Simulations Plus, Inc. (AMEX: SLP), a leading provider of simulation and modeling software for pharmaceutical discovery and development, announced today that its Board of Directors has approved a two-for-one split of the Company’s common stock. The number of authorized shares remains at 20 million. Each shareholder of record at the close of business on Monday, July 31, 2006 will receive a stock dividend certificate for one additional share for every outstanding share held on the record date, and trading will begin on a split-adjusted basis on August 14, 2006. In accordance with the terms of the Stock Option Plan of 1996, employees with stock options will benefit from the split by receiving twice the number of shares at one-half the exercise price for options granted prior to the record date.

Walt Woltosz, chairman and chief executive officer of Simulations Plus, said, “In the meetings we’ve had with investors and potential investors as part of our investor relations program over several years, the ‘thin float’ has been an ongoing issue. This dividend forward split will result in the public float increasing from about 1.6 million shares to about 3.2 million shares. The board of directors has decided that a stock dividend is appropriate at this time because of our demonstrated sustained growth and our expectation that this will continue.”