Exhibit 99.1

Corel Corporation Reports
Fourth Quarter and Fiscal 2008 Financial Results

• FY08 Revenue Up 7% Year Over Year

• GAAP Net Income of $3.7M in FY08 Versus GAAP Net Loss of $13.1 M in FY07

OTTAWA, Canada – February 6, 2009 – Corel Corporation (NASDAQ:CREL; TSX:CRE) today reported financial results for its fourth quarter and year ended November 30, 2008. Revenues in the fourth quarter of fiscal 2008 were $69.4 million, a decrease of 4 percent over revenues of $72.4 million in the fourth quarter fiscal 2007. GAAP net income in the fourth quarter of fiscal 2008 was $1.2 million, or $0.05 per basic and diluted share, compared to GAAP net income of $3.3 million, or $0.13 per basic and diluted share, in the fourth quarter of fiscal 2007.

Non-GAAP adjusted net income for the fourth quarter fiscal 2008 was $11.4 million, or $0.43 per diluted share, compared to non-GAAP adjusted net income for the fourth quarter of fiscal 2007 of $13.4 million, or $0.51 per diluted share. Non-GAAP adjusted EBITDA in the fourth quarter of 2008 was $16.9 million, a decrease of 15 percent over $19.9 million in the fourth quarter of 2007.

Revenues for the year ended November 30, 2008 were $268.2 million, an increase of 7 percent over revenues of $250.5 million for the year ended November 30, 2007. GAAP net income for the year ended November 30, 2008 was $3.7 million, or $0.14 per basic and diluted share, compared to a GAAP net loss of $13.1 million, or $0.52 per diluted share, for the year ended November 30, 2007.

Non-GAAP adjusted net income for the year ended November 30, 2008 was $37.8 million, or $1.44 per diluted share, compared to non-GAAP adjusted net income for the year ended November 30, 2007 of $34.0 million, or $1.32 per diluted share. Non-GAAP adjusted EBITDA for the year ended November 30, 2008 was $60.9 million, an increase of 6 percent over $57.3 million for the year ended November 30, 2007.

A reconciliation of GAAP net income to non- GAAP adjusted net income and non-GAAP adjusted EBITDA is provided in the notes to the financial information included in this press release.

“Thanks to the efforts of our global team, Corel delivered a solid 2008,” said Kris Hagerman, Interim CEO of Corel. “Despite facing a tough economic climate as we closed out the fourth quarter, revenues for the full year were up across all geographies and business units, demonstrating the benefits of Corel’s broad product portfolio and diversified channel strategy. Looking ahead to 2009, we have an exciting slate of new product introductions that we believe will further enhance our market position, even in a challenging economy.”

Given the uncertainty of the current global economic environment, the Company has elected not to provide guidance for Q1 or the full year at this time.

Corel will host a conference call to discuss its financial results at 8:00 AM ET today. To access the conference call, please dial (877) 856-1961 or (719) 325-4758 approximately 5 minutes prior to the 8:00 AM ET start time. A live webcast will also be available through Corel’s Investor Relations website at http://investor.corel.com/events.cfm. Following the call, an audio replay will be available between 11:00 AM ET on February 6, 2009 and 12:00 AM ET on February 20, 2009 from Corel’s Investor Relations website or by calling (888) 203-1112 or (719) 457-0820, Passcode: 4635545.

Financial Statements Governance Practice:

The Audit Committee of Corel’s Board of Directors reviewed this press release as well as the related financial statements and MD&A, and recommended they be approved by the Board of Directors. Following review by the full Board, the financial statements, MD&A and the contents of this press release were approved.

Forward Looking Statements:

This news release includes forward-looking statements which are based on estimates and assumptions made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances including but not limited to general economic conditions, product pricing levels and competitive intensity, and new product introductions.

Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results, performance or achievements to differ materially from any future results, performance, or achievements discussed or implied by such forward-looking statements. Such risks include the recent disruption in the overall economy and financial and credit markets, which may adversely impact our operations as well as our ability to obtain financing required to grow our business and make acquisitions. We may experience fluctuations in our operating results depending on the timing and success of product releases. Our core products have been marketed for many years and the packaged software market in North America and Europe is relatively mature and characterized by modest growth. Accordingly, we must successfully complete acquisitions, penetrate new markets, establish relationships with new original equipment manufacturer customers, or increase penetration of our installed base to achieve revenue growth. The long-term trend in our business reflects growth in revenues from acquisitions, which give rise to their own risks and challengers, rather than from our existing products, and that recent growth may not be representative of future growth.

