Bermuda (Sept. 4, 2003) -- In its quest to secure future funding, accounting and business intelligence software provider AccTrak21, has hired former JP Morgan senior executive, Ron Dewhurst, as a non-executive director and investor.

As well as joining the company’s board, Dewhurst has invested an undisclosed amount in AccTrak21, and will lead the company's efforts to complete a second round of funding round, focusing his energies on U.S. institutions.

“We are very excited to have him on board, he’s widely respected in the equities community and he chose us among a number of opportunities after leaving JP Morgan,” said Steve Yulga, chief executive of AccTrak21 USA Inc., the company’s U.S.-based subsidiary. “We are fully funded through 2005, but I always feel the best time to look for funding is when you don’t really need it.”

Yulga also said he is currently “evaluating staff for the U.S. team” in addition to working with Dewhurst and global CEO Tim Loving on the second round of financing. He declined to reveal how much the company is looking for.

In a lengthy career with J P Morgan, Dewhurst held a number of senior roles in Australia, Asia, Europe and the U.S., his most recent position as New York-based Head of Americas for the bank's asset management group, J P Morgan Fleming Asset Management, responsible for overseeing more than $500 billion in assets.

"The company has a global vision - a vision that is validated by the major structural shifts occurring in the applications software market and by AccTrak21's strategic positioning." Dewhurst said in a statement. He also noted AccTrak21's “globally unique, single application architecture, which provides small to medium-sized businesses with seamless scalability.”

AccTrak21's most recent product release is a fully integrated practice management system for accountants. This system is currently being distributed across the U.S. by tax software vendor ATX.

The company is making its way back from the loss of top CPA technologist Wayne Harding and his hand-picked team of marketing specialists, who departed the company shortly after the ATX deal.

-- Seth Fineberg

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