Banking Software News from SIT

General Bank now Live with Portfolio Plus

Toronto, Canada – October 31, 2005: Strategic Information Technology Limited (“SIT”) is pleased to announce that General Bank of Canada, located in Edmonton, Alberta, has gone live with Portfolio Plus and is now executing its business plan for providing indirect consumer financing to Canadian franchised dealerships.

“Our teamwork with SIT and the thorough planning on both sides translated into going live without a hitch.” said Gord Mooney at General Bank. “We’re continuing to work with SIT to expand our business and hope to dramatically expand our dealer network and deposit broker relationships by the end of this year.”

Portfolio Plus, with its Plug-In Banking architecture, allows companies to quickly respond to business challenges by plugging in new capabilities as required.

“We want to congratulate General Bank of Canada on a successful launch of its banking business and expansion of banking services” says G. Robert Leeming, president of SIT. “Using Portfolio Plus, General Bank will be able to plug-in new banking software functionality as its business grows.”

About General Bank of Canada

General Bank of Canada, located in Edmonton, Alberta, Canada, is owned by the Wheaton Group of Companies, the largest General Motors franchised dealer network in Canada. The incorporation of a bank further expands the financial services of the Group which currently owns a regulated life company, First Canadian Insurance Corporation, and a property and casualty company, Millennium Insurance Corporation. General Bank of Canada is the first privately held chartered bank in Canada.

For more information about General Bank please refer to the General Bank website.

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