SINGAPORE, 23 August 2002 - ASIAN information technology (IT) vendor IPC Corporation Ltd ('IPC' or the 'Group') today announced that its Group revenue surged 307 per cent to S$11.154 million for the period ended 30 June 2002, when compared to S$2.74 million recorded for the same period in the previous year.

The increase in Group revenue came from the sterling growth of 95 per cent and 86 per cent from the Thin Computing and e-Services & Broadband solutions core businesses respectively.

Group revenue was additionally boosted from the sales of its property development project in Zhuhai, China, to property investors from Hong Kong and the mainland. Phase-1 of the property development project was launched in May 2002.

The Group recorded a S$1.03 million operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items for the period under review.

This is a turnaround from the loss of S$2.2 million for the same period in the previous year. The positive results are attributed to operating profits generated from the Group's core businesses.

Significantly, the unaudited operating profit after tax and extraordinary items attributable to members of the company increased 12 per cent to S$4.583 million when compared to S$4.093 million for the same period in the previous year.

This was largely attributed to profit arising from the dilution of the shareholding, from 100 per cent to 75 per cent, in ThinSoft (Holdings) Inc ('ThinSoft') on its Initial Public Offering (IPO). ThinSoft is a subsidiary of the Group and was listed on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong on 27 February 2002.

ThinSoft, traded under the stock code 8096 on GEM, has a market capitalisation of approximately HK$295 million, equivalent to S$68 million, as at 22 August 2002.

IPC Chairman and CEO Patrick Ngiam said: "IPC has sustained profitability through the sterling performances of our core businesses which are driven by sound business fundamentals.

"The Group maintains a positive cash position with no borrowings. For the remainder of the year, the management team will focus on implementing the core business strategies to drive growth performance and harness market opportunities."

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 software 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

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 23 August 2002 to the SGX