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Friday 28 September, 2001

enterpriseAsia

Project Merger

enterpriseAsia.com PLC
28 September 2001

September 28, 2001

                        ENTERPRISEASIA.COM PLC ('EPA')

     PROJECT MERGER BUILDS PLATFORM FOR DEVELOPMENT AND FUTURE ALLIANCES



EPA announced that one of its investment projects, UFO Solutions Limited ('UFO
Solutions'), has merged its business operations with CFN Hong Kong Limited
('CFN HK'). The Directors of EPA (the 'Directors') believe that this merger
will significantly enhance the marketing effectiveness of UFO Solutions'
products as well as give a boost to the financial resources required to
accelerate its product development process. The Directors also believe that
this is a good example of the way in which they can enhance shareholder value
by encouraging strategic alliances for EPA's investee projects.

UFO Solutions develops and markets securities trading software systems for
stock brokers, custodian banks and fund management houses. In September, 2000,
EPA invested HK$14 million (approximately £1.28 million) in UFO Solutions.
Immediately prior to the merger, EPA had a 49.87% shareholding interest in UFO
Solutions.

CFN HK is engaged in providing online real time financial information and
online trading systems to financial institutions principally in Asia. It is
founded and operated by a management team with extensive experience and
connections in the broker and financial industries in Greater China. The team
offers a valuable customer prospect base and the necessary business skills for
the development and marketing of broker systems to facilitate online trading.
It is expected to be complementary to the strong technology knowledge and
experience of the UFO Solutions' management team. CFN HK has been a client to
UFO Solutions since 2000, so the foundation for future co-operation has been
tested and proven.

In early June, 2001, UFO Solutions and CFN HK entered into an agreement for
the merger, which was subject to approval by the Securities and Futures
Commission of Hong Kong ('SFC') as CFN HK is regulated by the SFC. The
valuation of both CFN HK and UFO Solutions for the merger was based on their
respective net assets as shown in their audited balance sheets on March 31,
2001. In both cases, the majority of assets were cash reserves.

The merger was approved by the SFC on September 10, 2001, and was completed on
September 28, 2001. Subsequent to the merger and certain other asset
acquisitions by CFN HK (together the 'Merger and Acquisitions'), UFO Solutions
owns approximately 47.78% of CFN HK, and EPA's beneficial interest in CFN HK
is approximately 23.82%. As the merger was based on net asset values and would
result in no change in UFO Solutions' focus of business, which is expected to
continue in synergy with CFN HK, the Directors are not proposing any
adjustment on the current value of EPA's investment in UFO Solutions.

On August 31, 2001, all existing and prospective shareholders of CFN HK,
including UFO Solutions, have also entered into a conditional agreement with
iAsia Technology Limited ('iAsia'), a company listed on the Growth Enterprise
Market of the Hong Kong Stock Exchange, for iAsia to acquire 35% of CFN HK
(after the Merger and Acquisitions) at a total consideration of HK$22,050,000
(approximately £1,940,000) in the form of iAsia shares. Each CFN HK
shareholder will participate in this transaction according to their respective
shareholding proportion in CFN HK after the Merger and Acquisitions. iAsia is
engaged in the provision of comprehensive real time online trading and related
systems to securities brokers and other financial institutions in the
Pan-Asian region. It is currently recognized as one of the leaders and
occupies a significant share in this market sector. The transaction is pending
approval by the SFC and Hong Kong Stock Exchange. The Directors believe that
the addition of iAsia to CFN HK's shareholder base will greatly strengthen the
latter's credibility and acceptance in the relevant markets, thus speeding up
its product development and marketing activities and ultimately benefiting UFO
Solutions.



For further information, please contact:

Phill Brown, Corporate Relations Director, enterpriseAsia.com plc

Tel: 01274 623 478

Benjamin Ng, Chief Executive Officer, enterpriseAsia.com plc

Tel: 00 852 2116 5900

Garry Levin, Director, Altium Capital Limited

Tel: 020 7484 4040

Shane Dolan/James Benjamin, Biddicks

Tel: 020 7448 1000


                                                                          

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