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Freerain Systems Selected to Present at the 2006 Midwest Venture Summit

FOR IMMEDIATE RELEASE

Chicago, October 25, 2006 – Freerain Systems is pleased to announce that the company has been selected to present at the upcoming Midwest Venture Summit 2006, to be held on November 1, 2006, in Chicago, Illinois. Freerain Systems will be one of 15 companies presenting in the Angel/Seed track. Freerain Systems’ presentation is scheduled to run from 8:50 AM to 9:05 AM.

This is the third edition of the Midwest Venture Summit. Companies that participated in the first two events have raised almost $160 million in private equity investments.

“We are excited about the opportunity to present in front of one of the premier opportunities available to Midwest companies seeking funding,” said Joshua Karp, founder and Chief Executive Officer of Freerain Systems. “It provides a great opportunity to explain to the investment community why Freerain is the right company to capitalize on the immense opportunity presented by bringing on demand software to state and local governments.”

This year’s event will be held at the Marriott Chicago Downtown (Magnificent Mile), at 540 N. Michigan Avenue in Chicago, IL. More information about the event is available at http://www.midwestventuresummit.com/.

About the Midwest Venture Summit

Midwest Venture Summit 2006 will showcase the most promising Midwest companies looking for Series A or later capital. The last Summit (in May 2005) attracted more than 360 institutional investors, angel investors, entrepreneurs, management teams, business leaders, and media professionals. This year's event promises to be even larger and more broadly attended.

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. Freerain’s software dramatically reduces the cost, difficulty, and risk that public agencies face in implementing procurement software. 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