COLLABRASPACE NAMED "EMERGING BUSINESS OF THE YEAR"

Annapolis, MD — May 23, 2006 — CollabraSpace® , a leading provider of web-based collaboration solutions for government and commercial enterprises, has been named “Emerging Business of the Year” by the Annapolis and Anne Arundel County Chamber of Commerce. The award recognizes a single Anne Arundel County based business each year that is experiencing noteworthy success both locally and nationally.

According to the Chamber, in selecting a winner, the award committee looks specifically at emerging businesses that have demonstrated innovation in the development of creative products or services, have successfully expanded into local as well as national markets and have excelled in providing exemplary customer service.

Within the past 12 months, CollabraSpace has expanded its product offering, secured a partnership agreement with the multi-billion dollar infrastructure software company, BEA Systems, and been recognized as the Best Place to Work among small businesses in the greater Baltimore region. “Our growth, particularly during 2005 and 2006, has truly outpaced our expectations,” said CollabraSpace CEO Ray Schwemmer. “We are in a very good place.”

CollabraSpace was nominated for the award by CommerceFirst Bank, which has served CollabraSpace since 2001.

“We’ve watched CollabraSpace grow from a three-person operation to a multi-million dollar organization in less than a decade,” said Tom Bolander, senior vice president, CommerceFirst Bank. “While their success to date is certainly an inspiration to the local business community, we expect them to continue to grow and succeed.”

About CollabraSpace
Headquartered in Annapolis, Maryland, CollabraSpace is an authority on web-based collaboration solutions for a wide variety of customers with 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.

Ms. Angela Walseng
Planit Agency
T: 410-962-8500
adw@planitagency.com