We face competitive threats from well established software companies that have significantly greater market share and resources than us and from online services companies that are increasingly seeking to provide software products at little or no incremental cost to their customers to expand their Internet presence and build consumer loyalty. We rely on a small number of key strategic relationships for a significant percentage of our revenue and these relationships can be modified or terminated at any time. In addition, we face potential claims from third parties who may hold patent and other intellectual property rights which purport to cover various aspects of our products and from certain of our customers who may be entitled to indemnification from us in respect of potential claims they may receive from third parties related to their use or distribution of our products. Any resulting litigation costs, settlement costs or royalty requirements could affect our profitability.

These and other risks, uncertainties and other important factors are described in Corel’s Annual Report dated February 8, 2008, filed with the Securities and Exchange Commission (SEC) and the Canadian Securities Administrators (CSA) under the caption “Risk Factors” and elsewhere. A copy of the Corel Annual Report and such other filings can be obtained on Corel’s website, on the SEC’s website at http://www.sec.gov./ or on the CSA’s website at http://www.sedar.com. These factors should be considered carefully, and readers should not place undue reliance on our forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim any intention or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.

Financial Presentation and Use of Non-GAAP Measures:

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP, which differ in certain material respects from Canadian generally accepted accounting principles. In addition, our financial statements and information in this release are presented in U.S. Dollars, unless otherwise indicated. This news release includes certain non-GAAP financial measures, such as adjusted net income and adjusted EBITDA. We use these non-GAAP financial measures to confirm our compliance with covenants contained in our debt facilities, as supplemental indicators of our operating performance, to assist in evaluation of our ongoing operations and liquidity and to determine appropriate levels of indebtedness. We believe each of these non-GAAP financial measures is useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. These measures do not have any standardized meanings prescribed by GAAP and therefore are not comparable to the calculation of similar measures used by other companies. These non-GAAP financial measures should not be considered in isolation, and should not be viewed as alternatives to measures of financial performance or changes in cash flows calculated in accordance with GAAP. We believe it is useful for ourselves and investors to review, as applicable, both GAAP information, which includes interest, income taxes, depreciation, amortization, provision for bad debts, effects of disposal or fixed assets and investments, restructuring, integration and reorganization costs, and certain other gains, losses and expenses, and the non-GAAP measures, which exclude certain of these amounts, in order to assess the performance of our continuing operations and for planning and forecasting in future periods. Investors are encouraged to review the related GAAP financial measures and the

reconciliations of these non-GAAP financial measures to the closest GAAP measures as set out in the notes to the financial statements attached to this news release.

About Corel

Corel is one of the world’s top software companies with more than 100 million active users in over 75 countries. We develop software that helps people express their ideas and share their stories in more exciting, creative and persuasive ways. Through the years we’ve built a reputation for delivering innovative, trusted products that are easy to learn and use, helping people achieve new levels of productivity. The industry has responded with hundreds of awards for software innovation, design and value.

Our award-winning product portfolio includes some of the world’s most widely recognized and popular software brands, including CorelDRAW® Graphics Suite, Corel® Painter^™, Corel DESIGNER® Technical Suite, Corel® Paint Shop Pro® Photo, VideoStudio®, WinDVD®, Corel® WordPerfect® Office and WinZip®. Our global headquarters are in Ottawa, Canada, with major offices in the United States, United Kingdom, Germany, China, Taiwan and Japan.

© 2009 Corel Corporation. All rights reserved. Corel, CorelDRAW, Corel DESIGNER, Painter, Paint Shop Pro, VideoStudio, WinDVD, WinZip, WordPerfect, and the Corel logo are trademarks or registered trademarks of Corel Corporation and/or its subsidiaries. All other product names and any registered and unregistered trademarks mentioned are used for identification purposes only and remain the exclusive property of their respective owners.

CRELF

Press Contact:

Catherine Hughes
613-728-0826 x1659
catherine.hughes@corel.com

Investor Relations Contact:

Doug McCollam
613-728-0826 x 1953
doug.mccollam@corel.com

Corel Corporation
Quarterly Financial results
For the quarter and year ended November 30, 2008
(in thousands, except per share data; unaudited)

