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MGI Software today announced two senior management appointments, following the completion of business restructuring activities to position the Company for profitable growth, which began in the fourth quarter ending 31 January 2001.

The Company has named Rocco Rossi as its new President and Chief Operating Officer, a new position created to ensure optimal performance and achieve the Company’s new operational objectives. Rocco assumes operating responsibility for all departments previously reporting to Anthony DeCristofaro, Chief Executive Officer. Prior to joining MGI, Rocco was Vice President, Interactive Media, and President, beer.com, at Labatt/Interbrew, Toronto; Vice President, Strategic Planning & New Media at The Toronto Star; and a Senior Consultant with the Boston Consulting Group. Rocco was recognised as one of the Global Internet Marketing Innovators of the Year by International Advertising Age magazine last year. Rocco received a Master of Arts degree from Princeton University in 1986.

The Company has also appointed Ken MacKenzie as its new Chief Financial Officer. Prior to MGI, MacKenzie was Chief Operating Officer and CFO at DPS, a Markham, Ontario based company, which was acquired by Leitch Technology Corporation last autumn. DPS was a TSE-listed multinational company that designed and manufactured hardware and software products used in creating and disseminating broadcast-quality video and audio content. Prior to joining DPS in April 1996, MacKenzie was a partner with Price Waterhouse. MacKenzie holds a Bachelor of Commerce degree from the University of Alberta and obtained his CA designation in 1978.

Uri Kozai, MGI’s Director Video Development, has been promoted to Vice President Engineering, replacing Israel Ben-Ishai who left the Company in April. Prior to joining MGI last year, Kozai was Director Software Development and Software Architect at PRI Automation, Toronto, where he was responsible for the delivery of new software products utilising distributed component architecture.

Ihor Petelycky, General Manager Video Products, was named the Company’s Chief Product Strategist, responsible for the Company’s technology roadmap and leading the integration of video, photo and server technologies. Paul Amlani, Vice President World Wide Sales, has assumed channel marketing responsibilities to derive greater ROI and synergies from the Company’s sales and marketing initiatives.

The Company also announced that it has substantially completed major cost reductions previously discussed on 29 March 2001 when it first revealed it was reducing operating expenses by approximately 20 per cent.

Anthony DeCristofaro, Chief Executive Officer, said, “MGI is firmly committed to meeting profitability expectations. We have taken decisive steps to reaching this goal and putting the Company on a more solid financial footing to realise profitable growth in the future. Our new organisational structure will allow us to focus on operational excellence, while providing the opportunity to tackle strategic opportunities in the imaging field.”

The Company will record a restructuring charge of approximately $3.5 million in the first quarter ended 30 April 2001. MGI will provide further details regarding its new operating plan at the time of the release of its first quarter financial results in mid June. The Company’s Annual Meeting of Shareholders will be held on Thursday, 28 June 2001 at 17.00 at Stock Market Place, The Exchange Tower, 130 King Street West, Toronto, Canada.

Notes to Editors

For further information on MGI, please contact: Jenny Hodge, communications manager Europe, tel: +44 (0)1908 278106 / +44 (0)7775 897360, email: jennyh@uk.mgisoft.com.

MGI web site: http://www.mgisoft.com
MGI customer enquiries: 0800 973830
MGI UK office: 01908 278100

About MGI

MGI is a global leading provider of visual media software and infrastructure solutions that enable individuals and businesses to maximise their use of digital images and video. The Company’s products are distributed in over 40 countries through original equipment manufacturers (OEMs), value-added resellers (VARs), as well as leading computer and electronic retail stores and online retailers. Shipments of MGI’s flagship PhotoSuite and VideoWave products have surpassed 39 million units and its image server technologies and web tools are currently employed by over 200 commercial web sites. The Company’s offerings include proprietary technologies supported by over 80 patents and patent pending applications. With headquarters in Richmond Hill, Canada, MGI maintains branch offices in Campbell, CA; Milton Keynes, UK; Paris, France; Paderborn, Germany; Tokyo, Japan; Taipei, Taiwan; and Seoul, Korea. MGI is a public company whose shares are traded on the Toronto Stock Exchange under the symbol ‘MGI’. MGI is part of the TSE-300 index. More information may be obtained on the Company at www.mgisoft.com. In the UK, MGI is a member of the British Photographic and Imaging Association (BPIA), the Photo Marketing Association International (PMA) and The European Leisure Software Publishers Association (ELSPA).

© MGI Software Corp., 2001. MGI is a trademark or registered trademark of MGI Software Corp. All other company and/or product names are trademarks and/or registered trademarks of their respective manufacturers.

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