Press Release

SciComp Inc. Receives Patent for Groundbreaking SciFinance

Software Synthesis Company Patents Unique Technology for Automatically Generating Source Code

AUSTIN, Texas, Feb. 15 /PRNewswire/ -- SciComp Inc. has been issued U.S. patent number 6,173,276 for its SciFinance® software synthesis technology for solving systems of partial differential equations for pricing complex financial derivative products.

This technology, which transforms high-level problem descriptions into executable source code, has the potential for solving problems in a wide range of application areas, including finance, engineering, energy, electronics, pharmaceuticals, and physics. SciComp's flagship product, SciFinance, applies this technology to the pricing of financial options using the Black-Scholes and related equations of finance. SciFinance is used by some of the world's leading investment banks to quickly prototype and validate option pricing models, as well as to generate production codes.

``We're elated to receive a patent,'' said Elaine Kant, president of SciComp, ``not only because it protects the company's technology, but because it validates the uniqueness of SciFinance. Using software synthesis to automatically generate source code has been proven in the financial marketplace, but our technology is also applicable to other industries.''

With SciFinance, users provide a natural description of the financial and mathematical features of their problem, optionally including solution strategies, using a concise and easy-to-learn specification language called ASPEN (Algorithm Specification Notation). From a brief ASPEN specification (typically a half page or less), the system generates thousands of lines of code in C (or other target languages).

The ASPEN financial and mathematical constructs allow users to describe systems of partial differential equations, using domain-specific keywords, as appropriate. ASPEN can also be used to describe stochastic differential equations and standard algebraic equations. The system then compares the user's description with its knowledge base to refine the problem -- identifying constraints, applying heuristics and defaults, and applying elaboration rules.

SciFinance uses a planning process, computer algebra, and templates to analyze and optimize the problem description, choose and customize data structures, and generate pseudo-code. The pseudo-code is translated into the desired target language source code.

SciFinance-generated C code is efficient and well documented. It runs independently of SciFinance, either in standalone mode or embedded in the user's spreadsheets or trading environment. An optional component product, SciXL(TM), automatically generates Microsoft® Excel spreadsheets and add-in programs for the C code that SciFinance produces, enabling users to immediately experiment with their pricing models.

Visit the website of the U.S. Patent & Trademark Office ( http://www.uspto.gov ) for additional information about the SciFinance patent (number 6,173,276).

About SciComp

As the recognized leader in software synthesis, SciComp Inc. provides automated pricing technology to the financial services industry. SciComp's products are used by some of the world's largest investment banks to decrease the turnaround time for derivative model development. Visit http://www.scicomp.com or call 512-451-1050 for more information.

CONTACT: Stacy Formby, Director of Marketing Communications of SciComp Inc., 512-451-1050, fax, 512-451-1622, email, sformby@scicomp.com, or Web, http://www.scicomp.com .

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