Learn more about aging

AUSTIN, Texas, April 7, 2003 — Renew Data Corp. today entered the billion dollar electronic evidence market, helping corporations assess their legal risk and defend against expensive lawsuits by quickly retrieving electronic information buried in terabytes of archived data. RenewData offers high-speed electronic evidence retrieval and repository services to companies facing legal action or trying to minimize their liability by assessing the risks buried in e-mail and other electronic records. RenewData’s patent-pending technology retrieves crucial pieces of information — evidence — buried in hundreds of millions of pages on backup tapes and computer hard drives. RenewData is already proving itself at companies such as Solvay Pharmaceuticals, Inc. where it helped produce electronic records that would have otherwise taken the company months to do on its own.

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“RenewData produced in just a few weeks electronic records that were up to three years old and existed only on backup tapes with a great deal of information on them,” said Bruce McMillan, manager, emerging technologies at Solvay Pharmaceuticals. “RenewData allowed us to respond to legal discovery requests in a more expeditious and resource-efficient manner, all while offering us flexible delivery options and ready access to high-level resources within their company.” Electronic evidence can include e-mail messages, attachments, text documents and spreadsheets. It has played a role in some of the recent high-profile corporate scandals, including WorldCom, Qwest, Global Crossing and Tyco.

Five Wall Street brokerages were recently fined $8.25 million for failing to preserve electronic documents as mandated by securities regulations. RenewData’s solution can reduce the time it takes to locate specific documents from weeks and months to days and hours by eliminating the costly and time-consuming step of re-creating the information¡¦s original format, or “native environment.” Companies facing court or regulatory action can save significant amounts of money, often millions of dollars, in search and legal costs when they quickly retrieve information demanded by a court or a regulatory agency. The market for technology for electronic and imaging archiving used to vault and retrieve electronic evidence is expected to reach $41.5 billion by 2004, according to the Association for Information and Image Management. The electronic evidence market is driven largely by e-mail’s growth as a corporate communications medium, as well as by stiffer government and legal regulations.

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The Gartner Group estimates that 75 percent of the total knowledge exchange occurring via e-mail contains proprietary intellectual property and must be protected as a valuable corporate asset. Despite the growing dependence on electronic communication, nearly 83 percent of trial lawyers say their clients lack systems for responding to requests for electronic evidence, according to an American Bar Association survey. “Electronic evidence plays a larger role in litigation at a time when corporations’ information databases have quadrupled in size, making retrieval more difficult,” said Audrey Rasmussen, vice president, Enterprise Management Associates. “The market needs the combination of legal and technical expertise RenewData offers to effectively meet this challenge.

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