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January 8, 2001

PsiNaptic Inc. adds finance and marketing depth to executive team to ensure the next level of successful growth.

Calgary, AB - PsiNaptic Inc., a leader in embedded Java™ solutions to the wireless marketplace, is pleased to announce the appointments of Gary Sherkey to the position of VP Finance / Administration and Chief Financial Officer, effective January 1, 2001, and David Bocking to the position of VP Marketing and Sales, effective January 3, 2001.

"We are excited to have someone of Gary's caliber join PsiNaptic," said Aaron Dagan, President and CEO. "Sherkey brings to PsiNaptic the proven ability to translate an organization's business goals and vision into action, significant public company experience and consequent familiarity with regulatory requirements of major North American exchanges, disclosure issues and Board governance responsibilities. At PsiNaptic, Gary will deliver shareholder value by capitalizing on financing opportunities and ensuring best-in-class financial practices."

"Gary's depth of experience is a significant asset to the corporation as we begin licensing and selling our technology and products to OEM customers. This next year will be very dynamic for PsiNaptic and demands the financial leadership with the experience, acumen and drive that Gary brings. Further, his proven success at structuring financial partnerships will strengthen our leadership position in the industry."

Gary has over 20 years of leadership experience in corporate finance. Prior to joining PsiNaptic, he was CFO at Growthexperts.com, Inc., and CFO at Fracmaster Ltd. prior to that. While there, he was instrumental in executing strong planning and budgetary systems to manage revenue growth with rigorous cost structure controls. As well, he has held senior positions with Shell Canada, and Gulf Canada.

Sherkey is certified as a Chartered Accountant with a comprehensive knowledge of finance and taxation, expertise in the development of all administrative and financial policies for major corporations, and a successful history of arranging major financial transactions.

"We are extremely pleased to have David join PsiNaptic as well," said Aaron Dagan, President and CEO. David brings to PsiNaptic over 15 years of experience in marketing and sales to the telecommunication industry where he held key senior position in companies such as TELUS, Telecordia Technologies and most recently as VP Canadian Sales at Wi-LAN.

"We have been looking for someone with the right skill sets and experience in a high growth company to lead us through our next stage of growth. We are delighted to find David, who is a perfect fit for our company. He brings extensive marketing and sales experience and understands technology. David has the knowledge and experience to help us take the company to new heights as we begin to put together our detailed marketing plan with a view to selling our products this year."

About PsiNaptic

PsiNaptic Inc. creates short-range digital communications technology to enable user-transparent transfer of information and services between objects. In all things, the user experience will be simple, spare, and opaque to the underlying technology.

© 2004 PsiNaptic Inc.