For immediate release

Valor Announces Strong Half Year Results

· Revenues up by 41.1% to $14.5m (H1 1999: $10.3m)

· Gross Profit at $12.5m, an increase of 48.5% (H1 1999: $8.4m)

Yavne (Israel), 22 August 2000 - Valor Computerized Systems [NEUER MARKT: VCR], a global leader in providing productivity software solutions to OEMs and CEMs in the electronics design and manufacturing industry, today announced its successful half year results for the period January 1^st to June 30^th 2000. Valor floated on the Neuer Markt of the Frankfurt Stock Exchange in May of this year.

Valor achieved gross profits of US$ 12.5 million, an increase of 48.5% compared to the first 6 months in 1999. Valor earned US$ 2.2 million (EBIT) during the first six months of year 2000, 54.2% higher than during the same period in 1999. The earnings before interest, taxes, depreciation and amortization rose by 60.6% to US$ 2.8 million. In total, Valor reports a net profit of US$ 2.2 million for the period January to June 2000. This is an increase of 60.4% compared to the same period in 1999.

Valor continues to invest in R&D to maintain the competitive edge of its software and to achieve significant growth in market share. The costs for research and development grew by 90.3% with the main areas of investment being in new product development, in assembly process optimization software and in the VPL (Valor Parts Library) and its development infrastructure.

Selected Financial Data	Jan-June 2000 In US$ 1000	Jan-June 1999 In US$ 1000	Growth %
Revenues	14,512	10,282	41.1%
Gross Profit	12,532	8,441	48.5%
EBITDA	2,810	1,750	60.6%
EBIT	2,218	1,438	54.2%
Net Profit	2,249	1,402	60.4%
Total Assets	57,561	14,733	290.7%
Shareholder's Equity	44,550	8,611	417.4%
Employees	174	108	61.1%

Commenting on the results, Valor CEO Schmil Dolberg said, “This is yet another positive set of results for Valor. We continue to increase our market share and therefore further strengthen our position as a leading provider of high level engineering software solutions to the electronics industry.”

During this period, Valor also registered the first sales of its assembly process optimization software developed by its latest acquisition, Harelda OY, now Valor Computerized Systems (Finland) OY. It is Valor’s intention to invest in broadening and enhancing this software which it views as fundamental to future growth.

About Valor

Valor Computerized Systems [NEUER MARKT: VCR] is a global leader in providing business productivity tools throughout the design-through-manufacturing electronics supply chain. Valor is a public company listed on the Neuer Markt of the Frankfurt Stock Exchange. The company's powerful software tools, based on ODB++, the Valor-funded data format which has quickly become the format of choice for high-level data exchange, ensure the rapid transfer of optimized data from design through manufacturing. Enterprise 3000 DFx system for physical design verification, Trilogy 5000 for assembly and test engineering, and the unique Valor Parts Library on-line data service are utilized by designers and engineers to deliver enhanced productivity, higher yields, shorter cycle times and increased product quality. All Valor products are sold and supported by a worldwide network that includes global subsidiary offices, VARs and OEM channels. More information about the company can be found at http://www.valor.com.

For more information please contact:

Valor Corporate

Cathryn Hage

Pentacom Public Relations

Tel: +44 (0)1242 525205

cathryn.hage@btinternet.com

Valor North America

Hileigh Murphy

Valor Computerized Systems, Inc.

Tel: +1 (949) 586 5969

hileighm@valor-us.com

Valor Europe

Sharon Graves

PentaCom Public Relations

Tel: +44 (0)1242 525205
sharon.graves@btinternet.com

Valor Far East

Ofer Shofman

Valor Computerized Systems

Tel: +(852) 273 13504
ofer@valor.com

Valor Investor Relations

Sabine Yael

Valor Computerized Systems Ltd

Tel: +972 8 943 2430

sabine@valor.com