Telecom Italia Group Adopts Artemis Portfolio Management for Investment Planning and Control

Enterprise software solution to help largest Italian provider of telephone services monitor its investment projects

NEWPORT BEACH, Calif. - October 17, 2002 - Artemis International Solutions Corporation (OTCBB: AISC), one of the leading providers of enterprise portfolio and project management applications, today announced an agreement with Telecom Italia Group for the provision of the Artemis Portfolio Management software solution to plan, monitor and control approximately €6 billion of the investment projects of the Telecom Italia Group.

"Telecom Italia has a long history with Artemis as an enterprise project management software client," stated Mike Rusert, President and CEO, Artemis. "We are excited to be expanding our relationship to include our Portfolio Management solution in their large and advanced financial departments."

Artemis Portfolio Management will enhance Telecom Italia Groups’ processes for investment planning, approval and control, helping the Group Administration, Finance and Control Department to ensure the completeness of its investment proposals, the accuracy of its economical evaluations and the effectiveness of its approval cycles. In addition, it will allow them to support the process of investment analysis and reporting to the Investment Committee, allowing to better monitor the return of each approved investment.
The software will be operational before the end of the year, and its first use is intended to be for the preparation of the Telecom Italia Group 2003 investment budget.

Telecom Italia Group is an extensive enterprise operating on the fixed-line, mobile, satellite telecommunications, Internet and Media and Information Technology markets serving over 50 million individuals and 3 million businesses in 19 nations in Europe, the Mediterranean Basin and south America.

About Artemis Portfolio Management

Artemis’ fully Web-enabled Portfolio Management solution provides companies with a tool for directing and assessing strategic initiatives throughout the enterprise. The software fosters more efficient collaboration among executives and department leaders and allows companies to examine programs in terms of potential return on investment, allocation of resources and impact on other projects. With this strategic analysis, executives are better able to:

Optimize the prioritization of new investments against existing portfolios;
Improve the success rate of investments by ensuring that the levels of investment remain within the capacity of the organization;
Improve the visibility and ownership of each investment by its sponsors throughout the organization;
Communicate and manage the risk associated with those investments to optimize performance;
Determine whether the business is getting the best return on its investments;
Increase the speed and accuracy of the decision process, thereby ensuring a higher degree of reaction to economic change;
Report complete and reliable information against a consistent business execution methodology;
Maintain a consistent, central repository for all relevant information;
Focus on programs that support corporate objectives.

About Artemis International Solutions Corporation
Artemis International Solutions Corporation is one of the world’s leading providers of enterprise portfolio, project and resource management software solutions for all levels of the enterprise -- from the executive to the knowledge worker. Artemis’ solutions are supported by industry-leading consulting services and an international distribution network of 50 offices in 43 countries. Artemis has over 530,000 users around the world, and services key industries such as Aerospace and Defense, Energy & Telecom, High Technology, Pharmaceutical, Government, Automotive and Financial Services. The common stock of the company trades under the symbol "AMSI" on the OTCBB.

Forward Looking Statements
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company’s growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction and trends in the industry in which the Company operates. These forward-looking statements are based on current expectations and are subject to a number of risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements are detailed in the documents filed by the Company with the Securities and Exchange Commission including but not limited to those contained under the Risk Factors section of Form 10-K for the year ended December 31, 2001. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements or for prospective events that may have a retroactive effect.