Momentum Technologies :: Momentum Technologies Services-

May 12, 2004 Vancouver, BC – Momentum Technologies, Inc. a global provider of outsourced software development services, announced today that company founder and CEO Pankaj Agarwal has been invited to participate in the Vancouver Enterprise Society’s May 25, 2004 forum on offshoring to be held at Science World.

The Vancouver Enterprise Forum’s event will take a close look at the near-shoring and offshoring phenomena from a B.C. perspective, and examine the challenges and opportunities that may be available to Canadian entrepreneurs. Mr. Agarwal is CEO of Momentum, founded in 1999 with 140 employees and offices in Canada, United States and India. Other panelists include Bruce Kenney of Pivotal Corporation; and George Hunter, president of Leading Edge B.C. and the BC TIA.

Mr. Agarwal commented that “Outsourcing is not always the right solution for a company. There are certain conditions, requirements and commitments a company must make to ensure the project is a success. We strive to help companies understand when outsourcing is and is not the best option for them.”

India offers firms who outsource there, a well-established infrastructure, a highly educated workforce, focused and very capable service providers as well as strong emphasis on quality and the ability to communicate in English making it the leading destination for offshoring worldwide. According to a report issued jointly by McKinsey and NASSCOM, India’s leading industry association for the software and IT sector, annual revenue projections for India’s IT industry in 2008 are US $87 billion and market openings are emerging across four broad sectors, IT services, software products, IT enabled services, and e-businesses.

According to NASSCOMM, close to 60 percent of the revenues of the overall IT software and services market were accounted for by exports, which jumped from US $9.55 billion in 2002-03 to an estimated US $12.2 billion in 2003-2004.

“Offshoring is one of today’s hottest topics amongst the business and investment community and we felt it was important to provide a panel of leading experts to address the many issues around offshoring. We are pleased to have the perspectives of service providers, customers and an industry body to explore this topic,” said Nick Tattersall, Managing Director of the Vancouver Enterprise Forum.

About VEF

The Vancouver Enterprise Forum ("VEF") holds monthly events at Science World on the fourth Tuesday of every month. These are dinner events and provide attendees with an opportunity to network with each other prior to the evening’s presentations. Events vary in presentation format but are designed to cover topics of interest to the technology community. As an example, the annual "Venture Financing" forum covers fund-raising for technology firms and is nearly always sold-out due to its popularity.

As a not-for-profit B.C. society VEF is supported by its sponsors, its members, by all attendees at VEF events and by its generous volunteers. For more information, visit www.vef.org

About Momentum

Momentum Technologies, Inc. specializes in Information Technology consulting focused on providing top quality offshore software services to companies who incorporate outsourcing as a key component of their business strategy. With Momentum's local presence and offshore software development acumen, clients benefit from a cost savings of over 25%, process driven development and reduced time-to-market. Founded in 1999 and privately held with CitiGroup as strategic investor, Momentum has their headquarters in Vancouver, BC and offices in the USA and Canada, including Calgary, with an additional 140 employees worldwide.

For further information, please contact:
Farah Jinha, Principal
TechKnow Communications Inc.
Tel. (604) 980-2448