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IDOM Middle East, LLC is Formed

NEW YORK, NY, October 27, 2002 - IDOM, Inc. is pleased to announce a joint venture with F. Khalil & Co., called IDOM Middle East, LLC, and will market IDOM's products and services throughout the Middle East. This new venture has named Fakhruddin Khalil as its Chairman and Vincent Raniere, Stephen Codignotto and Haytham Khalil as Managing Directors. Ownership of the newly formed entity will be split equally between IDOM and F. Khalil & Co.

"We are very pleased to have IDOM Middle East established," said Fakhruddin Khalil, Chairman of F. Khalil & Co. and IDOM Middle East, LLC. "There is significant interest in banking products that automate regulatory reporting, document tracking and anti-money laundering detection, including BSA (Bank Secrecy Act) and OFAC (Office of Foreign Assets Control) requirements, in the Middle East, as there is here in the States, with local banks increasingly feeling pressured by their regulators to automate. IDOM's complete array of banking automation tools provides the perfect solution for banks in this region - currently there are no products available in the Middle East that compare to IDOM's offerings in terms of functionality and ease of use."

REG-Reporter automates compliance with reporting requirements to regulatory authorities, management and head offices, and helps ensure the accuracy and integrity of financial reports while increasing the efficiency of reporting. It combines data from all of the bank's systems into a central data repository, where key information is translated into standardized data. The resulting data is then compiled into required report formats recognized by regulatory agencies and Central Banks.

DOC-Tracker is a modular, client-server application that addresses the documentation management and compliance control needs of today's businesses. DOC-Tracker provides the facility to record documentation requirements and track the receipt of all types of Customer Specific, Commercial Lending, Trade Finance and other transactional documents produced internally, or those provided to the organization by a third party to support the businesses engaged. Each DOC-Tracker Module features the ability to instantly and efficiently set up single, daily, weekly, monthly, quarterly, semi-annual or annual fees, bills, documents or financial records requiring receipt via DOC-Tracker's frequency population feature. DOC-Tracker's document imaging capability provides instant access to multiple users of documents, facilitates their review, as well as, the recording of discrepancies noted. Additionally, it can also serve to reduce paper storage expenses and support back-up recovery requirements. With a heightened focus on regulatory, legal, credit and reputational risks as the top compliance issues affecting financial institutions today, IDOM's DOC-Tracker can assist a financial institution in effectively managing the collection of all the supporting documentation required to meet today's increasingly complex requirements.

In addition, IDOM Middle East LLC will be offering compliance-related profiling and transaction monitoring systems to detect money laundering and suspicious activity. These systems address the regulatory issues of the BSA, existing anti-money laundering controls and KYC (Know Your Customer). Rather than searching the OFAC list manually (which contains thousands of records), a fully automated solution is now available by simply using the point and click action of a mouse.

Vincent Raniere, IDOM President & CFO and Managing Director of IDOM Middle East LLC, said, "Earlier this year IDOM participated in the Union of Arab Banks Conference in Beirut where we received a tremendous amount of interest in our products and services. Now with the launch of IDOM Middle East LLC, our products and services are readily available to bankers in these countries."

Haytham Khalil, Vice President of F. Khalil & Co. and Managing Director of IDOM Middle East LLC, went on to say, "With all of F. Khalil's & Co.'s contacts in the Middle Eastern banking arena, and the increasing demand for tools that automate regulatory reporting, document management and anti-money laundering detection – such as IDOM's offerings - this new venture is sure to be a success."

About IDOM

IDOM, Inc. is a leading provider of banking automation products and management consulting services to the financial sector. In business since 1988, the firm, headquartered in Newark, N.J., and with subsidiary locations in Miami and London, is comprised of career bankers and systems specialists with expertise in financial operations, management, compliance, disaster preparedness, accounting, and reporting. IDOM's principals and co-founders, Chairman and CEO Stephen Codignotto and President and CFO Vincent Raniere are internationally recognized for their banking systems and technology expertise. The company’s software products include its industry-leading REG-Reporter®, an automated regulatory reporting solution, and DOC-Tracker®, a document and compliance management software application.

For more information on IDOM® products and services please contact the sales department at 973.648.0900 / info@idomusa.com or visit their web site www.idomusa.com.

About F. Khalil & Co.

F. Khalil & Co. ("FKC") is a financial consulting company that helps bridge the gap for those seeking to transact business between the United States / Europe and the Middle East. FKC specializes in a variety of fields including financial services for real estate transactions, project finance, raising capital and various banking related services. Founded by Fakhruddin Khalil, former Chairman of Arab American Bank, FKC has successfully closed numerous transactions involving Middle Eastern investments in the United States.

IDOM, REG-Reporter and DOC-Tracker are registered trademarks of IDOM, Inc.

All other products are the properties of their respective owners.

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