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M-Tech Reports Record Third Quarter Results

Identity Management Provider Continues to Increase Market Share and Sustain Profitability

Calgary, AB - October 23, 2003 - M-Tech Information Technology, Inc., a leading provider of identity management solutions, today reported continued growth and profitability through the third quarter, ending September 30, 2003. During the first three quarters in 2003, M-Tech's revenues have increased by 40% over the same period last year, setting the company for a strong year-end finish above initial revenue projections.

M-Tech realized sales from a range of world-class companies in this period, including organizations in the government, healthcare, technology, education and manufacturing industries. A significant portion of sales in the third quarter were from ID-Synch, M-Tech's access management solution.

"While global economic conditions remain challenging, we are pleased with our solid performance in its third quarter," said Gideon Shoham, M-Tech's CEO. "The past three quarters has seen tremendous growth for M-Tech. We have strengthened our competitive position in the identity management space through customer acquisitions and staying on the forefront of technology. We expect to continue to see growth throughout the remainder of this year and will continue to invest in our organization to meet the needs of our growing customer base."

About M-Tech Information Technology, Inc.

M-Tech is a leading provider of identity management solutions. M-Tech's solutions streamline both password and access management processes, giving organizations a quick ROI and improved security. M-Tech's product suite has a wide range of licensed users ranging from mid-sized companies to global enterprise installations with hundreds of thousands of users. M-Tech is the only identity management software vendor to consistently prove an ROI in three to six months.

M-Tech's customers include Avon, Bank of America, Bristol-Myers Squibb, Cisco, eBay, Ford Motor Company, Intel, Kimberly-Clark Corporation, Merck MetLife, NCR Corporation, Pfizer, Pitney Bowes, Sears, Shell, Symantec, Wells Fargo and many more.. For more information on M-Tech and its products, please visit Hitachi-ID.com or call 1.403.233.0740.

M-Tech Contact

Dawn Mallyon
VP Marketing
Hitachi ID Systems, Inc.
500, 1401 1st Street S.E
Calgary, AB T2G 2J3
1.403.233.0740 ext. 324
dawn_mallyon@Hitachi-ID.com