ARTEMIS REPORTS FIRST QUARTER 2003 FINANCIAL RESULTS

Software revenue up 46% over prior year’s quarter

NEWPORT BEACH, CA - May 14, 2003 - Artemis International Solutions Corporation (OTCBB: AMSI), one of the leading providers of enterprise project and portfolio management software solutions, today reported its financial results for the first quarter 2003. Artemis reported $16.2 million in total revenue for the first quarter of 2003, compared with $15.7 million for the first quarter of 2002 - an increase of 3%, reflecting favorable changes in foreign currency exchange rates. Software license revenue totaled $4.6 million in the first quarter of 2003, compared with $3.1 million in the same quarter of 2002. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $0.6 million for the quarter ended March 31, 2003, compared with an EBITDA loss of $0.5 million for the prior year quarter. US GAAP reported net loss for the quarter ended March 31, 2003, was $0.9 million, or $(0.09) per common share; an improvement of $1.2 million from the net loss of $(2.1) million, or $(0.21) per common share, for the comparable 2002 period. The Company generated $1.4 million in positive cash flow from operations during the first quarter of 2003, which represented the third consecutive quarter of positive cash flows from operations; ending the quarter with $7.4 million in cash. The 46% year over year increase in software revenues was largely attributable to the new Artemis Portfolio Management product and favorable changes in foreign currency exchange rates. The increase in software revenues and more efficient customer support deliver helped gross margins improve to 55% of revenues as compared to 50% of revenues for the prior year’s quarter. G&A expenses dropped to by over $1 million versus the prior year’s quarter, to 16% of revenues, as a result of aggressive, worldwide cost cutting and head count reductions, and divestitures of non-core assets being realized. The Company has scheduled a conference call to discuss its results for the quarter on May 14, 2003, at 5:00 p.m. (EDT). Michael Rusert, President and Chief Executive Officer of Artemis, and Robert Stefanovich, Chief Financial Officer of Artemis, will host the call and will be available to answer questions. To participate, please call the following teleconferencing number: 1 (847) 619-6818. Reference ’Artemis First Quarter 2003 Financial Results Call’. Please begin placing your calls at least 5 minutes before the conference call is scheduled to begin. For those unable to participate, there will be a telephonic replay available from May 14, 2003 at 7:00 p.m. (EDT), through May 22, 2003 11:59 p.m. (EDT). Dial 1 (630) 652-3000. Reference ID: 7174235. ARTEMIS INTERNATIONAL SOULTIONS CORPORTATION CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
(in thousands, except share amounts)

			March 31, 2003 (Unaudited)	December 31, 2002
Current assets:
Cash			$ 7,378	$ 7,766
Trade accounts receivable, net of allowance for doubtful accounts of approximately $258 at March 31, 2003 and $296 at December 31, 2002			12,572	17,320
Other accounts receivable			520	461
Prepaid expenses			1,240	1,618
Other current assets			1,103	1,647
Total current assets			22,813	28,812
Property and equipment, net of accumulated depreceiation and amortization of $7,457 at March 31, 2003 and $7,197 at December 31 2002			1,536	1,588
Intangible assets, net of amortization of $5,147 at March 31, 2003 and $4,118 at December 31, 2002			9,608	10,637
Investment in affiliates and other assets			1,299	836
Total assets			35,256	41,873

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable			$ 3,850	$ 4,468
Accrued liabilities			5,441	7,254
Accrued payroll and taxes			6,255	7,226
Deferred revenue			9,990	10,842
Line of credit			2,226	3,486
Curent portion of long-term debt			488	950
Total current liabilities			28,250	34,226
Accrued pension and other liabilities			888	832
Defferred taxes			800	800
Long-term debt, less current portion			338	235
Total liabilities			30,276	36,093
Commitments and contingencies
Stockholders’ equity:
Preferred stock			-	-
Common stock			10	10
Additional paid-in capital			80,833	80,833
Accumulated deficit			(76,008)	(75,100)
Accumulated other comprehensive income			145	37
Total stockhold’s equity			4,980	5,780
Total liabilies and stockholders’ equity			$ 35,256	$ 41,873

ARTEMIS INTERNATIONAL SOLUTIONS CORPORATION
Consolidated Financial Highlights (Unaudited)

			Three Months Ended March 31,
			2003	%	2002	%
Statement of Operations Data:			(in thousands, except share data)
Revenue:
Software			4,610	28%	3,152	20%
Support			4,294	27%	3,973	25%
Services			7,291	45%	8,611	55%
			16,195	100%	15,736	100%
Cost of revenue:
Software			260	2%	485	3%
Support			1,343	8%	1,677	11%
Services			5,624	35%	5,742	36%
			7,227	45%	7,904	50%
Gross margin			8,968	55%	7,832	50%
Operating expenses:
Selling and marketing			3,963	24%	2,712	17%
Research and development			2,142	13%	2,064	13%
General and administrative			2,669	16%	3,660	23%
Amortization expense			1,029	6%	1,036	7%
			9,803	61%	9,472	60%
Operating loss			(835)	-5%	(1,640)	-10%
Net interest expense			26	0%	26	0%
Other non-operating (income) expense, net			(57)	0%	398	3%
			(31)	0%	424	3%
Loss before income taxes			(804)	-5%	(2,064)	-13%
Income tax expense			104	1%	49	0%
Net Income (loss)			$ (908)	-6%	(2,113)	-13%
Basic and diluted income          (loss) per common share			(0.09)		(0.21)
Weighted average common          shares used in computing          basic and diluted          income/loss per common          share			9,965		9,965
Reconciliation of Net Income or loss to EBITDA:
Net income (loss)			$ (908)		(2,113)
Depreciation and Amortization			1,345		1,569
Interest			26		26
Taxes			104		49
EBITDA (1)			567		$ (469)
Net cash provided by (used in) operating activities			$ 1,387		$ (830)
(1)	Represents net income (loss) before depreciation and amortization, interest income and expense, and income tax expense/benefit. EBITDA is not determined in accordance with generally accepted accounting principles, is not indicative of cash provided by or used in operating activities and should not be considered in isolation, as an alternative to, or more meaningful than measures of performance determined in accordance with generally accepted accounting principles.

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.