DELOITTE RECOGNISES CORETIME AS TECHNOLOGY FAST 50 WINNER

Dublin 16th October 2003: Deloitte has unveiled its fourth annual ranking of Ireland's fastest growing technology companies. Coretime was placed 49th in this years ranking.

Announcing the winners of the fourth Technology Fast 50 Programme, David O'Flanagan, Partner with Deloitte, Dublin said: "The Fast 50 programme has always been reliable indicator of whether innovation is leading to more growth and wealth creation. These companies have demonstrated how to survive and thrive in today's market by helping their customers reduce their costs and improve their performance. We are delighted that InterTrade Ireland's EquityNetwork had joined us in encouraging fast-growing companies to showcase their businesses and to contribute to the next wave of innovation in the Irish technology sector".

O'Flanagan continues "this programme seeks out those companies that have shown impressive growth rates in the telecommunications, hardware, software and biotechnology markets over the last three financial years. Despite the difficult global environment, Irish technology companies are continuing to grow with average turnover growth of more than 269% in a three-year period. We are delighted to see that many companies have achieved a ranking in all previous Fast 50 programmes - including VistaTEC, Connect Global Solutions, Mapflow and QUMAS. We are also pleased to see 16 new entrants in this year's programme".

The Technology Fast 50 programme recognised and ranks the fastest-growing technology companies in Northern Ireland and the Republic of Ireland. Of the 50 companies to succeed, 15 are based in Northern Ireland and the fill list ranges from well-established companies such as Electric Paper (ranked 19) and Trintech Technology (ranked 23) to newly emerging ones such as Puca Technologies (ranked 6).

Liam Nellis, Chief Executive of InterTrade Ireland's Equity Network, sponsors of the award said, "All companies who have entered the Deloitte Fast 50 have excelled themselves this year. We are delighted to see this development, especially against a background of difficult trading conditions for technology companies on the island, and I would like to encourage all businesses to continue with their endeavours to succeed in this industry".

The awards ceremony took place in the Guinness Storehouse, St James's Gate, Dublin, on 16th October.

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