Press Release

FiLogix Inc. Signs Agreement to Acquire Basis100’s Canadian Lending Solutions Division

Toronto, ON, April 17, 2003 – FiLogix Inc. and Basis100 Inc., business service providers for the mortgage lending marketplace, have signed a definitive agreement under which FiLogix will acquire Basis100’s Canadian Lending Solutions division (CLS).

Under the terms of the agreement, FiLogix will acquire all the assets of CLS including the rights to Basis100’s mortgage technology, including MortgageBASE(TM), MortgageBASE Plus(TM), HomeBASE(TM), ConsumerBASE(TM), and LenderBASE(TM), for a purchase price of $16.1 million, subject to certain adjustments. The agreement also gives FiLogix exclusive usage rights to BasisXpress(TM) in the Canadian market and Basis100 retains the software rights to all areas outside of Canada.

“The Canadian Lending Solutions division has been a valuable asset over the years,” said Joseph J. Murin, President and Chief Executive Officer at Basis100. “I am confident that FiLogix will continue to provide our clients with the innovative products and services that they’ve come to expect from Basis100.”

FiLogix Inc. is a privately owned, 100 percent Canadian owned-and-operated company providing technology solutions for Canada’s real estate and mortgage-related industries. Solutions are based upon a combination of hardware, software, professional services, and domain knowledge, all facilitating the flow of data from one source to the next.

The acquisition creates a dynamic Canadian entity. Each company has brought to the table extensive experience and an in-depth understanding of Canadian-specific market attributes. In fact, both FiLogix and Basis100’s CLS division have built a solid foundation on the unsurpassed knowledge of Canadian industry experts including lenders, bankers, mortgage brokers and technology specialists.

“The opportunities for greater efficiencies through expanded connectivity for the real estate and mortgage-related industries are substantial,” says Yousry Bissada, President and CEO, FiLogix Inc. “Constituents utilizing our technology solutions will have greater access to business building tools. And as the FiLogix network grows, these tools will ultimately link all aspects of the real estate transaction.”

Basis100 estimates that the net cash proceeds to Basis100 from the sale of CLS will be $15 million after deducting the estimated costs related to the transaction. Basis100 intends to use the net proceeds to strengthen its balance sheet and to fund future growth. Although definitive plans have not yet been finalized, the Company plans to use the majority of the proceeds for the repayment and possible retirement of debt and the optimization of the Company’s capital structure.

“The sale of CLS is the catalyst that allows us to strengthen our balance sheet and reduce expenses,” said Murin. “This sale is part of a strategic redefinition of the Company, and allows us to focus our attention and our resources on the U.S. marketplace. Our goal for this year is to generate 80 percent of our overall revenue from the U.S. mortgage lending market. We believe that the small- and mid-sized lender market in the United States would be well served by outsourcing mortgage fulfillment, funding and delivery functions to Basis100.”

Following the closing, FiLogix will continue to operate and grow the existing CLS business and plans to hire a majority of the CLS employees, which will ensure a smooth transition and continuity for customers. The agreement has been given approval by both companies’ boards of directors and is subject to customary closing conditions. Approval of the transaction by the Basis100 shareholders and debentureholders will be sought at meetings to be held on May 15, 2003.

About Basis100 Inc.
Basis100 Inc. (BAS:TSX) is a business solutions provider that fuses mortgage processing knowledge and experience with proprietary technology to deliver exceptional services. The company’s delivery platform defines industry-class best execution strategies that streamline processes and creates new value in the mortgage lending markets. For more information about Basis100, visit www.Basis100.com.

About FiLogix
FiLogix Inc., a privately held Canadian company, provides business solutions for Canada’s real estate and mortgage-related industries. FiLogix solutions are based upon a combination of hardware, software, professional services, domain knowledge and relationships that deliver end user solutions, facilitating the flow of data from one source to the next. The company processed approximately $18 billion in residential mortgages on behalf of most major lenders in Canada in 2002 and is a leading provider of software solutions to real estate and mortgage professionals. For further information, please contact: www.filogix.com.

Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes,” "plans," "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

For additional information, contact:

Basis100 Inc.

Investor Relations
Joseph J. Murin
President and CEO
Toronto: (416) 364-6085 Ext 300
Pittsburgh: (412) 922-9181
jmurin@Basis100.com

Robert J. Smith
Chief Financial Officer
Toronto: (416) 364-6085 Ext 137
Jacksonville: (904) 470-2300 Ext 112
rjsmith@Basis100.com

FiLogix Inc.
Yousry Bissada
President and CEO
(416) 360-1777 Ext 353
yousry.bissada@filogix.com

Jennifer Boone
Director of Marketing
(416) 360-1777 Ext 317
Jennifer.boone@filogix.com

Eva Blay-Silverberg
Point Blank Communications
(416) 781-3911
eva@pointblankcommunications.ca

Basis100 Media Relations
Lee Kaplan
Vice President, Corporate Development
(412) 922-9181
lkaplan@Basis100.com

Sandy Koeppl
Public Relations and Communications Director
(412) 922-9181
skoeppl@Basis100.com