The Company refers to the announcements dated 24 October 2005 and 4 February 2006 ("Announcements") in relation to, inter alia, the Acquisition and the in-principal approval of the Singapore Exchange Securities Trading Limited ("SGX-ST") for the listing and quotation of the New Shares on the Official List of the SGX-ST.

The Board of Directors of the Company wishes to announce that it has complied with the conditions set out in the approval-in-principle dated 18 January 2006. The Company would like to state that the in-principle approval by the SGX-ST is not an indication of the merits of the Company, its securities or the Acquisition.

In view of this, the Company is pleased to announce that the 22,000,000 New Shares have been allotted at an Issue Price of $0.22 per share on 14 February 2006. The New Shares were listed and quoted on the Official List of the Singapore Exchange Securities Trading Limited (the "SGX-ST"), and trading in the New Shares have commenced at 9.00 a.m. on 16 February 2006.

By order of the Board

Submitted by Chong Ching Lai, Director, on 16 February 2006 to the SGX.