BluePhoenix Secures First Modernization Project in South Korea With Industrial Bank...

BluePhoenix Secures First Modernization Project in South Korea With Industrial
Bank of Korea
Solution Secures Integrity and Enables More Efficient Change Management for
Future Updates on Mainframe

HERZLIYA, Israel, January 22 /PRNewswire-FirstCall/ -- BluePhoenix
Solutions (NASDAQ: BPHX), the leader in value-driven legacy modernization,
today announced that it has closed its first modernization project in South
Korea, with Industrial Bank of Korea (IBK). The initial value of this project
is $400,000 and it is expected to take six months to implement.
Established in 1961, Industrial Bank of Korea is one of the leading banks
in South Korea. IBK has total assets of over 111,269 million Korean won, 512
branches and 8,858 employees. IBK holds the public policy role of promoting
growth among Korea's small and medium-sized enterprises as well as
guaranteeing reliability, profitability with firm assets.
BluePhoenix announced in July of 2007 the opening of a new regional
office in Seoul, South Korea as a base for marketing and sales in the region
and to provide support and services to the Asia Pacific market.
In this project, BluePhoenix will provide the bank with modernization
tools that will ensure change control and integrity of their systems running
on an IBM mainframe, as they are updated and promoted into production. These
tools will supply application change management and life-cycle control to
provide the necessary application builds and release management capabilities
needed by the bank.
"We are very happy to have closed our first significant project in South
Korea," said Arik Kilman, CEO of BluePhoenix. "The Asia Pacific market is
ripe for legacy modernization of mainframe and iSeries applications and
databases. We look forward to using this initial win as a launch pad for
securing new business in this growing market."
About BluePhoenix Solutions
BluePhoenix Solutions (NASDAQ: BPHX) is a leading provider of
value-driven modernization solutions for legacy information systems.
BluePhoenix offerings include a comprehensive suite of tools and services
from global IT asset assessment and impact analysis to automated database and
application migration, rehosting, and renewal. Leveraging over 20 years of
best-practice domain expertise, BluePhoenix works closely with its customers
to ascertain which assets should be migrated, redeveloped, or wrapped for
reuse as services or business processes, to protect and increase the value of
their business applications and legacy systems with minimized risk and
downtime.
BluePhoenix provides modernization solutions to companies from diverse
industries and vertical markets such as automotive, banking and financial
services, insurance, manufacturing, and retail. Among its prestigious
customers are: Aflac, Citigroup, DaimlerChrysler, Danish Commerce and
Companies Agency, Lawson Products, Los Angeles County Employees Retirement
Association, Merrill Lynch, Rabobank, Rural Servicios Informáticos, SDC
Udvikling, and TEMENOS. BluePhoenix has 15 offices in the USA, UK, Denmark,
Germany, Italy, France, The Netherlands, Romania, Russia, Cyprus, South
Korea, Australia, and Israel.
SAFE HARBOR: Certain statements contained in this release may be deemed
forward-looking statements, with respect to plans, projections, or future
performance of the Company, the occurrence of which involves certain risks
and uncertainties that could cause actual plans to differ materially from
these statements. These risks and uncertainties include but are not limited
to: market demand for the Company's tools, successful implementation of the
Company's tools, competitive factors, the ability to manage the Company's
growth, the ability to recruit and retrain additional software personnel, and
the ability to develop new business lines. This press release is also
available at http://www.bphx.com. All names and trademarks are their owners'
property.
Company Contact Investor Contact
David Leichner Paul Holm
BluePhoenix Solutions H.L. Lanzet
+972-99526110 +1-212-888-4570
dleichner@bphx.com paulmholm@gmail.com

SOURCE BluePhoenix Solutions Ltd

Company Contact: David Leichner, BluePhoenix Solutions, +972-99526110,
dleichner@bphx.com; Investor Contact, Paul Holm, H.L. Lanzet, +1-212-888-4570,
paulmholm@gmail.com