	Three Months ended					Twelve Months ended
	November 30,		November 30,			November 30,			November 30,
	2008		2007			2008			2007
Consolidated Condensed Statement of Operations
Revenues — Product	$	62,624	$	66,399		$	241,960		$	228,274
Revenues — Maintenance and services		6,790		6,045			26,270			22,206
Total revenues		69,414		72,444			268,230			250,480
Cost of revenues — Product		17,000		15,156			61,453			49,846
Cost of revenues — Maintenance and services		116		133			528			796
Amortization of intangible assets		6,384		7,064			25,634			26,119
Total cost of revenues		23,500		22,353			87,615			76,761
Gross margin		45,914		50,091			180,615			173,719
Operating expenses
Sales and marketing		18,418		18,983			76,791			71,563
Research and development		10,096		11,763			44,513			46,368
General and administration		7,188		9,380			33,017			34,380
Acquired in-process research and development		—		—			—			7,831
InterVideo integration expense		—		1,355			—			5,220
Restructuring		1,960		1,447			2,878			1,447
Total operating expenses		37,662		42,928			157,199			166,809
Income (loss) from operations		8,252		7,163			23,416			6,910
Other expenses (income)
Interest expense — net		3,491		4,420			14,252			16,254
Amortization of deferred financing fees		271		270			1,081			1,074
Expenses related to evaluation of strategic alternatives		1,031		—			2,728			—
Other non-operating expense (income)		2,112		(149	)		1,784			(799	)
Income (loss) before income taxes		1,347		2,622			3,571			(9,619	)
Income tax (recovery) provision		138		(639	)		(136	)		3,443
Net income (loss)	$	1,209	$	3,261		$	3,707		$	(13,062	)
Net loss per share:
Basic	$	0.05	$	0.13		$	0.14		$	(0.52	)
Fully diluted	$	0.05	$	0.13		$	0.14		$	(0.52	)
Weighted average number of shares:
Basic		25,814		25,319			25,631			24,951
Fully diluted		26,197		26,055			26,189			24,951

Consolidated Condensed Balance Sheet

	November 30,			November 30,
	2008			2007
Assets
Current assets:
Cash and cash equivalents	$	50,260		$	24,615
Restricted cash		159			217
Accounts receivable
Trade, net		33,241			41,092
Other		2,932			118
Inventory		1,562			729
Income taxes recoverable		785			1,470
Deferred tax asset		3,138			—
Prepaids and other current assets		2,456			3,276
Total current assets		94,533			71,517
Capital assets		10,549			8,971
Intangible assets		67,029			92,010
Goodwill		82,343			88,643
Deferred financing and other long-term assets		4,942			5,696
Total assets	$	259,396		$	266,837
Liabilities and shareholders’ deficit
Current liabilities:
Accounts payable and accrued liabilities	$	64,376		$	67,290
Due to related parties		341			—
Income taxes payable		1,226			723
Deferred revenue		15,190			15,707
Current portion of long-term debt		19,095			2,249
Current portion of obligations under capital leases		621			767
Total current liabilities		100,849			86,736
Deferred revenue		2,404			2,365
Deferred income tax liability		13,059			20,754
Obligations under capital leases		962			2,114
Income taxes payable		12,960			11,693
Accrued pension benefit obligation		261			1,116
Long-term debt		137,264			156,359
Total liabilities		267,759			281,137
Shareholders’ deficit
Share capital		43,992			40,652
Additional paid-in capital		9,198			5,926
Accumulated other comprehensive loss		(4,151	)		(721	)
Deficit		(57,402	)		(60,157	)
Total shareholders’ deficit		(8,363	)		(14,300	)
Total liabilities and shareholders’ deficit	$	259,396		$	266,837

Consolidated Condensed Statement of Cash Flows

	Three Months ended						Twelve Months ended
	November 30,			November 30,			November 30,			November 30,
	2008			2007			2008			2007
Cash flows from operating activities
Net income (loss)	$	1,209		$	3,261		$	3,707		$	(13,062	)
Depreciation and amortization		1,041			1,262			4,458			3,477
Amortization of deferred financing fees		271			270			1,081			1,074
Amortization of intangible assets		6,384			7,064			25,634			26,119
Stock-based compensation		1,347			1,420			6,301			5,488
Provision for bad debts		713			72			1,092			252
Deferred income taxes		(833	)		(1,435	)		(4,533	)		(83	)
Acquired in-process research and development		—			—			—			7,831
Unrealized (gain) loss on forward exchange contracts		126			138			126			147
Loss on disposal of fixed assets		129			—			196			102
Gain on sale of investment		—			—			(822	)		—
Net gain from defined benefit pension plan		(184	)		—			(184	)		—
Loss (gain) on interest rate swap recorded at fair value		(57	)		637			(7	)		392
Change in operating assets and liabilities		5,823			(1,917	)		(1,544	)		(5,238	)
Cash flows provided by operating activities		15,969			10,772			35,505			26,499
Cash flows from financing activities
Restricted cash		—			—			58			500
Proceeds from operating line of credit		—			—			—			48,000
Repayments on operating line of credit		—			(7,000	)		—			(48,000	)
Proceeds from long-term debt		—			—			—			70,000
Repayments of long-term debt		(399	)		(398	)		(2,249	)		(2,149	)
Repayments of capital lease obligations		(427	)		(187	)		(1,084	)		(315	)
Financing fees incurred		—			(4	)		—			(1,685	)
Proceeds from exercise of stock options		(174	)		1,419			311			5,406
Other financing activities		(96	)		—			(96	)		51
Cash flows provided by (used in) financing activities		(1,096	)		(6,170	)		(3,060	)		71,808
Cash flows from investing activities
Purchase of InterVideo Inc, net of cash acquired		—			445			—			(120,912	)
Proceeds on disposal of investments		475			—			475			—
Purchase of long-lived assets		(2,144	)		(1,689	)		(7,100	)		(3,848	)
Cash flows used in investing activities		(1,669	)		(1,244	)		(6,625	)		(124,760	)
Effect of exchange rate changes on cash and cash equivalents		(81	)		—			(175	)		38
Increase (decrease) in cash and cash equivalents		13,123			3,358			25,645			(26,415	)
Cash and cash equivalents, beginning of period		37,137			21,257			24,615			51,030
Cash and cash equivalents, end of period	$	50,260		$	24,615		$	50,260		$	24,615

