Artemis International Solutions Corporation Reports First Quarter 2002 Financial Results; Announces Earnings Conference Call

NEWPORT BEACH, CA - May 21, 2002-- Artemis International Solutions Corporation (OTCBB: AISC), one of the world’s leading providers of enterprise-based project and resource collaboration software solutions, today reported its financial results for the first quarter of fiscal year 2002. Artemis reported total revenue of $15.7 million for the first quarter of fiscal year 2002, in line with previous management projections. Total revenue for the quarter ended March 31, 2001 was $17.5 million. EBITDA net loss for the quarter ended March 31, 2002, excluding the amortization of intangible assets was $1.0 million, compared with $0.5 million for the prior year period. US GAAP reported net loss for the quarter ended March 31, 2002 was $2.1 million, $0.01 per share, an improvement of $2.7 million from the net loss of $4.8 million, or $0.02 per share, for the comparable 2001 period. Adoption of Financial Accounting Standards Board Statement No. 142, Goodwill and Other Intangible Assets, in the fiscal year 2002 quarter did not have a material effect on that quarter’s result, but if applied to results for the quarter ended March 31, 2001 would have decreased the reported net loss by approximately $2.1 million. The Company has scheduled a conference call to discuss its results for the quarter on May 22, 2002, at 5:00 p.m. Eastern Daylight Time. Mr. Michael Rusert, President and Chief Executive Officer of Artemis International, and Mr. Peter Schwartz, Chief Financial Officer of Artemis, will host the call and will be available to answer questions. To participate, please call the following teleconferencing number. Please begin placing your calls at least 5 minutes before the conference call is scheduled to begin: 1 (800) 891-5314 (Domestic) 1 (847) 413-3751 (International) Reference "Artemis First Quarter 2002 Earnings Call" May 22, 2002 at: 5:00 p.m. Eastern Daylight Time 4:00 p.m. Central Daylight Time 3:00 p.m. Mountain Daylight Time 2:00 p.m. Pacific Daylight Time For those unable to participate, there will be a telephonic replay available from May 22, 2002 at 7:00 p.m., EDT, through May 29, 2002 11:59 p.m., EDT at: 1 (888) 843-8996 (Domestic) 1 (630) 652-3044 (International) Conference ID: 5771302

Artemis International Solutions Corporation Combined and Consolidated Statements of Operations (in thousands except, per share amounts)   For the Three Months Ended March 31,   2002 (unaudited) 20001 (unaudited) Revenue      Software $ 3,852 $4,764  Support 3,973 4,274   Services 8,611 8,502 Net Revenue 15,736 17,540        Cost of Revenue      Software 485 453   Support 1,677 1,928   Services 5,742 5,911    7,904 8,292        Gross margin 7,832 9,248        Operating expenses      Selling and marketing 2,712 4,441   Research and development 2,064 2,350   General and administrative 3,660 2,112   Amorization expense 3,660 4,161   Mangement fees - 403    9,472 13,467       Operating loss (1,640) (4,219)       Interest expense, net 26  127 Equity in loss of unconsolidated affiliate 25 -  Other expense 153 224  Foreign exchange loss 220  46    424 397       Loss before income taxes (2,064) (4,616)       Income tax expense 49 (184)     Net loss $ (2,113) $ (4,800)     Basic and diluted net loss per share $ (0.01) $ (0.02)     Weighted average common shares used in computing basic and diluted net loss per share 249,125 199,424

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.