EXA Shareholders Agree to Forgiveness of Debt

EXA Shareholders Agree to Forgiveness of Debt 


DEERFIELD BEACH, Fla., April 15  /PRNewswire-FirstCall/ -- EXA, Inc. (OTC Pink
Sheets: EXAI) announces the conversion of $7 million of 9% Cumulative Preferred
into 7 million Common shares and simultaneously the holders of Preferred shares
have agreed to forgive $5 million of debt owing to them.  James C. Vernon,
EXA's president, said, "I made a commitment to restructure the financial
condition of the Company as an early priority.  I have arranged for the
conversion of the 9% Cumulative Preferred at the rate of $1 per share, and the
forgiveness of $5 million of debt is the equivalent of increasing the book
value by $0.30 per share."

Vernon continued, "In addition to agreeing to convert the 9% Cumulative
Preferred at $1 per share, the Company will realize savings of $630,000 in
dividend expense each year.  The cost of the conversion and debt forgiveness to
the Preferred shareholders is valued at approximately $1.67 per share. This is
a strong indication of the commitment that these shareholders have in the
future of EXA."

Cruiseshares is the marriage of timesharing and cruising, offering an
extraordinary vacation value on unforgettable, port-oriented cruises where
owners' will enjoy world-class service to new and different destinations each
and every year.

Statements in this release are made pursuant to the "Safe Harbor" provisions of
the Private Securities Litigation Reform Act of 1995. Investors are cautioned
that like forward-looking statements, certain risks and uncertainties are
involved, including without limitation, continued acceptance of the company's
services, increased levels of competition for the company and dependence on the
performance of the management of the company. 

DATASOURCE: EXA, Inc.



CONTACT:  James C. Vernon, EXA, [phone], or 

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