Banking Software News from SIT

Grand River Completes Merger of Banking Systems

Toronto, Canada – January 16, 2006: Strategic Information Technology Limited ("SIT") is pleased to announce that Grand River Credit Union, located in Waterloo, Ontario with branches in the Waterloo, Kitchener, Cambridge, Brantford and Paris regions has completed the merger of their banking systems on to the Portfolio Plus banking platform.

“The merge of the two banking systems was a “win”. said Kerry Hadad, CEO of Grand River. “Having overseen many conversions in my career, the merger and conversion of our Infonancial system onto the Portfolio Plus banking platform was considered a success. In hindsight, I believe it was the extensive planning and teamwork of both our internal staff and the SIT staff that ensured this success. Further, I am very impressed with the post conversion service that we have received from SIT. The competence that we have gained through this merger will help us to execute Grand River Credit Union’s strategy for continued growth.”

SIT is a leader in the Canadian banking software market with the proven capability and adaptability of Portfolio Plus. Portfolio Plus features plug-in modules for term deposits, loans, mortgages, retail banking, investment management, web banking, data mining, and XML integration with legacy systems.

“It was important to me that we demonstrate to Grand River Credit Union, and the credit union community overall, that Portfolio Plus can be a platform upon which credit unions can grow their business”, said G. Robert Leeming, president of SIT. “I’m pleased that the conversion went off without a hitch. There are many conversion projects that don’t fare so well. Strategically, SIT has invested in gaining a core competence in the merging and conversion of banking systems and this investment continues to pay off when we help our customers enable their growth strategies.”

About Grand River Credit Union

Grand River Credit Union was formed on October 1, 2004 through the amalgamation of Brant Community Credit Union and Waterloo Regional Credit Union. Both credit unions have similar histories, with their original charters granted in 1947 (WRCU) and 1949 (BCCU). This amalgamation has provided a stronger market presence, with an increased ability to continue to grow and further build financial strength. GRCU serves over 22,000 members with over $270 million in assets.

About Strategic Information Technology Limited

SIT, formed in 1988, develops and markets Portfolio Plus, an extensible banking system that enables customers to plug-in new functionality as required. This is accomplished via SIT's unique Plug-In Banking^TM architecture and a Financial Services Bus^TM that extends Portfolio Plus functionality to other corporate applications. SIT's banking software enables banks and non-banks to offer web banking, loans, loan securitization, investments, term deposits, wealth management, retail, ATM/POS switch interfaces for debit/credit or loyalty products, leasing, Equifax and Trans Union credit bureau interfaces, registered investment products, and much more. Portfolio Plus can also be tailored, on request, to meet specific customer requirements.

SIT can be reached at (http://www.stratinfotech.com) or by phone at 905-640-0808.

Portfolio Plus, Plug-In Banking and Financial Services Bus are trademarks or registered trademarks of SIT in the U.S., Canada and other countries. Any other trademarks or service marks contained herein are the property of their respective owners.

For more information, please contact:

Patrick Lannigan
Strategic Information Technology
Telephone: 905-640-0808 x356
Email: patrickl@stratinfotech.com