Mindreef

Hollis, NH - March 24, 2003 - Mindreef, founded in 2001 by four well-known software veterans, today announced that the company has closed a $4 million first round of funding. Financing was raised from Kodiak Venture Partners and company co-founders Jim Moskun and Frank Grossman.

Mindreef will use the funding to support the further development of the company's Web Services Diagnostics system and expand the company's marketing and sales activities. The funding will also be used to enhance overall company operations in order to meet the market demand for its SOAPscope Personal, the first offering in the company's flagship product family and the industry's first Web Services Diagnostics System, as well as the company's soon-to-be introduced Mindreef SOAPscope Professional.

Moskun and Grossman previously founded NuMega Technologies, Inc., a technology-focused company providing software development tools to organizations involved in programming on Microsoft and Java platforms. Moskun and Grossman bootstrapped the company to profitability from their initial $10,000 investment. The Company was subsequently acquired by Compuware Corporation for $150 million in 1997. Several members of the Mindreef core team worked with Moskun and Grossman at NuMega, where they were key contributors to the development of some of the leading diagnostic tools for Windows and Java, including SoftICE, BoundsChecker, TrueTime and DevPartner Studio.

"Our experience at NuMega gave us great insight into how to package hard-core diagnostic technology in easy-to-use tools that are powerful enough for the toughest development challenges, yet non-invasive for use in production environments," said Jim Moskun, co-founder of Mindreef.

"With Web Services positioned to become the dominant distributed computing architecture over the next 10 years, we see a tremendous market opportunity for this technology," added Grossman.

"Mindreef is one of those rare investment opportunities that combines a team that has done it before, a large emerging market and a vision to address the pain that is developing as web services are deployed," said Elliot Katzman, Partner, Kodiak Venture Partners. "Jim and Frank have assembled a very strong team that includes seven members who previously worked together to create the NuMega success. The Company's new breed of comprehensive Web Services diagnostics uniquely addresses the enterprise's need to deal with tracking and troubleshooting errant data, performance and interoperability issues. I look forward to the opportunity of working along with Jim and Frank to position Mindreef for long-term success."

Katzman will join Moskun and Grossman on Mindreef's board of directors.

About Mindreef

Mindreef was founded in 2001 by the original technology team from NuMega Technologies, a leading software development tools provider for the Microsoft and Java platforms that was acquired by Compuware Corporation. Mindreef is delivering the industry's first comprehensive Web Services Diagnostics system, enabling application developers, service developers, testers and support staff to address the problem-solving challenges of distributed applications.

For more information, visit http://www.mindreef.com.

About Kodiak Venture Partners

Kodiak Venture Partners is a Waltham, Massachusetts-based venture capital firm focused on seed and early stage investments in emerging communications/IT, semiconductor and software companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak Venture Partners builds relationships with entrepreneurs seeking accelerated market success. Kodiak's investment partners are successful high-technology business entrepreneurs who take a high-impact, hands-on approach to forming, operating, building and funding market leaders. For more information, visit www.kodiakvp.com.