News

Profit Improvement Initiative Builds on Company's Cost and Profit Leadership

Mississauga, Ontario, and Houston, Texas, May 28, 2003 - Canadian Bearings Ltd., Canada's leading bearing and power transmission distributor, plans to use Acorn Systems Profit Analyzer™ software in their strategic approach of reducing costs through the entire supply channel, from manufacturers to end users.

Houston, TX, May 9, 2003 -Acorn Systems announced today that The Charles Schwab Corporation has selected Acorn Systems Profit Analyzer software to replace its "MUSE" costing system. Schwab selected Acorn Systems Profit Analyzer after conducting a rigorous comparison of eight leading Corporate Performance Management (CPM) vendors. CPM vendors were evaluated based upon their ability to analyze millions of transactions and produce critical customer net profitability and cost analysis in a matter of hours. Receiving accurate analysis faster will enable Schwab to react much quicker to market changes and to better serve its clients.

Company will use Funding to Quickly Gain Share in Financial Services, Distribution, Consumer Packaged Goods and Energy Industries

Houston, TX, May 9, 2003 - Acorn Systems, a leader in the fast growing Profit Management and Optimization market, today announced it has raised $9 million in funding from new investors in an expansion round. This funding comes at a time when venture funding of software companies is at a five year low and follows the company's most successful quarter, in which it won a Customer Profitability implementation at a Fortune 500 account in a head-to-head competition with some of the largest software companies in the world.