T


                              FOR IMMEDIATE RELEASE

Company Contact:                                           IR Contact:
Joseph Dwyer                                               Matthew Hayden
AXS-One Inc.                                               Hayden Communications
jdwyer@axsone.com                                          matt@haydenir.com
(201) 935-3400                                             (858) 704-5065

        AXS-ONE ANNOUNCES SALE OF ITS ENTERPRISE FINANCIALS PRODUCT LINE
      Parallax Capital Partners to Purchase Financial Management Solutions

RUTHERFORD, NJ, November 1, 2006 - AXS-One Inc., (AMEX: AXO), a leading provider
of high-performance records compliance management software solutions, announced
today that it has sold the assets of its Enterprise Financials product line to
Computron Software, LLC (Computron), a subsidiary of Parallax Capital Partners,
LLC (Parallax) of Irvine, California, for $12 million in cash plus future
potential consideration if specified license revenue thresholds are exceeded.
Parallax intends to retain all of the AXS-One Enterprise Financials employees
and will continue to operate the Enterprise Financials business under the
Computron name.

Customers of the Enterprise Financials business include top companies in the
financial services, insurance, health care, life sciences, manufacturing and
government sectors. AXS-One, founded in 1978, will continue to operate its
records compliance management software business out of its Rutherford, NJ
headquarters and its international offices.

Bill Lyons, Chairman and CEO of AXS-One said, "We believe AXS-One's Enterprise
Financials technology and the market opportunity for financial applications has
excellent potential. For more than 20 years, AXS-One has been known for
developing great technologies including a suite of Enterprise Financials
applications. We firmly believe that this divestiture is in the best interests
of our shareholders, our customers and our employees. Parallax has the capital
and expertise to ensure the necessary resources are in place to maximize the
value of the Enterprise Financials applications for customers, partners and
employees."

Lyons added, "This action will enable AXS-One to have full focus on its Records
Compliance Management (RCM) products, customers and partners. It is our
intention to become the leader in the RCM space and with a strengthened balance
sheet, we will be able to compete more effectively and reinforce the confidence
of our partners and prospects to insure our long-term success in the RCM
segment."

"The Enterprise Financials products are a powerful, comprehensive, and reliable
solution that has been meeting the needs of thousands of end user customers
worldwide for over 20 years," said James Hale, Managing Partner, Parallax
Capital Partners. "We will work very closely with our customers to continue
moving the solutions forward with a commitment to protecting their investments
in the Enterprise Financials line. We also



will have a great team of experienced, talented people supporting and improving
these solutions on a daily basis."

AXS-One will work closely with Computron to ensure a seamless transition for the
Enterprise Financial customers. The transaction is part of AXS One's strategy to
focus on its core RCM product line.

ABOUT PARALLAX:

Parallax Capital Partners, LLC (http://www.parallaxcap.com). Parallax Capital
Partners specializes in acquiring and operating software companies that have
proven products and established customer bases. Parallax provides its portfolio
companies with experienced management skills as well as cost effective
infrastructure support including accounting and finance, sales and marketing,
research and development, and human resources expertise. This unique capability
has helped the Parallax family of companies succeed worldwide as leading
software vendors across such industry sectors as financial services, government,
media, telecoms, manufacturing, and engineering.

ABOUT AXS-ONE

AXS-One Inc. (AMEX: AXO) is a leading provider of high-performance Records
Compliance Management solutions. The AXS-One Compliance Platform enables
organizations to implement secure, scalable and enforceable policies that
address records management for corporate governance, legal discovery and
industry regulations such as SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The
Patriot Act and Gramm-Leach Bliley. AXS-One's award-winning technology has been
critically acclaimed as best of class and delivers digital archiving, business
process management, electronic document delivery and integrated records
disposition and discovery for e-mail, instant messaging, images, SAP and other
corporate records. Founded in 1978, and headquartered in Rutherford, NJ, AXS-One
has offices worldwide including in the United States, Australia, Singapore,
United Kingdom and South Africa. For further information, visit the AXS-One web
site at http://www.axsone.com.

NOTES TO INVESTORS:

Special Note Regarding Forward-Looking Statements: A number of statements
contained in this release are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that involve risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied in the applicable statements. These risks and uncertainties
include, but are not limited to: our ability to return to profitability; our
ability to grow license and service revenue; potential vulnerability to
technological obsolescence; the risks that our current and future products may
contain errors or defects that would be difficult and costly to detect and
correct; potential difficulties in managing growth; dependence on key personnel;
the possible impact of competitive products and pricing; and other risks
described in more detail in AXO's most recent Form 10-K and other Securities and
Exchange Commission filings.

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