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Time Spot Press Releases

VITRIX ANNOUNCES FISCAL THIRD QUARTER FINANCIAL RESULTS

Tempe, ARIZ. (April 30, 2003)? VITRIX, Inc. (OTC: VRXI), the parent company of Time Spot, Inc., a leading developer and marketer of time and labor management solutions, today announced unaudited financial results for its fiscal third quarter ended March 31, 2003.

Revenue for the quarter ended March 31, 2003 increased 33% to $1,005,306, compared to revenue of $757,425 for the quarter ended March 31, 2002. The net loss from operations for the quarter ended March 31, 2003 decreased 88% to $14,930, compared to a net loss from operations of $126,161 for the quarter ended March 31, 2002. The net loss for the quarter ended March 31, 2003 decreased 76% to $34,473, or $.00 per basic share, compared to a net loss of $145,194, or $.02 per basic share, for the quarter ended March 31, 2002.

Revenue for the nine-month period ended March 31, 2003 increased 33% to $3,150,307, compared to revenue of $2,366,187 for the nine-month period ended March 31, 2002. The net loss from operations for the nine-month period ended March 31, 2003 decreased 93% to $31,665, compared to a net loss from operations of $447,858 for the nine-month period ended March 31, 2002. The net loss for the nine-month period ended March 31, 2003 decreased 82% to $89,420, or $.01 per basic share, compared to a net loss of $510,417, or $.08 per basic share, for the nine month period ended March 31, 2002.

I am pleased to state that we achieved revenues in excess of $1 million for the third consecutive quarter and revenue growth exceeded 30% for the third consecutive quarter, which are records for the Company. The 33% quarterly revenue growth was achieved with only a 4% increase in operating expenses?, stated Thomas S. Bednarik, President and CEO.

We have been placing increased focus on engaging additional dealers in underserved geographic areas and on expansion of key client accounts and intend to continue these efforts for the foreseeable future. Additionally, in April we expanded our sales team with two highly experienced industry sales executives, both of whom bring high caliber sales and time and attendance domain expertise. Also, we continued to expand our business with a leading managed services company by receiving an order for the eighteenth system, with a number of additional sites under consideration,? added Bednarik.

The Company also reported that its recent Dealer Conference, held in Tempe and attended by a number of the Company?s top dealers, was a rousing success. The Company has adopted a format to formally meet with its dealers and value-added partners on a semi-annual basis to exchange ideas, foster communication amongst the dealers and to share Company plans and programs.

About VITRIX, Inc.:
Based in Tempe, Arizona, VITRIX, Inc., through its wholly owned subsidiary, Time Spot, Inc., is a leading developer of client-server and web-based workforce management solutions. With over fourteen years of experience, Time Spot's family of GENESIS PRO?, HourTrack? and NETtime? solutions deliver cost-effective management of labor resources and automation of time and attendance data collection, workforce scheduling, and payroll processing.

FORWARD LOOKING STATEMENTS
Certain information and comments contained in this press release may be forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Factors set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2002, and Quarterly Report on Form 10-QSB for the fiscal quarter ended March 31, 2003, together with other factors that appear in this press release or in the Company's other Securities and Exchange Commission filings could affect the Company's actual results and could cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of the Company, in this press release.

-more-

VITRIX, INC.
CONSOLIDATED BALANCE SHEETS

                                March 31,               June 30,
        2003            2002
        (Unaudited)             
ASSETS
Current Assets:                 
Cash and cash equivalents       $ 140,048               $ 195,249 
Accounts receivable  trade, net        494,269                 615,084 
Inventory       267,171                 174,697 
Prepaid expenses and other current assets       41,645          47,708 
                        
Total Current Assets    943,133                 1,032,738 
                        
Property and equipment, net     119,505                 142,984 
                        
Total Assets    $ 1,062,638             $ 1,175,722 
                        
LIABILITIES AND STOCKHOLDERS? EQUITY (DEFICIT)
                        
Current Liabilities:                    
Current portion of long-term debt       $ 280,701               $ 134,068 
Accounts payable        361,902                 355,381 
Accrued liabilities     133,769                 214,641 
Deferred revenue        273,820                 311,143 
                        
Total Current Liabilities       1,050,192               1,015,233 
                        
Long-term debt, less current portion    630,950                 733,555 
                        
Total Liabilities       1,681,142               1,748,788 
                        
Commitments:    -               - 
                        
Stockholders? Equity (Deficit):                   
Common stock, $.005 par value, 50,000,000 shares authorized,                    
9,267,168 and 9,105,828 shares issued and outstanding   46,336          45,529 
Contributed capital     6,095,295               6,052,120 
Accumulated deficit     (6,760,135)             (6,670,715)
                        
Total Stockholders? Equity (Deficit)      (618,504)               (573,066)
                        
Total Liabilities and Stockholders? Equity (Deficit)      $ 1,062,638             $ 1,175,722 
 


VITRIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Certain information and comments contained in this press release may be forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Factors set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended June 30, 2002 and subsequently filed Form 10-QSBs, together with other factors that appear in this press release or in the Company's other Securities and Exchange Commission filings could affect the Company's actual results and could cause the Company's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of the Company, in this press release.
                        Three Months Ended                              Nine Months Ended               
                        March 31,                               March 31,               
                        2003            2002            2003            2002
                                                                         
Revenues:                                                                       
        Product sales            $785,132                $600,803                $2,505,350              $1,904,758 
        Services revenue                 220,174                 156,622                 644,957                 461,429 
                                                                        
                Total Revenues   1,005,306               757,425                 3,150,307               2,366,187 
                                                                        
Cost of Revenues:                                                                          
        Product          353,078                 251,032                 1,030,831               810,357 
        Services                 129,895                 104,574                 385,550                 355,682 
                                                                        
                Total Cost of Revenues   482,973                 355,606                 1,416,381               1,166,039 
                                                                        
Gross Profit                     522,333                 401,819                 1,733,926               1,200,148 
                                                                        
Costs and Expenses:                                                                     
        Sales and marketing              216,746                 188,714                 768,752                 614,009 
        Research and development                 147,506                 171,814                 480,373                 516,827 
        General and administrative               173,011                 167,452                 516,466                 517,170 
                                                                        
                Total Costs and Expenses         537,263                 527,980                 1,765,591               1,648,006 
                                                                        
Net Loss from Operations                         (14,930)                (126,161)               (31,665)                (447,858)
                                                                        
Other Income (Expense):                                                                 
        Interest expense                 (19,630)                (21,068)                (58,992)                (67,598)
        Other            81              933             122             1,991 
        Interest income          6               1,102           1,115           3,048 
                                                                        
                         (19,543)                (19,033)                (57,755)                (62,559)
                                                                        
Net Loss                         $(34,473)               $(145,194)              $(89,420)               $(510,417)
                                                                        
Basic Loss per Share                     $(0.00)                 $(0.02)                 $(0.01)                 $(0.08)
                                                                        
Weighted Average Number of                                                                      
        Shares Outstanding               9,219,902               7,706,661               9,194,268               6,759,240 

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