CollabraSpace CEO Named Finalist For Ernst & Young Entrepreneur Of The Year Award

Annapolis, Md. — May 9, 2005 — CollabraSpace™, a leading provider of web-based collaboration solutions, today announced that CEO and Co-founder, Ray Schwemmer is a finalist in the Ernst & Young 2005 Entrepreneur of the Year award competition. The program, now in its 19th year, honors outstanding entrepreneurs leading dynamic, growing businesses worldwide.

Schwemmer, who co-founded CollabraSpace in 1998, is one of 27 Maryland entrepreneurs selected for this honor. Hand-picked by a panel of independent judges, Schwemmer's innovative vision, development and implementation of collaboration software and development tools earned him finalist standing.

As a regional finalist, CollabraSpace will be honored in June, at an awards banquet, where winners in each business category will be announced. Those selected are eligible for consideration for the Entrepreneur of the Year 2005 national program, a global event honoring entrepreneurs in more than 100 cities and 35 countries.

For more information about the awards program, visit www.ey.com/us/eoy.

About CollabraSpace
Headquartered in Annapolis, Maryland, CollabraSpace is an authority on web-based collaboration solutions for a wide variety of customers that have dispersed workforces. These customers include large government organizations such as NSA, NGA and Defense Department elements, as well as large commercial accounts. The company develops and provides secure web-based collaboration software and platforms that include audio/video sharing, document sharing and storage, whiteboarding and instant messaging, as well as a J2EE application development platform. More information about CollabraSpace can be found at www.collabraspace.com.

CollabraSpace Contact:
410-224-4343
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