UBmatrix a Finalist in WSA Software Industry Achievement Awards

UBmatrix recognized for its thought leadership and contributions to the development and global adoption of XBRL

KIRKLAND, WA March 3, 2006 – UBmatrix™, a leading provider of software solutions to help organizations capitalize on the power of XBRL, announced today that it has been chosen as a finalist in the WSA (formerly the Washington Software Alliance) Industry Achievement Awards in the category of Technology for the Greater Good. UBmatrix was selected for its people's leadership in helping develop the standard, and for helping promote global adoption of eXtensible Business Reporting Language (XBRL) through its professional services and software products. The winner of the award will be announced next week at WSA's annual awards banquet.

The groundswell of adoption of XBRL can be seen around the world. Standard financial reporting taxonomies (or metadata dictionaries) have been, or are being developed in several regions, including the US, Canada, the countries of the European Union, Japan, Korea, Australia and others. The US Securities and Exchange Commission (SEC) has even sponsored a voluntary filing program to promote adoption of the standard.

One of the truest indications of XBRL's value however can been seen in the success of UBmatrix client, the US Federal Financial Institutions Examination Council (FFIEC). According to the FDIC (one of the five agencies within the FFIEC,) during the first quarter after the successful launch of their XBRL-based bank call reporting solution, the accuracy rates have gone from 66% to 95%. The improvement comes largely from the validation rules inherent in the FFIEC's XBRL metadata taxonomy which prevents inconsistent data from being submitted. As a result, analysts can spend more time reviewing bank financials for symptoms that require their attention.

And while the expected benefits of XBRL to regulators around the world is significant, the potential of XBRL goes much deeper. "Whether driven by Basel II or Sarbanes-Oxley compliance, or a company mission to be the next Malcolm Baldridge Award winner, companies of all sizes are looking for ways to improve their own internal financial and operational visibility", noted UBmatrix President & CEO, Sunir Kapoor. "The ability of XBRL to add semantic meaning to data once deemed too complex enables organizations to free that data from dozens or in some cases, hundreds of operational systems, making it accessible to the reporting applications managers use to run the business."

"We are very proud of the momentum UBmatrix has helped generate behind the XBRL standard and its adoption. It is consistent with our mission to deliver software that helps organizations achieve tangible business results through the use of interactive data," said Mr. Kapoor. "We are grateful to be considered as a finalist in the WSA's Industry Achievement Awards along with so many other deserving companies."

About UBmatrix
UBmatrix, Inc. is the leading provider of XBRL-based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting. XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the SEC, FDIC and the European Central Banks. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and regulatory compliance. UBmatrix is based in Silicon Valley with development centers in Kirkland, WA, and New Delhi, India. For further information, visit www.ubmatrix.com

UBmatrix and xBReeze are trademarks of UBmatrix, Inc. US Patent No 6,947,947 B2 and other patents pending. Any third-party trademarks and patents are the property of their respective owners.