Elektromotive Group Limited

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    Proposed Acquisition Of Shares In The Capital Of Auston Technology Group Pte Ltd ("ATG") (The "Proposed Acquisition")

    BackSep 04, 2002


    The Board of Directors of Panpac Media.com Limited ("the Company" or "Panpac") wishes to announce that at the Extraordinary General Meeting of the Company held on 4 September 2002 ("EGM"), resolutions relating to matters set out in the Notice of Extraordinary General Meeting dated 20 August 2002 in relation to the Proposed Acquisition, were duly passed. The resolution to increase the authorised share capital of the Company was also passed at the EGM.

    As such, the only condition precedent to the Proposed Acquisition that remains outstanding is the approval of the Singapore Exchange Securities Trading Limited (the "SGX-ST") for the listing and quotation of the Panpac Consideration Shares on the SGX-Sesdaq. An announcement on the decision of SGX-ST in relation to the above will be made in due course.

    Unless otherwise defined herein, capitalised terms in this announcement shall bear the same meanings as in the Circular to Shareholders dated 20 August 2002 in connection with the Proposed Acquisition.

    About Auston Technology Group Pte Ltd ("ATG")

    ATG's core business in providing private education is undertaken by its wholly-owned subsidiary, Auston International Pte Ltd ("Auston"), which offers tertiary and postgraduate education to school-leavers and working adults in conjunction with accredited universities in Australia, UK and the US. Auston is now one of the few private education providers in Singapore and the region that has its own proprietary programmes fully-accredited by the education authorities in Australia.

    Looking ahead, ATG intends to leverage on the expanding education market in Singapore and the region to grow its earnings. Auston plans to expand its product offerings as well as further develop its affiliates and/or franchising schemes as one of its main engines for growth and expansion abroad.

    Panpac and ATG are also looking into the option to list Auston on the Singapore Exchange.


    Panpac also advises that it will be announcing via MASNET its interim results, for the six-month period ending 30 June 2002, on 16 September 2002 at 1230 hrs. A briefing for media and accredited analysts will be concurrently held at The Raffles Hotel, covering the financial results and the enlarged group's strategy for future development.

    Media and accredited analysts can contact Joslynn Ong at jong@gavinanderson.com.sg or Tan Ee-Ching at etan@gavinanderson.com.sg or on +65 6339 9110 to register.

    The interim results announcement and briefing presentation will also be made available on the Company's website at www.panpacmedia.com that afternoon.

    For further information, please contact:

    Gavin Anderson & Company

    Richard Barton : Tel 6339 9110
    Email rbarton@gavinanderson.com.sg

    Terence Foo : Tel 6339 9110
    Email tfoo@gavinanderson.com.sg

    By Order of the Board

    Ricky Ang Gee Hing
    Managing Director