MKS Proposes to Extend Expiry of Underwriter Warrants

Waterloo, ON - January 27, 2003: MKS Inc. (MKS) (TSE:MKX), a leading provider of tools to automate, secure, manage and control the software development process, today announced that it proposes to amend the terms of certain underwriter warrants (the "Underwriter Warrants") issued by MKS in connection with a special warrant financing completed in February 2001.

MKS proposes to extend the expiry date from February 23, 2003 to April 29, 2003 for 926,000 Underwriter Warrants issued to certain arm's length agents that arranged sales of special warrants of MKS in February 2001. Each Underwriter Warrant entitles the holder to acquire one common share of MKS. The exercise price of each Underwriter Warrant of $1.35 per share will remain unchanged.

The proposed amendments are subject to the final approval of the Toronto Stock Exchange. MKS expects that the amendments will become effective on, or prior to, February 23, 2003.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

About MKS
MKS Inc. ("MKS") (TSE:MKX) provides award-winning enterprise software configuration management (SCM) and interoperability software solutions enabling development teams at Fortune 1000 companies such as Park Place Entertainment, Continental Teves, Federated Insurance Companies and Northrop Grumman to analyze, build and deploy software systems quickly and reliably. The company's family of SCM products offer advanced technology with robust workflow, code management, and impact analysis capabilities. Under its widely known MKS Toolkit brand, MKS provides UNIX-Windows co-existence, and system administration that significantly cut development and administrative costs and reduce time to market while enabling enhanced performance. Founded in 1984 with over 10,000 customers worldwide, MKS has built its brand on the foundation of advanced technology, superior quality and extraordinary customer service. More information about MKS can be found at http://www.mks.com, or by calling 1-800-265-2797 (US & Canada), +49-711-351775-0 (Germany), and +44-1483-733900 (United Kingdom).

MKS and MKS Toolkit are trademarks of MKS Inc. All other trademarks mentioned in this release are the property of their respective owners.

This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made including those factors detailed from time to time in filings made by the Company with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. The Company does not intend and does not assume any obligation to update these forward-looking statements. Earnings before interest, taxes, depreciation and amortization or EBITDA is used by the Corporation to measure its operating results. EBITDA is not a measure recognized under US GAAP and may not be consistent with the calculation of similar measures for other companies and should not be viewed as an alternative to net income or other measures of performance calculated in accordance with generally accepted accounting principles. Similarly, EBITDA margins may not be comparable to similar measures reported by other companies.

Investor Contact:
Douglas Sawatzky, CFO
519-883-6252
Email dsawatky@mks.com