News Release

Update on Year 2000 Issue

Date: 1999/07/08

Donna Shum, Corporate Secretary, International Wex Technologies Inc. (IWT), announces that IWT has realized the importance and the benefit of business information system. Regarding the year 2000 issue (Y2K issue), IWT has started to plan, assess, convert, replace, test and implement its use of updated information systems in the early 1999. There is no doubt that the Y2K issues are created as a key item of the office information system. After completing the Y2K assessment, the Board of Directors of IWT has approved a budget for the Y2K action plan. The budget expenditures are not material to the company. In our action plan of Y2K issues, the following areas are included: desktop hardware, network hardware, office internet connectivity, network application software, desktop business applications software, business data and external interfaces. As of June 30, 1999 IWT has been improving, updating and implementing most of the items in our action plan. The estimated rate of implementation at this time range from 70% to 90%. IWT is pleased to announce that the company has successfully finished the Y2K rollover test for our network, which is the critical component in our systems.

Generally speaking, Y2K problems have an unpredictable deadline, such as dates in February 2000 and April 2000. In addition, we could be affected by other business entities. We do not have direct control over, such as telephone companies, electricity provider, financial institutions, stock exchanges,internet connectivity and hosting provider. To address the uncertainty of this issue and to ensure ongoing enhancement and to maintain our consistent business efficiency, we have contracted out our network operations to a professional company who specialized in the business of information systems. We constantly perform maintenance on our computer system to make sure our Y2K action plan continues to be on track.

Y2K is an ongoing problem. We are confident that our effort on improving our information systems will minimize potential risk to IWT and maximize the working efficiency.

Per: Donna Shum, Corporate Secretary