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Chicago-Based Freerain Systems Wins the 2006 City of Chicago City Treasurer's Small Business Plan Competition

FOR IMMEDIATE RELEASE

Chicago, Aug. 15, 2006 - Freerain Systems won first place in the existing business portion of the 2006 City of Chicago City Treasurer's Small Business Plan competition. The business plan competition is the centerpiece of the City Treasurer's Small Business Expo, an annual event that highlights and nurtures small businesses in the city of Chicago. As part of the prize, Freerain Systems will receive a $7,500 award from Harris Bank, a sponsor of the competition.

Judith C. Rice, Treasurer for the City of Chicago, reported that more than 50 companies submitted written business plans in the first round of the competition, which started in July of 2006. Those 50 entrants were pared down to 10 semi-finalists, each of whom was invited to present to a panel of distinguished business experts on August 4, 2006. Judging was based on a weighted average of the results of the written and oral presentations. The final results were announced at the Small Business Expo & Business Plan Competition, held at the University of Illinois at Chicago on Friday, August 11, 2006.

One winner was selected for each of two categories: existing business and start-up business. Freerain won for the existing business portion of the event. More information is available on the internet at http://www.chicagocitytreasurer.com/news/BusPlanContest.htm.

"It is an honor to be selected as the winner of such a distinguished event," said Joshua Karp, founder and CEO of Freerain Systems. "We hope that it will increase our visibility with our customer base of government agencies, as well as the investor community in the Chicago region."

About Freerain Systems

Freerain Systems specializes in efficient procurement. Freerain helps the purchasing departments of public agencies utilize its flagship software product, the Bid Information Management Solution (BIMS), to increase productivity, reduce legal and political risk, and facilitate strategic sourcing and cooperative purchasing efforts. The Chicago-based company was founded in 2002. For more information about Freerain Systems, please visit the company’s website: www.freerainsystems.com.

Contact: Andrew Taylor, Freerain Systems, (312) 893-5055 or ataylor@freerainsystems.com