Elcom Appoints New Auditors Vitale, Caturano & Company Appointed as New Auditing Firm NORWOOD, Mass., Oct. 31 /PRNewswire-FirstCall/ -- Elcom International, Inc. (BULLETIN BOARD: ELCO) , a leading international provider of remotely- hosted eProcurement and private eMarketplace solutions, today announced that Vitale, Caturano & Company has been appointed as Elcom's new auditing firm, replacing KPMG. Vitale, Caturano & Company is one of the top 100 accounting firms in the U.S., with international affiliates worldwide. Vitale, Caturano & Company has approximately 200 partners and associates headquartered in Boston, Massachusetts. As per SEC Regulations, Elcom will file a Form 8-K which indicates that KPMG has represented that they have not had any significant disagreements with Elcom over accounting policies or published financials. Robert J. Crowell, Elcom's Chairman and CEO stated "We are very pleased to welcome Vitale, Caturano & Company as Elcom's auditing firm. We believe that Elcom will benefit from this local relationship in many ways on a going forward basis." Company Product Offerings For detailed information on our PECOS(TM) technology and optional Dynamic Trading functionality, please visit our website at http://www.elcominternational.com/products.htm About Elcom International, Inc. Elcom International, Inc. (OTC:ELCO) (BULLETIN BOARD: ELCO) is a leading international provider of remotely-hosted eProcurement and private eMarketplace solutions. Elcom's innovative remotely-hosted technology establishes the next standard of value and enables enterprises of all sizes to realize the many benefits of eProcurement without the burden of significant infrastructure investment and ongoing content and system management. PECOS Internet Procurement Manager, elcom, inc.'s remotely-hosted eProcurement and eMarketplace enabling platform was the first "live" remotely-hosted eProcurement system in the world. Additional information can be found at http://www.elcominternational.com/. About Vitale, Caturano & Company Vitale, Caturano & Company is one of the top 100 accounting firms in the nation and is a proud member of Baker Tilly International -- a prestigious global network of accounting and consulting firms. More information can be found at http://www.vitale.com/. Information Associated with Fairness Disclosure Regulation (Regulation FD) Under Regulation FD (Fairness Disclosure) promulgated by the Securities and Exchange Commission, the Company would like the investing public and its stockholders to be aware of the following general information which, from time to time, the Company may wish to discuss with other parties. The Company wishes its shareholders in the public marketplace to know that Elcom has experienced a significant increase in activity under its contract with Cap Gemini Ernst & Young for the Scottish Executive. This increase in activity can be attributed to the National Health Services of Scotland ("NHSS") agreeing to join the eProcurement Scotland program. In addition, and potentially because of this, various Councils and other Agencies of the Scottish Executive. We are extremely pleased by this increase in activity and believe it will begin producing results during this quarter. STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT Except for the historical information contained herein, the matters discussed in this Press Release could include forward-looking statements or information. All statements, other than statements of historical fact, including, without limitation, those with respect to the Company's objectives, plans and strategies set forth herein and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "intent", "projects", "forecasts" or similar expressions, are forward-looking statements. Although the Company believes that such forward- looking statements are reasonable, it can give no assurance that the Company's expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated, including: (i) availability and terms of appropriate working capital and/or other financing to keep the Company operating as a going concern, and the Company's cash position as of its last Form 10-K and its history of ongoing operating losses; (ii) the overall marketplace and client's acceptance and usage of eCommerce software systems, including corporate demand therefore, the impact of competitive technologies, products and pricing, particularly given the subsequently larger size and scale of certain competitors and potential competitors, control of expenses, revenue generation by the acquisition of new customers, the acceptance of the Company's system by individual agencies of the Scottish Executive (Government of Scotland), and corporate demand for ePurchasing and eMarketplace solutions; (iii) the consequent results of operations given the aforementioned factors; and (iv) the anticipated requirement of the Company to raise additional working capital to fund operations during the first quarter of 2004 and the availability of any such funding to the Company (or have no choice but to enter into a bankruptcy filing or liquidation), and other risks detailed from time to time in the Company's Annual Report on Form 10-K and in its other SEC reports and statements. The Company assumes no obligation to update any of the information contained or referenced in this Press Release. DATASOURCE: Elcom International, Inc. CONTACT: Investor Relations of Elcom, Web site: http://www.elcom.com/

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