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REPUBLIC FINANCIAL LEADS MULTI-MILLION DOLLAR FUNDING FOR CEREBIT

Software Veteran F. Scott Blackburn Named CEO

TAMPA (Dec. 14, 2004) – Cerebit (www.cerebit.com), an innovator of business visibility and governance software, today announced that it has closed a round of funding led by Republic Financial Corporation (Republic), a Denver-based privately held investment company, and names F. Scott Blackburn as CEO. Cerebit will use the funds to secure customers of their patent-pending products, round out the management team and expand its sales, marketing and business development initiatives. The amount of the funding as well as the other participants of the syndicate was not announced.

Cerebit develops holistic application security solutions that are non-intrusive to applications and include support for all six aspects of security (authentication, authorization, confidentiality, integrity, non-repudiation and audit). Cerebit’s adaptable solutions are ideally suited for companies needing to immediately comply with existing corporate governance mandates such as Sarbanes-Oxley and HIPAA while laying the foundation to address emerging security and regulatory needs. Cerebit’s products were developed as the result of work completed for major financial institutions that required scalable solutions that could handle very high throughput while delivering “best practices” security.

“The expansion of digital boundaries as well as the introduction of several regulatory mandates has created a massive market opportunity," said Paul Morrison, Managing Director of Republic's Private Equity Group. "When you consider the market that exists for Cerebit's products and the innovative way that the Company addresses the market need, Republic is confident that all the ingredients are in place for success. We feel especially confident when we combine a strong existing product offering with Scott's proven track record in enterprise software sales and experience in building successful software companies." Morrison will be serving on Cerebit's Board of Directors.

Scott Blackburn co-founded CommerceQuest where he served as President and Chief Executive Officer and as a member of the Board of Directors since its inception. Under his guidance CommerceQuest grew from a start-up to a global provider of integration software and services with over $37M in annual revenues. Blackburn was also responsible for forming strategic partnerships with industry leaders such as Tivoli, BMC Software, Computer Associates and IBM. Prior to founding CommerceQuest, Blackburn held Sales Executive positions at Informix and IBM.

“I’ve had the chance to meet with several prospective customers and strategic partners,” said Scott Blackburn, CEO of Cerebit. “Everyone that I have met with believes that Cerebit has taken a truly unique approach to protecting business-critical information assets in a way that is very cost effective and adaptive to ever-changing business conditions.”

About Republic Financial Corporation

Republic Financial Corporation, located in Aurora, Colorado, is a privately held investment company with several specialties including growth and expansion capital investments in diversified industries. With business groups focused on private equity, aviation, energy and natural resources, Republic has delivered uncommon solutions for opportunity-driven investments. Founded in 1971, Republic has invested in assets worth over $1 billion and has achieved commercial success by employing intensive due diligence and asset management to generate profitable returns. For more information please visit www.republic-financial.com.

About Cerebit

Tampa based Cerebit builds visibility and trust into enterprise applications by tracking and preventing misuse of business-critical information by authorized users. Their non-intrusive and centrally managed products enable enterprises to gain end-to-end visibility into what users are doing within the context of a business process. In addition, they enable compliance with government regulations and the abstraction of security from applications. By encompassing support for both Web and legacy applications, the Company's products offer enterprises the ability to aggregate and consolidate application logging and security functionality into one cohesive offering. For more information please visit www.cerebit.com.

Contact:
Gary Davis
813.868.1904
gdavis@cerebit.com

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