software also referred to as composite applications. Process driven Document Management delivered to PricewaterhouseCoopers is one of the key references for cBrain.

Compared to traditional software vendors, cBrain differs with respect to technology platform (SOA component library) and design methodology.

cBrain challenges traditional enterprise software implementations through an innovative design and development methodology, that takes business processes and user roles as the starting point for system design and then creates composite applications using software components (SOA) from cBrain’s comprehensive component library.

Customers include Carlsberg, Socialdemocrats, Sonofon, TDC, HP, ClearChannel and PricewaterhouseCoopers.

Further information, please contact:

Europe:

Per Tejs Knudsen, CEO

Anne Dorthe Hermansen, Investor Relations

Phone: +45 4011 8608

USA:

Poul J. Hebsgaard

(508) 229-2774

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Poul Hebsgaard
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