Non-GAAP Results
(In thousands, except per share data)

	Three Months ended						Twelve Months ended
	November 30,			November 30,			November 30,			November 30,
	2008			2007			2008			2007
Non-GAAP Adjusted Net Income Calculation:
Net income (loss)	$	1,209		$	3,261		$	3,707		$	(13,062	)
Amortization of intangible assets		6,384			7,064			25,634			26,119
Tax benefit on amortization of intangible assets		(833	)		(1,435	)		(4,533	)		(5,090	)
Tax expense on write-off of deferred tax asset		—			—			—			5,007
Stock-based compensation		1,347			1,420			6,301			5,488
Restructuring		1,960			1,447			2,878			1,447
InterVideo integration expense		—			1,355			—			5,220
Expenses related to evaluation of strategic alternatives		1,031			—			2,728			—
Acquired in-process research and development		—			—			—			7,831
Amortization of deferred financing fees		271			270			1,081			1,074
Non-GAAP Adjusted Net Income	$	11,369		$	13,382		$	37,796		$	34,034
Percentage of revenue		16.4	%		18.5	%		14.1	%		13.6	%
Diluted non-GAAP adjusted net income per share	$	0.43		$	0.51		$	1.44		$	1.32
Shares used in computing diluted non-GAAP adjusted net income per share		26,197			26,055			26,189			25,793
Non-GAAP Adjusted EBITDA Calculation:
Cash flows provided by operating activities	$	15,969		$	10,772		$	35,505		$	26,499
Change in operating assets and liabilities		(5,823	)		1,917			1,544			5,238
Interest expense, net		3,491			4,420			14,252			16,254
Income tax expense (recovery)		138			(639	)		(136	)		3,443
Deferred income taxes		833			1,435			4,533			83
Provision for bad debts		(713	)		(72	)		(1,092	)		(252	)
Unrealized foreign exchange loss on forward contracts		(126	)		(138	)		(126	)		(147	)
Net gain on defined benefit pension plan		184			—			184			—
Gain on sale of investment		—			—			822			—
Gain (loss) on interest rate swap		57			(637	)		7			(392	)
Loss on disposal of fixed assets		(129	)		—			(196	)		(102	)
Expenses related to evaluation of strategic alternatives		1,031			—			2,728			—
InterVideo integration expense		—			1,355			—			5,220
Restructuring		1,960			1,447			2,878			1,447
Non-GAAP Adjusted EBITDA	$	16,872		$	19,860		$	60,903		$	57,291
Percentage of revenue		24.3	%		27.4	%		22.7	%		22.9	%

Other Supplemental Information
(In thousands)

	Three Months ended						Twelve Months ended
	November 30,			November 30,			November 30,			November 30,
	2008			2007			2008			2007
Revenue by Product Segment
Graphics and Productivity	$	36,156		$	39,427		$	149,513		$	141,692
Digital Media		33,258			33,017			118,717		$	108,788
Total	$	69,414		$	72,444		$	268,230		$	250,480
As percentage of revenues
Graphics and Productivity		52.1	%		54.4	%		55.7	%		56.6	%
Digital Media		47.9	%		45.6	%		44.3	%		43.4	%
Total		100.0	%		100.0	%		100.0	%		100.0	%
Revenue by Geography
Americas	$	32,347		$	34,345		$	129,037		$	125,979
EMEA		20,436			23,600			79,164			72,932
APAC		16,631			14,499			60,029			51,569
Total	$	69,414		$	72,444		$	268,230		$	250,480
As percentage of revenues
Americas		46.6	%		47.4	%		48.1	%		50.3	%
EMEA		29.4	%		32.6	%		29.5	%		29.1	%
APAC		24.0	%		20.0	%		22.4	%		20.6	%
Total		100.0	%		100.0	%		100.0	%		100.0	%
Allocation of Stock-Based Compensation Expense
Cost of revenues — Product	$	4		$	14		$	23		$	47
Cost of revenues — Maintenance and service		2			2			8			9
Sales and marketing		515			416			1,873			1,465
Research and development		216			312			983			1,168
General and administration		610			676			3,414			2,799
Total	$	1,347		$	1,420		$	6,301		$	5,488