PETOSKEY, MICHIGAN – May 13, 2004

Emphasys Software, the leading provider of business management software to real estate, financial management, public housing authorities (PHAs), and housing finance agencies (HFA) announced today that it has acquired Application Oriented Designs, Inc. (AOD), the foremost software development company for housing finance agencies.

“We are very excited about this acquisition and what it means for our customers,” said Mike Byrne, Emphasys Software’s CEO. “AOD’s expertise in the HFA market combined with our knowledge of the PHA market will allow Emphasys to offer all of our clients a unique combination of complementary products.”

Together the two companies will provide a range of products and services not before offered by a single organization. Emphasys can now provide not only the operational support for housing program management, but also the financial tools to assist agencies in managing multiple funding sources which many innovative agencies now require.

Maria Tornes, founder and President of AOD, said, “This is an excellent match between companies, and our product lines will complement each other very effectively. Now we have a suite of products that addresses operational as well as financial needs never before offered to PHAs and HFAs.”

For over 20 years, AOD has been providing software solutions to HFAs and has achieved a dominant position among State HFAs as the vendor with the strongest functional suite of products. In the State market of 50 agencies, AOD is proud to count 29 of them as their clients. Many have been with AOD for over two decades.

AOD has developed and offers a range of proven financial related software products including Multifamily, Single Family and Financials. The Multifamily suite allows for allocations and compliance of grants and tax credits, loan servicing and soon, asset management. The Single Family suite provides for all aspects of the homeownership program from reservation to portfolio management and the ability to do direct servicing of loans. The Financials suite is the backbone of all the modules and provides bond-related finance management and reporting.

With this acquisition comes a staff possessing a wealth of knowledge, experience and industry expertise. All AOD staff, including Ms. Tornes, will stay on and their Miami office will remain open.

“In the past, we have had the chance to work closely with AOD on several major opportunities,” Mr. Byrne said at a recent company meeting. “Their reputation is outstanding and the staff at AOD is second to none. They will fit right in with the rest of the Emphasys team and we’re very pleased to formally welcome them to our organization.”

About Application Oriented Designs, Inc.

Based in Miami, Florida, AOD is a well-established developer of software for the housing finance industry. For over 20 years, AOD has been providing its clients with user-friendly and cost-effective software solutions that meet housing finance agencies’ requirements, incorporate federal regulatory guidelines and provide the needed flexibility to accommodate a variety of new program structures. They have over 30 clients nationwide and their product lines include suites for HFA financials, Single Family and Multifamily.

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