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Thursday 31 January, 2002

enterpriseAsia

Fthr.Inv. in Part-time.com

enterpriseAsia.com PLC
31 January 2002


enterpriseAsia.com plc ('EPA') Announces Additional Investment in Part-time.com
                                    Project


The Directors of EPA are pleased to announce additional investment in Cybermax
Network Technology Limited ('Cybermax'). Cybermax owns and operates
'Part-time.com', a Hong Kong based website which displays recruitment
advertising for part-time and temporary jobs. The website has now captured a
membership base of over 180,000, mostly young people under the age of 25.

EPA invested HK$15 million into Cybermax in September, 2000, acquiring a 49%
interest. In order to fund the project's forthcoming development phase in which
additional revenue-generating functions will be built to leverage on the
marketing database of its young audience, both EPA and other existing
shareholders of Cybermax have provided loan facilities to the project. The total
amount of financing to be made by EPA is HK$4,539,000. HK$4,000,000 of this loan
facility will carry detachable warrants which entitle the holders to subscribe
for Cybermax shares of up to a total value of HK$2,000,000 in future. Another
HK$490,000 of the loan facility is also convertible into Cybermax shares in
future. If all the warrants are exercised by the holders and all the convertible
loans are converted by the lenders, EPA's share in Cybermax is expected to
increase to approximately 64%.

Mr. Toney Lam ('Mr. Lam'), Chief Executive Officer of Cybermax, commented:

'Part-time.com has become the highest traffic recruitment website in Hong Kong
during the past few months, even though it focuses purely on part-time jobs.
This success is attributed to the project's continuous efforts in enhancing its
user interface to offer the most friendly and functional recruitment services
specially designed for part-time jobs. Such services are not matched by any
other recruitment advertising medium in Hong Kong. Meanwhile, the current
economic climate in Hong Kong also favours the part-time job market, when
businesses are inclined to contain operating costs by turning full-time jobs
into part-time vacancies, and employees look for 2nd jobs for additional
security.'

Mr. Benjamin Ng, EPA's Chief Executive Officer, added:

'Part-time.com's young membership base, with reliable demographic data and
useful behavioral information, offers a valuable marketing tool for those
consumer products and services that need to be targeted at the youth market with
maximum efficiency and minimum wastage. So far, Part-time.com has not got the
resources to capitalize on its full potential in this area. Part of the new
funds will be used by Cybermax to recruit a new Managing Director with consumer
marketing background. Together with Mr. Lam, they will drive the development of
the database marketing business and the expansion of the Part-time.com concept
overseas.'

For further information :

Phill Brown, Corporate Relations Director
enterpriseAsia.com plc                                +44 (0) 1274 623478

Benjamin Ng, Chief Executive Officer
enterpriseAsia.com plc                                00 852 2116 5900

Garry Levin, Director
Altium Capital Limited                                +44 (0) 20 7484 4040

Shane Dolan
Biddicks                                              +44 (0) 20 7448 1000


                      This information is provided by RNS
            The company news service from the London Stock Exchange


                                             

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