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Prophecy Announces New CEO - with Focus on the Black
Released 21 February 2003

The Board of the Australian Stock Exchange-listed software multinational Prophecy International Holdings Ltd (ASX: PRO) is pleased to announce Mr Alan Greig as Chief Executive Officer. In making this appointment the Board is confident Mr Greig is the best person to lead the company back to profitability.

Mr. Greig joined Prophecy in 1991 to assist in the building of the international distribution network that laid the foundation for the success of Prophecy Classic Financials software suite. This resulted in a network that extended throughout Europe, Asia, Africa and North America, ensuring that the original Prophecy Financials software suite was installed at hundreds of sites worldwide.

During his 11 years at Prophecy Mr Greig has held the positions of Channels Manager, Sales and Marketing Manager, Director World Sales and Chief Executive, Australia Asia & Africa. In this last position Mr Greig led the region to highly profitable results over the past two years. He has been an Executive Director of Prophecy since its float in 1998.

Mr Greig brings to the position an intimate knowledge of Prophecy products, its people and the challenges it faces. He has had personal involvement in major sales Prophecy has achieved including the largest contract signed by Prophecy with the ANZ bank.

During a three-month interim role following the departure of former CEO Bruce Lakin, Mr. Greig has completed a global restructure that aligns Prophecy's corporate operations with the subdued market but positioning it to take advantage of an anticipated upturn in the latter half of 2003. "We have made the hard decisions that were necessary to reduce our cost base so that Prophecy's infrastructure matches the current trading environment," he said.

"The market has changed. Customers are not prepared to just replace systems, they are looking for a return on existing investment. Our products a strongly positioned to capitalise on this opportunity by offering an affordable extension to legacy systems".

Mr. Greig said his goal for 2003 was to return Prophecy to profitability. "We have the products, the people and the prospects to deliver sustainable profits," he said.



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