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IT Capital & Partner Take 68% in Virtual Spectator

FOR IMMEDIATE RELEASE

IT Capital & Partner Take 68% Position in Virtual Spectator

$1.86 Million Deal Secures International Future For Award Winning Product

AUCKLAND, 14 January 2000 - IT Capital Limited (ITC) and Mr Lindsay Fergusson have together purchased the shareholding held by Virtual Spectator Investments Limited (VSIL) in Virtual Spectator Limited (“Virtual Spectator”). As a result, ITC and Mr Fergusson will between them own 68% of Virtual Spectator. The $1.86 million deal, which is subject to final legal documentation, will see Mr Fergusson, the current Chairman of Virtual Spectator, become the Managing Director of the company as well. $1.5 million of the investment will be used for working capital.

Virtual Spectator is the exciting new Internet sports channel (www.virtualspectator.com) that was established to deliver live animated action from the Louis Vuitton Cup, the Challenger Races for the America's Cup, to any computer desktop. Developed by Terabyte Interactive Ltd, New Zealand’s leading interactive media company, in partnership with Animated Research Limited, Virtual Spectator recently won Gold Medals at the prestigious European EMMA and US Invision awards.

The exciting technology breakthrough gives yachting fans Internet access to real-time, 3D animated race action from the Louis Vuitton Cup series using data sent directly from the racing boats which provides up-to-the-minute yacht positions, competitor information, race results and more. By combining hybrid CD-ROM, global positioning, tactical yachting software and Internet technologies, Virtual Spectator overcomes the Internet's bandwidth limitations allowing you to view and interact with major sporting events online. It also includes exciting footage of previous America Cup series, race rules and tactics by leading America's Cup skippers, syndicate profiles and loads of other current information.

“Through our 100% ownership of Terabyte Interactive we knew that Virtual Spectator had scalable world class capabilities,” explains Keith Phillips, Managing Director of IT Capital. “Our shareholding in VSL, together with ITC’s global network, will allow us to expand those applications into many other international sports such as soccer and golf to name a few.”

During the development of Virtual Spectator, key international strategic partnerships have been developed including Louis Vuitton LVMH Group, ESPN, Intel, Trimble, Ericsson and Raytheon. The technical side of the Virtual Spectator solution has become a showcase for Ericsson and Raytheon technologies. These influential technology partners have plans to continue their alliance with Virtual Spectator as it leverages their suite of products into other sports.

The Chairman of Virtual Spectator Limited said he and the other shareholders welcomed IT Capital’s investment in the company. “This vote of confidence by a leading listed venture capital investor will support the future growth of Virtual Spectator,” explains Lindsay Ferguson. “We look forward to working with IT Capital as we develop the product for other sports and pursue an increasing number of new international opportunities.”

Company Background
IT Capital is Australasia's leading Venture Catalyst. The company focuses on investing in New Zealand and Australian based e-Commerce companies with the intention of transplanting them into larger overseas markets, principally the United States. It addresses the funding gap that currently inhibits a vast number of innovative Australasian firms by providing early stage funding and management expertise that is not readily available in the local markets. IT Capital’s international network of venture partners and technology companies accelerates global technology transfer.
IT Capital provides a basket approach allowing investors to diversify risk and participate in e-Commerce opportunities, giving public market investors access to leading Australasian companies at private market prices.

More information on IT Capital Limited is available on the web at http://www.itcapital.net. while further information on Virtual Spectator is available at http://www.virtualspectator.com.
END
For further information, please call:
Jeff Dittus, CEO, IT Capital, – tel: +1 610 688 1598
Keith Phillips, Managing Director, IT Capital – + 64 9 375 2595
Nicholas O’Flaherty, Senior Account Manager, Botica Conroy & Associates, Tel: + 64 9 303 3862
Lindsay Fergusson, Chairman, Virtual Spectator Limited, Tel: +64 9 520 6523

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