UBmatrix Leads XBRL Industry Forward with Upcoming Launch of xBReeze(TM) Open Source Edition; Company Breaks from the Pack in Offering Its Software On

1 January 1970

Today at the XBRL International conference in Madrid, UBmatrix, a leading provider of software and services leveraging the global XBRL standard, announced the upcoming launch of xBReeze(TM) the first-ever online platform dedicated to XBRL-based data exchange. Pointing to the success of open source software development in other industries, UBmatrix will offer complimentary use of its software products to open source taxonomy project teams via the new hosted software service: xBReeze(TM) Open Source Edition. xBReeze is due to launch on June 30th, 2006.

xBReeze(TM) Open Source Edition -- as well as the Professional Edition which will be dedicated to proprietary taxonomies -- supports standards committees, academic groups, or any team of domain experts that wish to design and publish XBRL taxonomies.

"It is clear that the adoption of XBRL will be accelerated by the existence of high-quality, useful business taxonomies," remarked Sunir Kapoor, President and CEO of UBmatrix. "The market has demonstrated that open source is an ideal way to speed software development, enhancement and customization; UBmatrix has the best tools to support XBRL taxonomy developers. By making our tools available at no charge to any open source developer using xBReeze, we believe a large number of new taxonomies will soon be under development. In fact, we've already started conversations with potential project sponsors who are interested in joining our beta program."

"The industry has lacked a complete set of XBRL taxonomy lifecycle management tools as well as a central online destination for development team collaboration," commented Stefan Chopin, Chief Technology Officer with EDGAR Online. "Because the UBmatrix announcement addresses both of these needs, XBRL project teams around taxonomies such as government accounting standards, non-profit reporting, tax reporting, corporate performance scorecards, and anything else where XBRL can make reporting easier should take a close look at the xBReeze solution."

xBReeze(TM) is a fully hosted, collaborative application supporting distributed development and tracking of taxonomies, taxonomy extensions, business rules, and other XBRL resources. Launching in conjunction with xBReeze will be an "xBReeze Aware" version of UBmatrix XBRL Taxonomy Designer (formerly called Automator) that seamlessly interacts with the xBReeze taxonomy management service.

Using xBReeze(TM) Open Source or Professional Edition, teams can:

-- Manage the full taxonomy lifecycle, from creation to publishing

-- View and participate in discussion forums

-- Track taxonomy versioning and auditing

-- View change history

-- View and edit taxonomy properties down to the concept level

-- Define data series

-- Create instance documents from your taxonomy

-- Test concepts, relationships, business rules, and more

-- Run "what-if" scenarios to build strong, effective content and

analytic models

-- Manage access controls for users and roles

-- Publish your taxonomy to submitters

"As a non-profit organization, and one focused on providing visibility to an underserved part of the market, we hail the UBmatrix open source initiative," remarked John Romano, Executive Director of the International Open Finance Association Inc. "We see open source as very consistent with the intentions of XBRL International, and believe it will result in an active marketplace of new taxonomies for sharing business data. Personally, we are excited to initiate an open source taxonomy project designed around Direct Public Offerings. This is a welcome development."

Other corporate reporting domain experts are getting behind the UBmatrix open source push. "We see open source development as a great way to ignite the use of XBRL for financial and other kinds of reporting," commented Mr. Peter Horsburgh, President and CEO of Alluvion, Inc. His company's expertise in tax, regulatory and corporate financial systems makes them an ideal leader for an open source project devoted to corporate tax reporting. "Many in the tax world have been eyeing XBRL as an improved method for sending and receiving tax data. We are confident that with our company's expertise, combined with that of other experts around the US, we can spearhead the development of an open source corporate tax reporting taxonomy to aid in the standardization of tax data shared within corporations, and among their auditors and service providers."

UBmatrix offers the industry's most robust XBRL taxonomy design and management tools, as well as the application suite behind the most successful -- and visible -- XBRL regulatory reporting project to date at the United States FFIEC (Federal Financial Institution Examination Council). The company's solutions help organizations improve operational efficiency, gain cost savings, reduce risk, achieve greater data integrity, align business strategy with day-to-day execution, and enhance relationships with customers and partners.

In addition to the Open Source and Professional Editions for XBRL taxonomy development, xBReeze will offer both an edition supporting compliance reporting for European banking institutions and a hosted regulatory reporting system similar to the one UBmatrix has implemented at the US FFIEC. Called xBReeze Reporting for COREP/FINREP Compliance and xBReeze Regulatory Edition, respectively, both solutions are dedicated to aiding data exchange using XBRL.

More information about xBReeze(TM) can be found at www.ubmatrix.com/xbreeze/. For those interested in our beta program or who wish to sponsor an open source taxonomy project once xBReeze goes live, please visit www.ubmatrix.com/xbreeze/, select "Contact Us," and provide us details about your project.

About UBmatrix

UBmatrix provides a platform and application solutions for making data portable; freeing data from the applications which originally created it. Offering both licensed software and software as a service on the Internet, UBmatrix solutions help automate the process of exchanging information using eXtensible Business Reporting Language (XBRL), the next evolutionary stage of XML. Using our platform, organizations can move data freely among applications within an enterprise, between business partners, and to regulators without losing the semantic meaning of the data. Benefits include increased operational and financial transparency, cost savings in sharing data both inside and outside the organization, and greater confidence in reporting accuracy and regulatory compliance.

UBmatrix has been committed to XBRL since 1998. We are recognized worldwide for our thought leadership, technology, and customer commitment.

UBmatrix is a privately held corporation headquartered in Kirkland, Washington, USA and venture-backed by Draper Fischer Jurvetson. UBmatrix can be reached at 425-285-0200 or www.ubmatrix.com.

For further information: S&S Public Relations, Inc., USA Jason Ovitt, 847-955-0700, jovitt@sspr.com

Source: newswire

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