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Time Spot Press Releases

VITRIX CLOSES $1.075M PRIVATE PLACEMENT

TEMPE, Ariz., November 17, 2003 ?Vitrix, Inc., (OTCBB: VRXI), the parent company of Time Spot, Inc., a leading developer and marketer of time and labor management solutions, today announced that it has completed a private placement of 1,433,999 shares at $0.75 per share, resulting in gross proceeds of $1,075,500, and net proceeds of $967,950 after fees associated with the transaction.

Proceeds from the private placement will be used to hire additional engineers to focus on the development of next-generation software and hardware, as well as for marketing and general working capital purposes.

?We are pleased to have completed this round of financing, which enables Time Spot to continue positioning itself for growth in the web-based and client-server workforce market,? said Thomas Bednarik, president and chief executive officer of Vitrix, Inc. ?It is critical that we continue to commit funds to the development of industry-leading time management solutions that are customized to meet the specific the needs of our customers, and the additional engineers this capital affords us will be instrumental in the pursuit of this goal.?

Mr. Bednarik added, ?The closing of this private placement follows a substantial investment we made last quarter to grow Time Spot?s sales force, which will enable us to accelerate the promotion of our solutions and continue to grow our presence in the workforce management industry.?

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ABOUT Time Spot, INC.
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 NETtime?, HourTrack? and Genesis ? solutions deliver cost-effective management of labor resources, 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.

CONTACTS

KCSA Public Relations Worldwide
IR: Todd Fromer / Michael Gallo
(212) 896-1215 / (212) 896-1258
[email protected] / [email protected]

Media: Yin Chang / Scott Berwitz
(212) 896-1228 / (212) 896-1272
[email protected] / [email protected]

COMPANY CONTACT
Craig Smith, Chief Financial Officer
(480) 296-0442
[email protected]

 

     
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