ThinSoft (Holdings) Inc. ("ThinSoft Holdings"), a Cayman Island incorporated company, was set up to hold IPC's thin computing business unit comprising substantially of ThinSoft Pte Ltd ("ThinSoft Singapore") (formerly known as Austin Federation (S) Pte Ltd) and other related business units.

On 17 August 2001, ICEA Capital Limited ("ICEA") was appointed by IPC as its Sponsor and Lead Manager in relation to the proposed listing of ThinSoft Holdings on the Growth Enterprise Market ("GEM") of The Stock Exchange of Hong Kong Limited ("HK Stock Exchange"). Subsequently, an application to the HK Stock Exchange was made by ThinSoft Holdings on 10 October 2001 for a proposed listing on the GEM.

ThinSoft Holdings and its subsidiaries ("ThinSoft Group") is principally engaged in the research, development, sales and marketing of thin computing solutions software and hardware accessories and related engineering work which effectively reduce the total cost of ownership relating to computing enviroments and allow better utilisation of information technology budgets.

The principal function of ThinSoft Group's products is to centralise application processing and management and data storage for all users. This server-centric solution approach directly reduces the cost for staffing, hardware, upgrades, training, support, consultancy, network management and maintenance. The very first series of thin computing solutions products were launched in June 1998, with improved models replacing earlier models periodically thereafter. The ThinSoft Group has currently commercialised two main categories of software products, BeTwin and WinConnect supporting Windows and Linux operating system respectively

The Board is pleased to announce that it has today received approval-in-principle from the HK Stock Exchange for the proposed listing of ThinSoft Holdings through a placement of 125,000,000 new shares in ThinSoft Holdings ("ThinSoft Holdings Shares") and quotation of ThinSoft Holdings Shares on the GEM.

Further details of the business of the ThinSoft Group and the proposed listing are included in the Circular (as defined below).

The proposed listing of ThinSoft Holdings, comprising the thin computing business division of IPC, is subject to IPC shareholders' approval.

IPC shareholders will be receiving a circular which will provide them with information about the proposed Listing of ThinSoft Holdings on the GEM and which will seek to obtain their approval to the proposed dilution of IPC's shareholding interest in ThinSoft Singapore (the "Circular').

By Order of the Board