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									W W W. M I C RO E Q U I T I E S . C O M . AU

News Release
          According to MicroEQUITIES’s latest investment report

                  THE NEXT 5 YEARS

   •   According to IDC, the IP telephony management market is growing
       at a compound annual growth rate of annual rate of 31.5% and is
       expected to be worth 319 M USD by 2009

   •   With 95% of its sales outside Australia, IR is a truly international
       company with an impressive array of Forbes 500 clientele

   •   MicroEQUITIES assigns IR a price objective of $0.73 AUD per share

Sydney (Australia), 28th of November 2005- The latest MicroEQUITIES’s
investment report highlights Integrated Research (IR) as an attractive Australian
growth company with a robust international business model, whose exposure to
the VoIP market will underpin the company’s growth profile for the next 4-5
years. IR designs and develops in house software applications used to manage
computer networks requiring high reliability. The report concludes with a price
objective for the company of 0.73 AU$ per share and estimates that IR will
achieve a 17% growth in net profit for the 2005/6 financial year.

Since its creation, IR has focused in the development of systems management
software. Its core software product is Prognosis, a product suite of applications
that allows entities, real time integrated management across major platforms
such as HP Non-Stop (Hewlett Packard); Windows; UNIX and Linux. Prognosis
has been developed to allow for scalability, a common architecture and low total
cost of ownership, requirements that organizations involved in critical operations

As MicroEQUITIES’S analyst Carlos Gil states, “it’s a testament to the success
of IR that a suite of applications like Prognosis, Australian made, have obtained
such a wide and extensive source of clients around the globe. At the moment,
IR has offices in the US, UK, Germany and Australia and it has distribution
agreements with resellers covering 25 different countries. Its fastest growth
markets are the US and Europe with 95% of its sales achieved outside
Australia. IR client list include an impressive array of Forbes top 500 large
multinational companies and organizations”.

                          198 EDGLECLIFF RD • NSW • 2022
                   PHONE: +61 2 9388 0251 • FAX: +61 2 9387 3581
W W W. M I C RO E Q U I T I E S . C O M . AU

The growth driver division for IR: Prognosis for IP Telephony
IR has two main business lines: Prognosis Network management suite of
applications for real time system/network environments and Prognosis for IP
Telephony, a range of products design to optimise and manage the efficiency of
Internet Protocol (IP) telephone networks.

In opinion of Carlos Gil, among this two business lines, “VoIP product range is
without a doubt the growth driver division for IR. Last year, its VoIP
management software products accounted for 20% of the company’s new
sales, a 153% year on year growth (YoY), including 31 new customers in VoIP”.

Currently, this division represents 12% of total company revenue (i.e. new sales
plus maintain fees) and, as Carlos Gil emphasizes, “we believe IR has a range
of products catered to this fast growing market segment that should see it
capture a sizeable share of a market expected to growth at over 40% per
annum of the next three years. Hence, MicroEQUITIES believes this division
will underpin the company’s growth profile for the next 4-5 years”.

MicroEQUITIES’s investment report conclusion
The MicroEQUITIES’s report concludes that IR has an excellent and niche
product range, which fulfils important requirements for organizations that
necessitate critical real time network management. It also emphasizes that IR
has implemented and established a distribution infrastructure to exploit those
opportunities in a global context.

Finally, the report explains that IR is trading at very attractive multiples and that
“based on our Net Profit estimates of $7.4M AUD, IR is trading at a prospective
PER of 12.4X. We believe this to be a low multiple, given the growth profile of
the company and its solid business model. MicroEQUITIES assigns IR a price
objective of $0.73 AUD per share”.

About MicroEQUITIES.-
MicroEQUITIES is an Australian company established with a singular vision: to actively
investigate and research investment opportunities in Micro Cap companies listed in the
Australian Stock exchange.

The company provides value adding professionally elaborated extensive research
within an area of huge investment potential but poorly covered by Australia's
investment banking community, the micro cap investment universe. Therefore,
MicroEQUITIES’s aim is to rebalance that information inequality, inform investors and,
at the same time, provide its clients with superior returns.

MICROEQUITIES PTY LTD is an Australian Financial Services licensee, which
authorises the company to provide general investment advice on securities to retail and
wholesale clients.

                           198 EDGLECLIFF RD • NSW • 2022
                     PHONE: +61 2 9388 0251 • FAX: +61 2 9387 3581
W W W. M I C RO E Q U I T I E S . C O M . AU

For media enquiries:

MicroEQUITIES (www.microequities.com.au)
Eva Beltran
Mobile: 040 22 33 782

Disclaimer: This news release is provided for informational purposes and should not be
construed as a solicitation or offer to buy or sell any securities or related financial
instruments. Microequities has not independently verified the information contained in the
document, which is derived from publicly available sources. Microequities assumes no
responsibility for updating any advice or recommendation contained in this document or for
correcting any error or admission, which may become apparent after the document has been
issued. Microequities does not give any warranty as to the accuracy, reliability or completeness
of advice or information contained in this document

                              198 EDGLECLIFF RD • NSW • 2022
                       PHONE: +61 2 9388 0251 • FAX: +61 2 9387 3581

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