Holly Springs, NC -- April 7th, 2005 - Paragon Application Systems, the leading global provider of ATM and EFT configuration, simulation and testing software announced that it has signed a comprehensive reseller agreement with CubeIQ, a leading business-to-business information technology solutions provider to the Banking and Electronic Transaction Processing Markets in Greece, Cyprus, and Eastern Europe.  Under this agreement, CubeIQ will provide distribution and technical support services for Paragon Application System’s products in Greece, and in neighborhood countries including Cyprus, Albania, FYROM, Bulgaria, Romania and Serbia.

Combining a history of success in the Greek banking and financial market with strong technical support, CubeIQ has established themselves as a leading provider of business-to-business information technology solutions.   Dedicated to providing their customers with best-of-breed solutions, CubeIQ chose to distribute Paragon products based on the depth and breadth of the Paragon tools and Paragon’s leadership in the ATM and EFT simulation and testing field. 

“Banks are looking for solutions that will allow them to make timely changes to their ATM and EFT systems to respond to market needs and to comply with EMV specifications.  The Paragon tools allow users to easily create and test changes to their ATMs and provide comprehensive EMV support,” says Dimitris Garbis, CubeIQ’s Director of Business Development.

Financial institutions are also looking for end-to-end testing solutions to reduce the risk and expense associated with making changes to their systems.   “The Paragon tools provide proven, customizable end-to-end testing solutions,” adds Garbis.  “With a base of over 200 customers, Paragon has unparalleled experience developing ATM and EFT simulation and testing solutions.” 

“CubeIQ has built a strong reputation with their industry specific solutions and technical expertise.  We are delighted to have CubeIQ distribute our products in Southern and Eastern Europe,” says Steven Lund, Director of Business Development for Paragon Application Systems.

About Paragon Application Systems

Paragon Application Systems is the leading global provider of ATM and EFT simulation configuration and testing software tools to the financial industry.  More than 200 financial institutions in over 25 countries use Paragon tools to improve quality and reduce time-to-market.  Paragon's broad customer base includes interchanges, such as NYCE, STAR, Transacty Slovakia, and SHAZAM; processors, such as Genpass Technologies, Metavante, TSYS and Fiserv; leading software providers such as ACI Worldwide, CSF International, Mosaic Software, S2 Systems, and XP Systems; and banks, such as BB&T Corporation, Bank of Hawaii, and Citibank. Since 1998, Paragon has been a member of the Diebold Partner Information Xchange and an NCR Strategic Business Partner, and counts both Diebold and NCR among its customers. Paragon has been a member of the Interactive Financial eXchange (IFX) Forum since 2002 and the MasterCard Vendor Program (MVP) since 2003. Visit Paragon Application Systems at www.parappsys.com.

About CubeIQ

CubeIQ Ltd. - www.cubeiq.gr - is a leading provider of software solutions, systems, business process re-engineering solutions and professional services to banks, financial institutions and corporations in South and East Europe. CubeIQ's portfolio of solutions and systems include: Item & Document - Cheque Processing Systems, Cheque Book Issuance Systems, Fraud Detection & Prevention Systems, Anti Money Laundry Systems, Electronic Transaction Processing & Card Management Systems, SWIFT Reconciliation and Messaging Applications, Document Management & Electronic Workflow Systems, Prepaid Services Electronic Distribution Systems, SMS Messaging Systems, Electronic Loyalty Systems and a number of specialized equipment such as Cheque Scanners, Encoders, Sorters, Cheque Book Issuance Machines, Single & Dual Terminal Cash Dispensing - TCDs and Cash Recycling Machines - TCRDs, Cheque Book Dispensing - Cheque Deposit, Bill Payment and Multifunctional Terminals, specialized Automatic Teller Machines - ATMs, Cash Deposit, Cash Recycling and Multifunctional ATMs. CubeIQ was established in 2003 by a group of professionals with long and successful presence in the Greek banking market. The company is specialized in Business Process Re-engineering focused in the Banking and Electronic Transaction Processing Market. Our leading-edge software solutions can transform business processes in a more efficient, more productive and cost saving way.

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Media Contacts:

CubeIQ Media Center

CubeIQ Ltd.

ciq@cubeiq.gr