SINGAPORE, 13 August 2002 --- ThinSoft (Holdings) Inc ('ThinSoft' or the 'Group'; stock code: 8096), the prime mover of Thin Computing Solutions ('TCS'), today announced a sterling 600 per cent growth in revenue for its flagship software product series BeTwin and WinConnect for the six months ended 30 June 2002, when compared to the same period in the previous year.

The revenue from the flagship software product series BeTwin and WinConnect contributed a hefty 81.5 per cent, amounting to HK$9.935 million, to the Group's total revenue of HK$12.187 million for the six months ended 30 June 2002.

The balance of 18.5 per cent was derived from other derivative product categories and engineering services.

Compared to the same period in the previous year, Group revenue decreased marginally from HK$12.938 million to HK$12.187 million.

This was due largely to the lower average selling prices of BeTwin and WinConnect as a result of the strategy of moving to an essentially software solutions product base.

The positive impact of the strategy to move to an essentially software solutions product base improved the Group's overall gross profit margin from 58.9 per cent to 62.1 per cent for the period under review, amounting to an overall gross profit of HK$7.6 million.

ThinSoft President and Executive Director Bernard Ngiam said: "The improved profit margins are a result of the ThinSoft's successful implementation strategy of migrating to a richer product mix and higher-yield gross margin software products that continue to evolve from the flagship product series BeTwin and WinConnect."

For the period under review, the unaudited profit attributable to shareholders was HK$845,000.

The profit attributable to shareholders was affected by strategic sales and marketing expenses to drive the new suites of BeTwin and WinConnect software solutions, as well as from additional operating costs in Hong Kong; necessary costs required as a public listed company on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong Limited.

ThinSoft as a strategic global software Group remains financially and viably concrete. As at 30 June 2002, the Group maintained a cash-rich level of approximately HK$39.8 million on hand without any bank borrowings.

Mr Ngiam said: "The market relevance of our software products, coupled with the marketing and sales efforts, are the significant keys to our increasing global market penetration."

Market Penetration - WinConnect and BeTwin

The market penetration of WinConnect is rapidly gaining worldwide momentum.

WinConnect has been adopted in the IT network infrastructures of Fortune 500 companies such as Raytheon, small-to-medium enterprises, government agencies and in the education arena including schools and universities.

Concomitantly, the Group's other flagship software product series BeTwin has market-linked with diverse IT incumbents in their fields of commercial expertise to strategically establish beachheads and drive penetration into the global market arena.

A strategic instance is ThinSoft's non-exclusive License Agreement with a subsidiary of Proview International Holdings Limited ('Proview'), a Hong Kong Stock Exchange mainboard listed manufacturer and distributor of personal computer (PC) monitors.

The Agreement allows for the application of BeTwin 2000/XP in the development, manufacture and delivery of a novel Virtual Personal Computer ('VPC') in May 2002.

The Proview VPC, powered by the BeTwin 2000/XP software, facilitates up to four additional fully functional PCs when connected to a Host PC via a video and USB cable. Shipment is scheduled for the third quarter of 2002, with initial target markets including China, Taiwan, USA, India and South America.

Another significant market collaboration was established with one of the world's premier video graphics accelerator ('VGA') manufacturer Micro Star International Co. Ltd ('MSI'). Under the agreement MSI will include a free trial BeTwin 2000/XP with every dual output VGA card shipped. MSI has a monthly shipment exceeding one million units.

In China, BeTwin has been deployed by the Ministry of Education (MOE) to establish multimedia computer centres in provincial schools across the nation.

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About ThinSoft (Holdings) Inc

ThinSoft (Holdings) Inc (the 'Group') is a leading global developer and distributor of Thin Computing Solutions (TCS) that reduce the Total Cost of Ownership (TCO) of IT operations. The Group has two flagship products, BeTwin and WinConnect that support applications running on the world's two most dominant operating systems Windows and Linux respectively.

ThinSoft (Holdings) Inc is listed on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong Limited. Its stock code on GEM is 8096.

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. WinConnect enables Linux-based terminals to create a remote connection to run Windows applications.

Glossary:

Total Cost of Ownership ('TCO')

TCO of IT operations refers 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 centralizing application processing and management, and data storage for all users, serves to reduce the TCO of IT operations.

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
ThinSoft (Stock code: 8096) is listed on the GEM board of the Stock Exchange of Hong Kong.

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.

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.

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

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.

In the area of Broadband Systems Integration, 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:

IPC Corporation Ltd
Mr Leslie Sim
Vice President, Investor Relations
Tel: (65) 6744-2688
Email: leslie.sim@ipc.com.sg

Submitted by Bernard Ngiam, Executive Director/Company Secretary, IPC Corporation Ltd, on 13 August 2002 to the SGX