PTC Denies GE Capital Leasing Corporation's Claims

PTC (Nasdaq: PMTC), the Product Development Company®, today announced that it intends to defend itself vigorously against claims made by GE Capital Leasing Corporation ("GELC”) in a lawsuit filed August 2, 2007. PTC’s review has found no basis for GELC’s claims. GELC claims that an employee of Toshiba Corporation fraudulently induced GELC to provide over $60 million in financing for purchases of third party products, including PTC software, during the period from 2003 to 2006. All of these alleged transactions occurred in Japan. GELC alleges that PTC was involved. GELC claims damages of $47 million and is seeking three times that amount. PTC has been reviewing this matter and our review to date has found no evidence that employees of PTC or its Japanese subsidiary participated in a scheme to defraud GELC. In addition, neither PTC nor its Japanese subsidiary was a party to any contract or transaction with GELC. "We deny that PTC is somehow responsible for GELC’s alleged losses,” said Neil Moses, chief financial officer, PTC. "We are surprised that GELC has brought this claim against PTC and believe GELC’s claims are without merit." Toshiba continues to be a valued customer and has placed orders for PTC solutions in fiscal 2007. About PTC PTC (Nasdaq: PMTC) provides leading product lifecycle management (PLM), content management and dynamic publishing solutions to more than 50,000 organizations worldwide. PTC customers include the world's most innovative companies in manufacturing, publishing, services, government and life sciences industries. PTC is included in the S&P Midcap 400 and Russell 2000 indices. For more information on PTC, please visit http://www.ptc.com.