I-one.net International Ltd invests in EdPoint Inc.

Strategic Investment in a Silicon Valley based Internet company; Edpoint Inc. 1. The Directors of i-One.Net International Ltd. ("i-One" or the "Company") are pleased to announce that following our public listing of the Company in late June 1999, the Company has embarked on a series of e-commerce activities as follows: Date Activity 13 August 1999 e.mooncake 12 November 1999 e.food 27 November 1999 e.festive

This trend will continue and intensify. 2. Capitalising on the emerging opportunities in the fast changing scene of electronic and broadcast media, the Company is adopting the twin-strategy of investing into new start-up and track-proven companies for future income generating streams. 3. Besides Singapore which is the base, the Group is now actively exploring such pursuits in the Peoples Republic of China (PRC) and other countries in Asia. 4. For a start, the Group has made a commitment to a Silicon Valley based Internet company, Edpoint, Inc. ("Edpoint") to invest an initial sum of US$500,000 in their projects. Details of the projects and the key players are reflected in the Appendix. 5.

With this relationship established, the Company intends to offer education products and services via the Internet, using broadband to deliver real time, on-line tutorial and education services using the cyber learning centre concept. The Company also plans to export the public terminal concept to other countries and is actively seeking sites in the PRC to set up cluster public terminals. The Company has earmarked the PRC to be the first market outside Singapore to launch its on-line education services, initially in the areas of English language instruction and computer education. This is to take advantage of the potentially large market given the PRC's large population and the Chinese traditional strong emphasis on education.

The Directors foresee substantial synergy in Edpoint's products and i-One's intended venture into on-line education services such as virtual classroom in Singapore and other parts of Asia 6. The intended investment in Edpoint is not expected to have a major financial impact on current year's performance.

At the moment, none of the Directors of i-One has any interest in Edpoint. Appendix Edpoint, Inc. Edpoint, Inc. is a new venture formed to provide personalised educational products and services to families worldwide via an integrated and interactively web-based environment, financial transaction system, and tutor and advisor database. Its website, www.Edpoint.com, provides in-depth information about school and educational issues and facilitates transactions between families and advisors or tutors, as well as gives parents easy access to additional educational products and services. Edpoint's initial focus is to establish itself as the dominant player in the online tutoring and educational advising arena. Edpoint intends to expand its business to include online testing, application training and assistance, distance learning, and an e-commerce centre for educational products.

According to Edpoint, the markets in which it operates are large and growing with an estimate that U.S. nationals spent some US$700 billion on education in 1998. Edpoint's immediate focus is to deliver its online services to two key audiences, parents and children. Edpoint reports its business model cuts across a diverse set of large markets in the U.S., including its targeted US$2.7 billion tutoring market, US$5 billion testing market and the US$15 billion English language instruction market. Their initial focus will be in the U.S. and will expand to the Asia Pacific at a later stage. Edpoint's senior management includes Dr. David Dwyer, President and CEO and co-founder. Dr. Dwyer is an internationally known author and advisor on educational technology and school reform. With over 15 years of management experience, he has received awards including Apple Computer's Distinguished Scientist designation and Outstanding Secondary Educator of America for both 1974 and 1975.

Another co-founder Dr. Midian Kurland, Chief Technology Officer has 20 years of experience in educational software design and management at Computer Curriculum Corporation, Apple Computer Inc., and Bank Street College. Dr. Kurland has brought several groundbreaking products to market, including the award-winning Bank Street Writer and EdMap. Edpoint's Asia-Pacific M.D., Mr. Chng Poh Hwa, based in Singapore, has over 15 years of experience in Asia. Mr. Chng previously held management positions at Apple Computer, Inc. and Hewlett-Packard.

While at Apple, he was instrumental in building up a strong education presence in S.E. Asia and winner of the prestigious Golden Apple Award for five consecutive years and the coveted Odyssey Award two years in a row.