Michell Awards Currency Hedging Optimization Contract to SolveIT Software

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Australia's leading provider of fiber to use Artificial Intelligence for currency hedging.

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SolveIT Software Pty Ltd (http://www.SolveITSoftware.com), a leading provider of software solutions for planning & scheduling optimization and predictive modeling, announced today that it has signed a contract with Michell Pty Ltd for the delivery of a software system that will optimize currency hedging decisions.

The contract follows a successful proof-of-concept project that was completed by SolveIT Software in late 2006. The proof of concept was based on SolveIT Software's existing optimization and simulation platforms using several Artificial Intelligence technologies to generate currency-hedging rules. The production-ready system will be implemented in March of 2007, and is expected to improve the profitability of Michell's international contracts.

"Given the competitive pressures of today's global marketplace, it's important for international companies to seize any edge that the latest advances in computer science can provide," said Mr. David Michell, Managing Director of Michell. "We believe that the system from SolveIT Software will aid in improving our operating results by allowing us to make better currency hedging decisions."

For more than 130 years, the Michell name has been associated with the international wool textile industry. Today, Michell Pty Ltd is a leading provider of innovative fiber and fiber solutions to the international wool and textile industry. Headquartered in Adelaide, South Australia, the company employs 125 people and has an annual turnover in excess of $100 million. For more information, please visit: http://www.michell.com.au

"We are excited to be working with Michell in the challenging area of currency hedging optimisation," said Dr. Martin Schmidt, Chief Technology Officer of SolveIT Software. "The system automatically adapts to a time-changing environment and recommends the optimal currency hedging choice for Michell's international contracts. The system includes several Artificial Intelligence technologies, including a modern multi-threaded and self-adaptive Evolutionary Algorithm, Fuzzy Logic and rules that automatically adapt to changes in market conditions. Apart from these superior proprietary technologies, the system is extremely easy to use with an very intuitive graphical user interface."

About SolveIT Software Pty Ltd

SolveIT Software Pty Ltd is an Australian company specialising in planning & scheduling optimisation and predictive modelling. The company was founded upon the cutting-edge research of several world-renowned computer scientists, and offers comprehensive software solutions for major corporations and government organisations. Our software solutions are based on proprietary technology platforms and the power of Adaptive Business Intelligence®, and can provide clients with measurable increases in revenue and/or decreases in cost. The company also features a highly scalable business model, a strong set of competitive differentiators, and sophisticated Artificial Intelligence technologies that were pioneered by our founders. Our current clients include Dentsu, Intercast & Forge, ABP, Pernod Ricard Pacific, McGuigan Simeon Wines, Michell, and the Australian Defense Science and Technology Organisation (DSTO). For more information about SolveIT Software, please visit http://www.SolveITSoftware.com


SolveIT Software Pty Ltd

Level 12, Adelaide Bank Building,

90 King William Street, Adelaide, SA 5000

Phone: +61 (0)8 8221-5533

Fax: +61 (0)8 8221-5677


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