Bricsnet Declares Support for Prosecution of Former CEO in Embezzlement Case

Company initiated and has cooperated with investigation leading to charges and has stabilized finances following discovery of financial irregularities in 2008

San Francisco - November 23, 2009 - Bricsnet, a leading provider of solutions for real estate, project and integrated workplace management, announced today that it strongly supports the prosecution of its former CEO on charges of embezzlement, and will continue to work with investigators and prosecutors toward the successful completion of the criminal case.

Bricsnet officials said they asked the Federal Bureau of Investigation to investigate in 2008 after discovering that more than $1 million in corporate funds was missing. In the year that followed the investigation request and the dismissal of then-CEO Ethan Farid Jinian, Bricsnet has both stabilized and significantly improved its financial operations, said Chairman and CEO Hector Rodriguez.

Rodriguez, who assumed the CEO role in September 2008, said that the company today is in a strong financial position as a result of the corrective actions: Bricsnet is now under the operational control of its primary investor, Torimbia SL, a Madrid-based real estate holding company, and Torimbia has directed the implementation of solid financial practices that ensure the companyâ??s position and security moving forward.

"Bricsnet has shown through 21 years of operations that it is a company that will adapt and survive through constant changes in business practice and technology," said Rodriguez. "We have taken quick, decisive action to correct irregularities in our finances without disrupting our business in any way. Our first commitment is always to our customers. We offer our clients the industry's most flexible and user-friendly solution for workplace management, and we adhere to those same values in our internal operations."

Ethan Farid Jinian, Bricsnet's former CEO, was dismissed in September 2008 following an internal company investigation into financial irregularities, and the matter was referred to the Federal Bureau of Investigation. On November 18, Jinian was arrested at San Francisco International Airport, after being indicted by a federal grand jury on November 12. He has been charged with embezzlement and is being held without bail.

Throughout the investigation and its aftermath, the company has maintained normal operations, with most of the executive team and workforce remaining in place, supplemented by executives from parent company Torimbia.

Mr. Rodriguez has served on the Board of Bricsnet since 2002, when he co-led the group that bought the Bricsnet business from a predecessor company. He has led all subsequent capital rounds in Bricsnet, which established Torimbia SL as the principal investor in the company. In August 2008, Torimbia established Bricsnet as a subsidiary within its holding group.

Rodriguez also serves on the Board of other Torimbia companies and is the Principal of the Torimbia group that sanctions all new investments. He has a strong technology and business background attained early on through his 9-year tenure in Accenture, where he worked on multinational projects in the US, Europe and Latin America.

Torimbia is a circa USD 1 Billion privately held and family-owned holding group, with business interests in the sectors of Real Estate, retail gas distribution, global credit card payment processing and other minority investments.

Real Estate is the core activity within its portfolio of companies, which own 600,000 SF of prime commercial Real Estate properties in Madrid's most exclusive business districts. As a property owner, it leases and headquarters some of Spain's largest companies such as Telefonica Moviles, NH Hotels, Banco Espirito Santo, etc.

Torimbia's philosophy in its investments (such as Bricsnet) is simple: close direct involvement, longer-term view and profitability, and the flexibility and high-enduring values of a successful family-owned, operation.  

About Bricsnet

Bricsnet's business was founded in 1986 and helps large corporations improve profits and Sarbanes-Oxley requirements by more effectively managing all aspects of their workplace (including buildings, land, space, people, assets, and systems). Its flagship product, Bricsnet Enterprise, a leading Integrated Workplace Management System -- along with an expert advisory services group -- provides fast, pragmatic and innovative solutions to increasing shareholder value.