Singapore , 13 May 2002 --- IPC CORPORATION Ltd ('IPC') today announced that its Growth Enterprise Market (GEM) listed subsidiary ThinSoft (Holdings) Inc ('ThinSoft' or the 'Group'; stock code: 8096), registered an unaudited turnover for the three months ended 31 March 2002 amounting to approximately HK$6.5 million, an increase of 11.7 per cent when compared to the turnover of approximately HK$5.8 million for the same period in the previous year.

ThinSoft was recently listed on the GEM of the Stock Exchange of Hong Kong Limited (HKEx) on 27 February 2002. The Group is a prime mover of Thin Computing Solutions ('TCS') and has two flagship products, BeTwin and WinConnect, that allow applications to run on the world's predominant operating systems Windows and Linux respectively.

Group gross profit recorded was approximately HK$3.9 million for the three months ended 31 March 2002. This is an increase of 50 per cent when compared to the gross profit of approximately HK$2.6 million for the same period in the previous year.

The significant gross profit increase was due to the high profit margin of 85 per cent derived from the distribution of the flagship products BeTwin and WinConnect.

Profit attributable to shareholders for the quarter under review amounted to HK$669,000 as compared to the loss attributable to shareholders of HK$81,000 for the same period in the previous year.

ThinSoft President and Executive Director Bernard Ngiam said: "The profit attributable to shareholders represents a significant improvement when compared to the net loss in the first quarter of the previous year. It is attributable to the increase in turnover plus the high profit margin derived from the distribution and increasing market penetration of the Group's flagship products, BeTwin and WinConnect.

"More importantly, it is a reflection that the Group's strategy of developing and providing essentially software-based thin computing solutions is effective and relevant in a constantly evolving computing environment characterised by demanding pervasive computing and communications end user requirements."

The Group's thin computing solutions are rapidly gaining acceptance and increasing market penetration in vertical market segments such as education, training, point of sales, and small and medium enterprises.

For the period under review, the Group launched its latest BeTwin solution, BeTwin 2000/XP, as part of its ongoing product research and development strategy to be at the forefront of the thin computing arena.

The Group financed its operations with internal working capital and did not have any bank loans. As at 31 March 2002, the Group maintained a healthy and cash rich financial position with approximately HK$45.6 million cash on hand. Taking into consideration the existing financial resources available to the Group, it is anticipated that the Group has adequate financial resources to meet ongoing operating and development requirements.

IPC Chairman and CEO Patrick Ngiam said: "ThinSoft's sterling performance underlines the efforts with which IPC has successfully re-engineered itself in terms of moving forward with relevant and strategic core businesses, of which the development and provision of thin computing solutions is a significant core business.

"ThinSoft's performance is a reflection that IPC's blueprint for its strategic core businesses is progressing on track."

Glossary:

Total Cost of Ownership ('TCO')

TCO of IT operations refer to all costs associated with initial IT system acquisition and ongoing usage, which includes: hardware, software, servicing, network management, maintenance, training, support and staffing, etc.

Thin Computing Solutions ('TCS')

TCS, by centralising application processing and management, and data storage for all users, serves to reduce the TCO of IT operations.

About ThinSoft:

ThinSoft (Holdings) Inc is a leading global developer and distributor of Thin Computing Solutions that reduce the Total Cost of Ownership of IT operations. It has two flagship products, BeTwin and WinConnect, supporting Windows and Linux operating systems, respectively.

About the products:

BeTwin is the Group's software product designed for the Windows platform, to turn one PC into as many as five - a host PC plus up to four virtual PCs. Each virtual PC station is easily created through the addition of a set of monitor, keyboard, mouse and speakers. BeTwin allows users of the virtual PC station to share the unused computing power of the host PC. BeTwin is a solution that brings dramatic cost benefits to the ownership of PCs in any multi-user environment.

WinConnect is a software product that the Group designed for the Linux operating system platform, to enable Linux-based terminals to create a remote connection to run Windows applications.

About IPC
Listed on the main board of the Singapore Exchange (SGX), IPC Corporation Ltd (IPC) is an established Asian IT vendor in Thin Computing, e-Services & e-Platform solutions and Infocomm Product and Broadband Systems Integration, with a marketing and sales distribution network in more than 50 countries worldwide.

Three Core Business Units
IPC drives three core business units:
· Thin Computing
· e-Services & e-Platform
· Infocomm Product and Broadband Systems Integration

*For more information, please visit our website at www.ipc.com.sg

Thin Computing
ThinSoft (Holdings) Inc. (ThinSoft), a subsidiary of IPC Corporation Ltd, has developed a premium suite of cost effective thin computing solutions that significantly reduce the Total Cost of Ownership (TCO). ThinSoft offers two flagship product series "BeTwin" and "WinConnect" which run applications on Windows and Linux respectively; Windows and Linux represent the world's two most dominating operating systems. These solutions address the pervasive computing needs of individuals and organisations in the characteristically dynamic computing and communications environment. The competitive efficiency of the solution is attributed to its ability to link multiple users to a single host computer with uncompromised computing power as well as concurrent Internet usage.

*For more information, please visit our website at www.thinsoftinc.com

e-Services & e-Platform
e-IPC, a wholly owned subsidiary of IPC, is a leading Internet infrastructure provider of e-Services & e-Platform for B2B and B2C transactions. e-IPC's value proposition is the full service provision of On-line Exchange (OLX) and On-line Applications (OLA). Since 1996, e-IPC has been operating a premier network in China offering OLX and OLA e-Services to major enterprises in the retail industry in Shanghai.

*For more information, please visit our website at www.e-ipc.com.cn

OLX
OLX enables and facilitates the entire fulfillment cycle in the supply chain from credit check to inquiry to ordering to electronic processing and payment.

OLA
OLA is an on-line access platform to mission critical software applications to fulfill administrative and operational requirements such as data warehousing, data mining and data analysis, enterprise resource planning and customer relationship management.

Infocomm Product and Broadband Systems Integration
Essex Electronics (S) Pte Ltd (Essex) is a wholly owned subsidiary of IPC and is a premier provider of leading-edge telecommunications solutions as well as the provision of systems integration services and support for broadband communications. Essex offers a suite of Digital Enhanced Cordless Telecommunications wireless communications range of terminals and in-premise Wireless Local Loop solutions as well as Integrated Services Digital Network terminals. It also provides broadband systems integration service and support to major telecommunications, cable operators and hotels.

In terms of the Broadband Systems Integration dimension, IPC successfully developed and launched EaziSurf; an in-premise broadband solution for the Multi-Dwelling Unit (MDU) market. EaziSurf is a wired and wireless in-premise hardware and software broadband solution for the bandwidth demanding provision of seamless multimedia communications in MDU sites such as hotels and residential condominiums.

*For more information please visit our website www.essex.com.sg

Hong Kong:

For further information, please contact:

ThinSoft (Holdings) Inc
Ms Miranda M K Pang
Tel: 852 -2587 7800
Email: miranda.pang@thinsoftinc.com

Singapore:

For enquiries, please contact:

Mr Leslie Sim
Vice President, Investor Relations
23 Tai Seng Drive, Singapore 535224
Tel: (65) 6744 2688 Fax: (65) 6289 7308
Email: leslie.sim@ipc.com.sg

Submitted by Bernard Ngiam, Executive Director/Company Secretary on 13 May 2002 to the SGX