BLUEPHOENIX Announces First Quarter Results on May 10th, 2004 and Hosts a Conference Call

April 28, 2004

HERZLIYA, Israel--(BUSINESS WIRE)--April 28, 2004--BLUEPHOENIX (Nasdaq:BPHX - News) will report its First quarter results on Monday, May 10th, 2004 before the market opening and host a conference call at 10:00 A.M. Eastern Standard Time.

BLUEPHOENIX is a global provider of leading software products and tools for the modernization of existing legacy applications.

Conference Call Details:

Arik Kilman, Chief Executive Officer, and Iris Yahal, Chief Financial Officer will discuss the First quarter results and will be available to answer questions.

The conference call will be held on

Monday, May 10th 2004 at 10:00 A.M.(EST).

Interested parties are welcome to call the telephone numbers listed below, five to ten minutes prior to the start of the conference call.

    In the US call: (888) 273-9887
    Outside the US call: (612) 332-0820

Callers should reference "BLUEPHOENIX First Quarter Results 2004" to the AT&T conference call operator.

An automated replay of the conference call will be available from May 10th 02:00 P.M. until May 12th at 11:59 P.M. (EST)

To access the replay please call (USA) 1-800-475-6701 (International) 1-320-365-3844 and enter BLUEPHOENIX's access code of 730239.

About BluePhoenix Solutions
BluePhoenix Solutions leads the IT Modernization market by developing unique solutions that enable companies to automate the process of modernizing and upgrading their mainframe and distributed IT infrastructure, thus quickly and cost-effectively extending the ROI of their existing IT systems. The company's comprehensive suite of tools and services (including technology for Understanding, Migration, Transformation and Redevelopment) reduces the cost of renovation and speeds up the renewal process. BluePhoenix has 11 offices throughout the world, including locations in the US, UK, Denmark, Germany, Italy, The Netherlands, and Israel. The company's major shareholder is Formula Systems (Nasdaq:FORTY - News), an international Information Technology company principally engaged in providing software products, solutions, and services in various vertical markets.

For more information, please visit our web site at www.bphx.com.

Contacts
BluePhoenix Solutions
Iris Yahal +972-9-9526110